1) Set up an RESP - It's simple, and the government will help you save. The Canadian Education Savings Grant will match up to 20% on the first $2,500 contributed. (This could add up to an additional $500 a year, up to a lifetime maximum of $7,200.)
2) Start early and contribute regularly - I opened a family RESP when my oldest was a baby, and I try my best to contribute as often as I can. ($25 a week can add up to $50,000 in 18 years.) If a weekly contribution fits in your budget, you can set it up as an automatic payment.
3) Use money from family and friends - When my boys were younger, they received money for gifts, and I put it all in their RESPs. As they get older, I will encourage them to contribute a percentage of all monetary gifts to their education fund.
4) Get the kids to contribute - My boys are young now, but as they get older, I plan on having them contribute a percentage of their earnings to their education savings.
5) Make lump sum contributions - Whenever possible, I try and make lump sum contributions to the boys RESPs. For example, when we get a tax refund, I take a percentage and put it in the boys' account.
It isn't always easy to find extra money, but an RESP is simple to set up, and it is a great investment. You have the flexibility to use the RESP for university, college, apprenticeship, non-credit courses, etc., and if your child doesn't use the funds, you can use your contributions and earnings to fund your RRSP.
♥
Gina Bell (aka East Coast Mommy)
Disclosure: I am part of the RBC RESP blogger program with Mom Central Canada and I receive special perks as part of my affiliation with this group. The opinions on this blog are my own.
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