Carla Young discovered that when her daughter is ready for post-secondary studies, it will likely cost her $20,000 a year to attend a Canadian university. After doing her research, these are the five things Carla learned—and that you should know—about RESPs.
What kids say and what parents hear are often worlds apart, especially when it comes to their future careers. They say they want to “rescue animals,” we hear “veterinarian.” They say the want to “bake cakes all day,” we hear “celebrity chef.” They say they want to “invent things,” we hear “research scientist.”
The reality is that the traditional doctor, lawyer, teacher jobs that parents think of for their children are rarely the direction they choose to go. Thankfully, you don’t have to know where they want to go to support their future plans. All you need is to do a little planning and a whole lot of saving.
When I compared what it cost me to go to university to what it costs now, I was shocked to learn how quickly the fees skyrocketed in a (relatively) short period of time. Future forecasts say that when my daughter is ready for her post-secondary studies, it will likely cost her $20,000 a year to attend a Canadian university.
That fact prompted us to start saving for whatever her future holds early! Here is what you need to know about RESPs and saving for your child's education.
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.