Planting Seeds For Future Dreams #RESPwithRBC @RBC_Canada

Miss G is 5 years old and wants to be a horse
 trainer when she grows up.

This month marks a monumental milestone for me. As my girl begins her educational journey, mine is finally ending.  A rite of passage that makes me nearly weep with pride.  You see, I have been chipping away at my student loan debt since 1999.  On September 30 I will mark my final payment off my financial calendar and breath a huge sigh of relief.  I have shared my student loan woes in past posts, but want to now focus on ways to save my girl from the crippling debt that has prevented me from buying a home, car, travelling, and accomplishing many more dreams I have had. I did learn a lot about financial independence by finding my own way through college, but have resented the constant burden of paying for those loans.

Since my princess was born I had intended to open a savings account for her and start an RESP.  Five years have gone in a blink, unemployment and low family income has seen us barely scraping by, let alone investing in savings. Our girl is now in Kindergarten, my income is more stable and I wondered if it's too late to start saving for her future? 

After chatting with a RESP specialist at RBC, I was happy to learn that it's not too late to start saving for my daughter's education.  With a commitment of $50-100 per month and help from family members, my goal of having at least $20,000 saved for her post-secondary studies, is achievable.

RBC wants you to 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®

Join the @RBC_Canada community for more information about RESP's and chances to win money!

• Mark your calendar for the @RBC_Canada Twitter party on October 1! The hashtag will be #RESPwithRBC and participants can win one of 6 $100 gift cards.

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

You can find more great tips on saving for your child’s education here: http://www.rbcroyalbank.com/resp/ and rbc.com/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.”

Image credit: RBC Canada facebook page