Financial values for children

Schooling

RESP for your child's education

The Schooling piggy bank is used for post secondary education. From a young age children will learn that education is very important and can be very expensive. Each year the money in this piggy bank can be transferred into a Savings Plan for your child’s education.

Do your research when looking for an educational savings plan for your child.  If you live in Canada, the Canadian Government has a grant process in place (CESG) where they will contribute 20 % of the annual RESP contribution to a maximum of $500 per child per year and to a lifetime maximum of $7200 per child.

Each year, the money from the Schooling piggy bank can be withdrawn and used to “top up” an already existing RESP for your child’s education.

Author: Jeanette Ramnarine

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3 Comments

[...] received a weekly allowance divided between four piggy banks named SPENDING, SAVING, SHARING and SCHOOLING.  We thought a bank account would be a great way to use the money from his SAVING piggy bank as a [...]

[...] honour of the SHARING and SCHOOLING piggy banks we are happy to be donating 10% of sales through the month of December to Pennies for [...]

[...] would like to budget their gift between their four piggy banks for SPENDING, SAVING, SHARING and SCHOOLING.  It can be very interesting to see how much they want to put in each bank and we’ve had some [...]

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