My parents always told me they would pay for my education and when I dropped out of high school nobody was impressed. It was a bad choice and one I would rectify in my mid 20’s.
Even though I didn’t know what I wanted to be I decided that I had to do something and so with 2 small kids I went to college for Medical Office Administration.
After the first year I knew that I was not interested in this topic AT ALL but finished anyways because education is important and any diploma is better than no diploma. Also, because I was doing kick ass and graduated with honours.
But the biggest reason I wanted that diploma was because I wanted to be a good role model to my kids. Even though I am not currently using my acquired diploma in a work capacity I will ALWAYS have those skills to fall back on and I acquired them while also running a household and taking care of them. They need to know that it is never too late to go to school and never too early to start thinking about their future.
Maybe they will be like me and not know what they want to do in life right away. My mom just went back to college last year and graduated. She waited till her four kids were done school to pursue her own dreams and that is ok. But one thing is for sure. Getting an education is not cheap and the best way to prepare for it is by starting when your children are young.
Be a SmartSAVER
I am late to the game when it comes to RESPs. I don’t like to admit it but somehow it got pushed to the back burner and it wasn’t until this week that I went onto the SmartSAVER website and set up the preliminary paperwork for our 4 kids to get the Canada Learning Bond, which is a kick-start contribution of up to $2,000 into the RESP of a lower-income child.
Each kid’s application only took a few minutes to complete and I got to choose one of six banks to send the paperwork to. I chose TD because my husband has an account there but you don’t have to be a client of the bank you choose, so there is no excuse. But here is my favourite part of the Canada Learning Bond: you don’t have to set up monthly deposits.
This was one of my biggest deterrents because who knows what will come up with four kids. We had our transmission and washing machine break in the span of a few weeks and are just getting out of the red with that. I don’t know what will arise at any given time and don’t want to tie myself down to yet another bill.
Another perk is that you don’t have to be the child’s parent to apply for the Canada Learning Bond. You will need to have a SIN yourself and also the child’s but maybe your niece/nephew, grandchild or best friend’s child could benefit.
You can find out more about SmartSAVER here and if you need more information about the Canada Learning Bond you can find it here. So head on over to the application form here and sign up for up to $2000 free for your child’s education. Also connect with SmartSAVER on Facebook, Twitter and YouTube to stay up to date.
Twitter Contest
SmartSAVERwants to hear what you have to say on Twitter. If you already follow them you would know that this past Thursday they had a contest asking followers to complete “As a kid I wanted to be…” using the hashtag #WhenIGrowUp . Make sure you follow them here and check in on August 27th and September 3rd to enter to win a $50 grocery gift card by answering each weeks question with the corresponding hashtag.
Blog Giveaway
SmartSAVER has generously offered a $50 PC grocery gift card to one of my readers. Contest is open to Canada and ends September 13th at midnight EST.
Disclosure: I was compensated for this post but as always I wouldn’t share a product or service I didn’t recommend myself.
Aneta is a Toronto-based mom of four that loves a good meal, great company, and learning something new. In her free time, you can find her trying to keep yet another plant alive.
I dont. I am not to sure on why not. Too poor. 🙁
Author
I thought I was too poor too! The Canada Learning Bond is free though 🙂
You don’t realize how fast time flies. The next thing you know your kids are thinking about University and College. I wish we started early contributing to our kids RESP’s. I did set one up for my kids but wish I knew earlier about the The Canada Learning Bond.
I don’t have kids yet. When I do, I will be sure to set up an RESP right away
I dont either, Id say too poor as well.. I really havent looked into the FREE options
yes we do have one for the kids
No, children are all grown up and on their own.
Yes, we have RESP’s, we’d never be able to afford kids post-education in the future if we didn’t start early, and we don’t want them saddled with huge student loans.
will have to look into this further and pass the info along to some people I know could take advantage of it.
I do have Resp’s for my kids.
We do have RESPs.
I do, We purchased it when the kids were small best investment I’ve ever made.
We did have an RESP. They are now in post secondary.
Yes we have an RESP for both of our children
Yes, we have RESPs for both of my kids
We do have RESPs….I had my Son at 38 so thats a very important tjing for us.
I don’t have one, it’s something i haven’t really looked into
I havent heard of this before, I def didnt think I was able to do it. Thanks!
I don’t have them for my kids, I just never felt we could put the money away!
Yes, we do.
I don’t because I never really thought about it.
Do not have one, I prefer to my own savings
I have my mind set to invest in RESP’s for my grandchildren, just as my mom did for me! Education is important and when the time comes I would hate to see that my grandkids cannot attend because they cannot afford to. Thanks for the motivation!! 🙂
No I do not have an RESP because my kids are already out of school. I do think they are a great idea and that everyone with small children should look into them and schooling does cost a lot of money!
I do not have an RESP because I don’t yet have children. I hope to, but in addition if I knew how to easily donate to one for my niece and nephew, I would.
Nope. Don’t have a kid.
Both my kids have an RESP
My daughter is grown and we did not have an RESP for her — we didn’t think we could do it financially at the time.
No I don’t because I don’t have the $ to put into them!
it will be tasty giveaway!
No we don’t, not sure why, maybe just not having money to do it…
Yes we pay $100 a month for each of our 4 kids, so $400 a month.
Not yet but I will soon (I’m 6 1/2 months pregnant)
when we needed it, we had one
No, no extra money 🙁
A small RESP that we contribute to when we can.
We do not, not something we can do at this time.
I don’t have an RESP as I don’t have kids.
I do not —–am already retired
I had RESP for each kid, and now that they are in university they have TFSA’s and we do as well. Even $1000 a year for the future is a good start for them.
No we don’t, we can not afford it unfortunately and don’t qualify for Canadian Learning bond.
No kids, so no, but have RRSPs
Kids and RESPs.
We do have an RESP for my daughter. We put money in from every pay cheque and the government baby bonus to. Hopefully it will help my daughter when she is older.
Yes we have RESP.
I dont have one, I never have had enough extra money to do that
We do have one but it is very small!
Yes, we have RESPs.
No I don’t I live on a limited income so I don’t have money to put into one
Yes, it is a good way to save for university.
We have RESPs for both of our sons and we started them when they were small. Our eldest is going to university this year and I am so thankful that we did the forced saving of an RESP plus we took advantage of free government money.
I didn’t know I could afford it.
No we don’t have one right now.. didn’t have the extra money
No kids, so no need!
I do have an RESP for my son.So glad I did it!
no kids, so no
I do have an RESP, i think it is very important.
I don’t have a child yet so no need.
Unfortunately not. I was under the impression if the child decided not to go to higher education then there would be a loss of funds.
I don’t as i don’t have kids yet.
no i dont have one why because i dont have the money
Yes we do!
No I don’t, I spend all my money on the necessities.
I do. Was one of the first things I did once the kids were born. School is expensive. Plus the free money from the government doesnt hurt.
No I haven’t, money just wasn’t there.
I don’t yet
Yes I have a RESP
I can’t afford them
I do have RRSP and I contribute on a yearly basis.
Not yet. I need to get on this.
Yes I have an RESP
I don’t have RESP because i do not have any kids yet.
We have one because it’s important for our little one’s future!
My daughter has an RESP for her children. Unfortunately, I was diagnosed with CD when I had my daughter, so I had no chance to save money for her education.
I dont, haven’t really thought about it, not sure if I have the funds to do so.
No just never had any extra money for one.
We finally took the plunge a couple of yrs ago and opened an RESP, now we just have to make sure we keep contributing! It’s hard but so important!
We have RESP’s for the kids through Scotiabank!
we do not – never got around to it!
yes, since my daughter was a few months old
no I don’t, have been putting into RRSP, can’t save enough for both.
Yes since my first son was born
retired…have to be careful with the income
No, I don’t have a RESP. I have not gotten around to doing it yet but it’s something that is important to do.
No I don’t have an RESP but I would like to start one for my grandson!
No, I don’t have one…just never not enough income…
No I did not have a RESP setup for me by my parents because they were not around back than. But they are a great.
I do. I think it’s very important to start eary
I do
Not yet, but planning to start soon.
Yes we do
I do not have any RESP’s because I do not have the money to invest.
yes – started them for both kids
I dont, but the oldest both have jobs and are saving
We didn’t have RESPs for the kids. We now have 2 children that are in University and we are having to use our savings to pay for their tuition. I wish we didn’t have some RESPs!
we didn’t have the option when my kids were smaller. school is expensive
I got the letter for Canada Learning Bond when my daughter was born but I thought I had to contribute monthly to be eligible for those Canada government contributions. Didn’t know it was free. I will definitely look into it now.
Yes we have one.
Yes we have an RESP
i don’t and i never thought about it
No children yet, so no RESP but I didn’t know about this option so I’ll be looking into it more now!
We have RESP’s.
We do not but it is something we would like to set up at some point
I don’t have one yet due to financial strain the past few years, but it’s one of our family’s main priorities in the next 5 years. I am making more money currently so it’s a possibility for us now.
We haven’t done it. Will do it if we can scrape even a little money together cause it’s such a great idea.
I had an RESP with an investment broker. It lost money because they charge fees and more fees, and the investment relies on the market. Your bank will set up an RESP, NO FEES and your investment will be at least face value.
I don’t have one yet and really should. I haven’t got one yet just due to not having time to do it nor the means.
I do have an RESP for my kid.
I don’t…not interested in having any
Always looking for good ways to save money.
No i don’t have, maybe someday.
Yes we do!
Yes, I do
Yes we do and my oldest will hopefully be using it in the next year.
No not yet but thinking about it.
Yes I do
I don’t have an RESP because I don’t have children.
I HAVE A REGISTERED DISABILITY SAVINGS PLAN VERRY SIMILLAT BUT FOR KIDS WITH DISABILITIES
I do not have one and am recently retired
We sure do!! Best to start early 🙂
We set up an RESP right away for our daughter! It’s a smart move if you can do it.
I have an RESP for my son. It is important to save for your children’s education.
I don’t. Never seemed to have a little extra to put away.
I don’t have one, but do want to set up one soon for my granddaughter.
Yes we are RESPs for our kids
No RESP yet as no kids
I don;t have one and its because I don’t have small kids to save for
no my money was cleared out on me
Yes I have an resp
No. Don’t need one.
No I do not
Yes, we do for theie best education.
We did have RESPs for our children.
Yes, we do have RESP set up for our kids
I do not, I do not completely understand how it works or why children need a social security number to initiate.
My kids have RESP’s .
Not yet
Nope, dont have any kids, and dont plan on having any
Yes, I do.
yes we do have an resp but I wish I had started it sooner.
Yes we do for both kids thanks to the grandparents. Instead of sending gifts they contribute to that.
We do not but are planning to.
Not yet. We really should get on that
We don’t. Partly because we’re just not that organized and partly because I think Canadian education is pretty lousy.
We have RESP s for both of our boys sadly they probably won’t add up to much by the time they need them but at least it is a start!
I do not have one because I do not need one at this point in life.
i dont have any RESPs because i never have any extra money to put into it
we are going to have one for the kids
yes. b/c we’re going to put into savings anyways, might as well put away into RESP. if kids don’t go to school, no loss!
Don’t have one yet but hope to start one this year
Wouldn’t it have been great if my parents had the money for one? 🙁
Yes we have a family RESP!
Author
It is tied to their SIN because most of your banking stuff is (credit cards, credit report, and school loans) Your SIN will never change even if your name does.
I don’t actually…never really thought about it, to be honest.
I would love to win. No we don’t have an RESP. cant afford it. Kids are grown up.
I dont have one but thinking about it
WE started an account
I do but started late
We don’t have kids yet but we would open RESPs if we did.
Nope, didn’t know enough about them before now.
I started RESP’s for my kids recently, I did it because of inflation. By the time my kids are in college or university, education costs will be so much higher!
I have started one for my son, and I hope to support his education as much as possible. I had to take student loans for my own education, and $40,000 was difficult to pay back!
I do not but i should
No RESP and no kids
dont have an resp yet however its mostly because i dont have kids! as soon as i do i will have the best resp available for them!
yes. thanks
I do not yet have an RESP, but it’s definitely on my radar. Since moving across the country last year and buying a house, we just haven’t had the means to get that in order yet!
Yes, we have 2 actually, one for each of our kids!
I don’t but I plan on getting one for my granddaughter
Don’t have kids yet but i will get one for them, I had one and it really helped me thru university
We don’t because we don’t have any kids, w have nieces & nephews though!
Nope; never had the time to make and RESP.
No, we couldn’t afford it. Although I do have a couple small canada savings bonds.
I have one for my son.
I have not simply because I have not known enough about them.
I totally agree with the importance of lifelong learning, and am currently trying to figure out which career path to follow next. I have two young boys, and we tried to do the RESP thing, but got screwed by Heritage. If we’re ever financially able to try again, we’d definitely go through the bank next time.
We opened one for my daughter when she was a newborn.
no, because I don’t have kids
yes grown up kids and no , we never had enough money for this
My kids have all used theirs so I am saving for grand kids!
Yes! My daughter will have the majority of her schooling paid for 🙂
I had one for my daughter now I am getting one for my grandson!
my son has two
I don’t have kids, but when I do I will definitely consider it!
My husband did for his son. Paid for his college. sweet
No, Reason is I do not have kids.
I am in a situation, where I have a very limited income so for those reasons I have no retirement funds saved todate.
Yes! Thanks for this contest!
Yes I do have a RESP for my two boys-started it when my first was born
I didn’t because I was leery of them. Wish I would have.
I don’t have one since I don’t currently have any children to save up for.
Yes I have a RESP
I did and used to towards my son’s school
I don’t have aRESP
I do not 🙁
Yes we have a RESP for my husband’s daughter.
OMG, do not have it. 🙁 Wow, prize $50 gc is fab. & splendid. 2 fingers snap. It is tight, fly & off the chain. Thank you for the awesomeness, the contest, and generosity. 🙂 Pick me, pick me! Dear Santa: I’ve been nice. My X-Mas wish this year is to win this contest. Starving artist here desperately needs the gc to shop and eat. A life changing exp.
I am 82 and using my RRSP’s (now called RIFS)– we didn’t have money to use for my kid’s education. But we muddled through.
Yes I do have RESP for my kids. Than you.
I haven’t opened one for my 9 month old because I’m waiting to get his last name changed before bothering. I have money put aside for one, though!
Yes we have a RESP
we do have an RESP
I opened an RESP for my granddaughter this year.
yes I do for both my kids!
I do for both of my kids as well. We started as soon as they were born.
we did and loved the free money added to it.
I don’t have one no, and the reason I don’t is BC I don’t agree with the terms of an RESP.
I don’t think it is right that you lose the money if you don’t use it for school purposes.. Just from what I have read I find it to be a bit shady from my personal perspective anyway.
I don’t because there is no need for it.
Yes we have one
Kids grown but looking into it for the grandkids.
My kids are grown, however I have grandchildren so I will definitely tell my daughter about this article.
I don’t have an RESP. I don’t have kids.
Yes Opened right at birth. My Eldest is Off for his First Year on Uni I know the RESP that has accrued I wish My parents did that for me when I was a kid
No i don’t have one , i have been told about them , but never looked into it , i am to poor as well ! my kids are grown and left the nest 🙂
I do not. No kids.
Very generous of you Aneta! Fingerz’, Noze, Eyez’ n’ toez’ crossed!
I currently do not have an RESP, but would start one when I can
We do not have one at this time, just can’t do it at the moment.
Yes, we have RESPs for all 5 of our daughters. Glad we made the decision to open one when they were young!
No, I do not have a RESP. Timing was never right where I felt that I could afford to put money towards one.
We dont have an RESP for our children but my wife saves their money turning a nickel into a dollar with her thriftiness.
I contribute to my nephews. Didn’t have one for my daughter.
DD does have one, and in the next few weeks I am going to start with a monthly contribution. It may be small right now ($10/month), but every little bit counts.
Yes we do!
Not yet as I just came out of school!
Yes we have a family RESP for my girls.
My parents opened RESPs for both my kids. My eldest has graduated high school and has no ambition to further his education at this time. My youngest is just starting high school and has some aspirations, so hope he uses his RESPs.
We do not have an RESP yet, but it is something that we need to do. No more procrastination!
I have an RESP for my daughter because by the time she finishes post secondary I do not want her to be in debt.
We don’t have an resp set up. we have a lot of other debts we’re trying to pay off and it’s hard to put the money aside.
I do not have an RESP because when my children were younger I just didn’t have the money to set aside…and now they are 19 and 16 so I can’t.
No I don’t have any children
We opened up an RESP for The Kids before they were one week old. My parents saved for my education and it made a huge difference to my future success.
Besos Sarah.
Yes, we do have an RESP
I will advise my firend swith youngsters to apply for one.
we have one for each of our 3 kids , and we love it
zNo minor children for the need!
I do not have a RESP because I don’t have any children close to me
Author
We do $10 a month for each of ours starting October 1. Any little bit counts 🙂
the learning bond sounds like an interesting product