Kids are expensive!
Now, it didn’t take the teachers strike for me to realize that kids are expensive, but the stress it put on my bank account really drove home the importance of preparing myself for the future. Thankfully the smallest has her heart set on being the Easter Bunny when she grows up, but the biggest kid has listed some career choices with heavy educational backgrounds that will inevitably put me into the poor house if I’m not prepared.
Much like with other savings plans, as little as a $25 a week contribution to an RESP can add up to $50,911** in 18 years! $25 is a totally doable weekly amount when you break it down to something as simple as cutting out on restaurant meal a week. Your small investment grows easily thank so the free money the government contributes through the Canada Education Savings Grant. This grant will match up to 20% on the first $2,500 contributed annually. This means that you could be eligible for up to an additional $500 a year in your RESP, up to a lifetime maximum of $7,200! What’s better than free money?!
RBC makes saving for an RESP simple with their sound advice and their RESP-Matic®. So even if your kid grows up and wants to be the Easter Bunny, you’re covered!
More information about RBC and their RESP programs can be found at http://www.rbcroyalbank.com/resp/ and rbc.com/education.
To help you get a head start, RBC is hosting a Grow Your RESP with RBC contest. With 4 prizes of $500 (towards an RESP) to be won! So make sure you enter here for your chance to win.
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