3 Ways To Save For Your Child's Post-Secondary Education

Because Kids Are Expensive...And So Is Post-Secondary Education!

3 Ways To Save For Your Child's Post-Secondary Education

3 Ways To Save For Your Child's Post-Secondary Education

Kids are expensive.

That’s the understatement of the century.

From diapers and food, to gadgets and toys, to childcare and extracurriculars, to education—the list goes on as your bank account dwindles. Before having kids, things were much simpler. We could predict our expenses and budget accordingly. These days, there are unexpected expenses around every corner—not to mention we’re really bad at saying "No" when our kids ask for stuff. All of this adds up to an expensive life and some stress around finances.

But, one thing we’ve been fairly consistent with since having kids is saving for their future—short term, medium term, and long term. Thanks to my husband’s financial savvy, as soon as our first daughter was born we put a few regular practices in place to help not only save for her future, but also teach her about the importance of saving money.

1. Short Term: The Piggy Bank

While this is the most low-tech type of savings there is, there’s something to be said for teaching your child the value of a dollar by allowing her to physically put her money into a piggy bank and watch it accumulate. Both of my girls have retro Fisher Price piggy banks, which they use to save money they receive in the form of cash.

My big girl saved birthday gifts and other money from grandparents for over a year until she had enough to buy her first bike. It was exciting for her, at three-and-a-half, to walk into the store and pick out a bike and helmet and then pay for it herself.

Now she’s starting over again, saving for the next big thing—which might end up being a new bike, given how quickly she's growing!

2. Medium Term: The Savings Account

If you’re only choosing one savings vehicle, you might want to opt to skip this one and go straight to number 3. But, we’ve managed to do both. Each daughter got her own bank account when she was born. This is where we put gifts that come in the form of cheque, plus an extra $25 or $50 per paycheque when we feel like we can afford it. We tell our big kid that the money we're saving for her in the bank will be used toward a car someday. "But, I already have a car!" she told us. True! But I don't think that car will get you very far...


3. Long Term: The RESP

University was the best time of my life. I want my kids to have the same opportunities I had—to go to a school of their choice and experience independence, while studying a subject they're passionate about, and creating a foundation for the future. But all of this costs a lot of money!

As such, we've started early, putting money into a Registered Education Savings Plan (RESP) for both daughters.

Contributing to an RESP doesn't have to be complicated and you don't even have to deal with a bank or financial advisor. With giraffe & friends, Canada's only 100% guaranteed, no-fee RESP, you can do everything online while your baby naps. If, like me, you're not a numbers person, giraffe & friends makes things really simple.

Here are a few steps to get you started:

  Read! Do some reading to get a better sense of how the RESP works and what you're saving for. Visit for information that's easy to understand.

  Get a Social Insurance Number (SIN) for your child. While you can apply for an RESP without one, your savings won't start earning government grants or interest until you provide it. Also, if you want to set up your child with a bank account you'll need a SIN number for that too.

  Know that not all RESPs are created equal; return rates and fees will vary. To be sure your child will end up with the most money toward her education, watch out for excessive MER (Management Expense Ratio) charges and other fees.

  Choose a program that won't gamble your savings. With giraffe & friends, your investment won't be impacted by stock market dips or even a crash. You don't have to start reading the financial section of the newspaper to know that your money is safe and growing.

  Know what's available to you. Along with an RESP, your child may be eligible for other sources of financial support including scholarships and/or student loans. Although post-secondary scholarships aren't based on how well your kiddo does in preschool, so you won't have to worry about this one for a while!

  Know how to maximize government grants! This one is important. Federal government grants have a cap of $500 per year and a total contribution cap of $7,200 over the life of the RESP. Know how much you need to contribute to be eligible for these grants and then plan accordingly, based on what you can afford. There are also multiple provincial grants available dependent on your income and province. giraffe & friends will apply for all applicable grants for you!

  Set up automatic payments. Who has time to worry about transferring money every month? Not me! I'm lucky if I can remember to return my kids' library books on time. With giraffe & friends, you can set up automatic payments online so you'll never miss a payment and you can budget accordingly.

  But what if my child doesn't go to university? What if she would rather dance her way to stardom on the Broadway stage? An RESP can be applied to most post-secondary education that results in a degree, diploma, or occupational skill, even international schools. These days, everyone needs some sort of post-secondary education, so I'm positive my kids will use this money for something. Plus, the RESP can be used toward many things that your child needs while at school. As long as she's enrolled in an approved post-secondary education, the RESP can be applied to expenses including tuition, food, apprenticeship tools, or books.

So, while the thought of my babies graduating high school and leaving me behind makes my tummy ache, at least I know we'll have some money saved to make the transition easier on our wallets. Until then, I'm going to do my best to enjoy life in this moment, with one kid in daycare and the other in JK. There's enough to think about without having to worry about university!

Time flies by in the blink of an eye. One day you’re worrying about sending your little one to preschool, the next you’re sending them off to college. That’s why it’s important to invest in an RESP now.

Start saving today with a giraffe & friends' no-fee, worry-free and 100% guaranteed RESP. giraffe & friends helps you sleep easy with guaranteed growth, easy-to understand language, and the powerful boost of government grants.

Visit the ‘How To Plan For Your Kid's Future’ page and learn the best ways for parents to save money, when you should start saving, and more.


Why Ross Petty's Cinderella Is A Holiday Must-See

Sidesplitting Silliness And Characters You Won't Soon Forget

Why Ross Petty's Cinderella Is A Holiday Must-See

Why Ross Petty's Cinderella Is A Holiday Must-See

How often do you come across a theatre production that has musical performances and a storyline geared toward kids, comedy that's written especially for adults, and quality talent the likes of which you'd find on Broadway? The answer: just once a year at Ross Petty' Productions' annual holiday pantomime. This year's show is Cinderella, The Gags to Riches Family Musical!

Petty's shows are a Toronto tradition that bring families together to experience Canada's finest talent in a performance that's equal parts silliness and magic. If you're thinking of giving your kids one awesome experience this holiday season, this should be it!

Even more exciting than going to the show, was the opportunity for my daughter and I to sit down with the Cinderella cast (in the midst of rehearsals) to talk about what's going to make this year's show so fabulous.

Without further are the top 10 reasons why you must take your family to see Ross Petty's Cinderella, The Gags to Riches Family Musical! this holiday season:

1. There's nothing quite like a Ross Petty pantomime.

With jokes that will leave parents in stitches (yet go way over most kids' heads) and silliness, the kids will be talking about for months. These shows will make everyone smile.

2. There's nothing quite like Ross Petty in a dress.

Ross Petty has been doing it for nearly a quarter of a century. He always plays the villain and he's almost always in drag.

"The first time I played a woman was in Snow White and my wife Karen (as in Karen Kain, Artistic Director of the National Ballet of Canada and one of this country's finest dancers!) was backstage doing my makeup," Petty says with a laugh. "Nowadays when I meet sponsors, they half expect me to show up in a dress."

All year, Petty works tirelessly as the show's producer, raising funds to bring it to life. He then collaborates with his writer and director to create a top quality script that's always funny and current. "For some reason audiences keep expecting us to come up with new material every year," he says, smiling. "Over at the National Ballet, my wife can put on The Nutcracker year after year, and people keep coming out to see it."

3. It's 100% Canadian.

"I don't go to the US looking for talent," says Petty. "I'm all about building up Canada's star system, giving billing to the amazing folks who star in the show, and showing off the talent we have here."

From radio personalities, to children's entertainers, to emerging theatre actors, and even wrestlers and rock stars, Petty has opened the stage to Canada's finest over the years. "I'm still trying to get Marty Short to appear in one of my shows. I call him up every year and offer him a part, but so far he keeps turning me down."

4. You get to Boo the villains!

Most theatres require that kids sit in their seats and watch the show as it unfolds on stage. Ross Petty's shows encourages audience interaction. "We let kids (and their parents) cross the barrier between the audience and the stage asking them to shout at the bad guys, join us on stage, and sing along with us," says Dan Chameroy, the hilarious star behind the lovely Plumbum von Botox who has had a recurring role in five of Petty's pantos. This year you'll catch him as Cinderella's Fairy Godmother. "I love watching the reactions of my relatives and my daughter's friends' parents (especially the dads) when they realize it's me under all that makeup. It's like they almost look frightened when we meet up after the show."

5. It's Cinderella set in Toronto.

In this show, Cinderella is actually getting ready to go to a ball (aka gala) at Casa Loma. And while Rob Ford might be off limits this year, the show will be filled with other gags and jokes aimed at Ontarians, especially GTA residents. You can't get this stuff on Broadway!

6. This is the stuff traditions are made of.

"People who grew up seeing the shows every year are now bringing their kids," says Petty. "They go out for dinner and see the show as a way to celebrate the holidays with their kids. It's something Torontonians look forward to year after year, and tourists make the trip in to see."

7. Kids will love Toronto's beautiful Elgin Theatre.

I'm all about giving my daughter as many experiences as I can—from concerts and live theatre, to festivals and museums—my goal is to open her mind, expose her to culture, and fuel her creativity. That's why I'm thrilled that she's old enough to attend this year's show. Kids love the Elgin Theatre as much as their parents do. It's a stunning setting for a fabulous show. I personally can't wait to see my daughter's reaction to the theatre. Taking her downtown for dinner and to a show is such a fun, grownup experience that I know she'll be talking about all year. This is the perfect way to introduce your kids to theatre and show them how wonderful live performances really are. 

And don't let the glass slippers and royal ball fool you! Just because it's based on a princess story, this Cinderella show will have boys (and daddies) laughing just as hard as their female counterparts.

8. You'll be thrilled to see Danielle Wade in the role of Cinderella.

The winner of CBC's series Over the Rainbow in 2012, Wade won the role of Dorothy in the Mirvish production of Wizard of Oz which opened in January 2013. Just off a year-long North American tour, Dorothy is ready to take on Cinderella, with the opportunity for more flexibility in this role. "There are a few guys in the cast who love to ad lib," says Wade (smiling at Petty and Chameroy). "I'll have to do my best not to break out laughing on stage." 

9. There are actually video commercials within the show.

Petty is full of gratitude and praise for his corporate sponsors who make these performances possible each year. His passion is to bring awesome theatre to families during the holidays, and it's thanks to the folks at CIBC, his presenting sponsor, that he's able to do so again this year (and for the next three seasons!). Using a hefty dose of creativity and humour, Petty has found a way to integrate his sponsors into the actual show in the form of commercials. Watch some of them here...they are amazing.

10. The show changes day to day but remains consistently awesome.

"If something doesn't work one night, we'll change it the next," says Petty. "There's a certain freedom in these shows to read the audience and change things up based on what's going on that particular day." Audiences can expect fresh material, on the spot humour, and ridiculousness that might actually leave you in tears...of joy!


Jeni Marinucci, YMC's senior web-editor recently saw this show with her family. Click here to read her review!