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All I Want for Christmas is an RESP

Starting a registered education savings plan for your child’s future education would make a great gift this holiday season.  Grandparent’s might even like the idea as an RESP will become a gift that will greatly benefit their grandchildren in the future.  It may seem a little intimidating to get started but there are many financial planners ready to answer any questions you have about starting the process.  The important thing is……that you get started.  Small amounts of money compound and add up over time.  We started saving for our children’s education when they were only a few months old by contributing about $100 a month into each of their RESP’s.   My son will be turning seven next month and there is over $10,000 saved in his plan.  My daughter Maya is 5 and has over $8000 saved in hers.  Part of my children’s allowance also goes towards their education and is saved up in their SCHOOLING piggy bank.  They often like to count the money that they have saved and talk about what they want to be when they grow up.

So maybe this year when considering what to get your child for Christmas you could include thinking about their future education.  There are many ways to start the process of saving.  Look for a plan that best suits your family budget and that you feel comfortable with.  I assure you –  this is a gift that your children will thank you for in the long run.