Saving for Education #RESPwithRBC

Most of us are settling into that wonderful time of year again.  Kids are back to school, homework has begun and we start to think about how their year is going to go.

Saving for education – Having 2 elementary aged children I often wonder about my girls future and how they will make it on their own.  They talk about wanting to be a vet and doctor, I wonder how this mommy and daddy will be a part of that.  I realize that as they grow older their ideas and goals will change, but I want to be assured that if they want to keep their goals and dreams, that they will be able to afford to make it happen.

I absolutely LOVE my local RBC. It is not huge or brand new, but we have come to know many of the staff by name. They always greet us with a friendly smile and my girls can’t wait to run to the little blue desk and color while I do my everyday banking.

Thanks to RBC there are many options to saving for a child’s future.  We have been putting money away for our girls. Although we want our girls to work for their education so that they really appreciate it,  we also want to be able to help them and not worry about how we will have the money available to do that.

RBC RESPs are so important. Here are some fun facts you may not know…

• Saving for a child’s education is easier if you start early and contribute regularly ($25 a week can add up to $50,911** in 18 years)
• You can receive free money from the government! The Canada Education Savings Grant will match up to 20% on the first $2,500 contributed annually. That could mean up to an additional $500 a year in your RESP, up to a lifetime maximum of $7,200!
• With advice from RBC, it’s easy to start. No need to be overwhelmed. 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!
• There are many ways to save for a child’s education – with gifts from relatives and friends or a weekly contribution that fits your budget, maybe $25/week with an RESP-Matic®
• You can find more great tips on saving for your child’s education here: http://www.rbcroyalbank.com/resp/ and rbc.com/education.

We have been banking with RBC for over 10 years and they have gained our trust.  They have assisted us with everything from our first home to saving for ourselves and our children’s future.

Grow Your RESP with RBC contest. With 4 prizes of $500 (towards an RESP) to be won, winners can get a head start in saving for their child’s dreams. 

What do your kids want to be when they grow up? Do you set aside money for your kids education?

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.