I know all too well how quickly the time goes after you have children. Saving for my oldest son’s post-secondary education was always at the back of my mind, but there was always somewhere else we needed to spend the money. I put him in almost every sport imaginable to help him stay active, make friends and find his “thing”.
The cost of team sports today is much higher than it was then. My second son played hockey for a couple of years, and the registration, equipment and traveling costs added up to quite a bit of money. He didn’t continue with it, and now I think about how that money could have went towards his education.
An RESP for your child should be a must especially with the Canadian federal government contributing 20% of the first $2,500 in annual contributions. It’s free money and a tax-deferred way to save for your child’s future. We can and should be investing more towards higher education.
Canadian Scholarship Trust Plan is launching a contest asking Parents to tell us how they are balancing education savings and the cost of sports/activities for the chance to win $1,000 RESP. using the hashtag Beyond the Blueline. (#BeyondtheBlueLine) on Twitter or Facebook.
Looking back, I see that their were opportunities to put money aside for my son’s education. I just always felt that there was more time. Thankfully, he did go to college but he has the loans to contend with now. I learned the lesson a little late, but I am now working on saving for my younger children’s futures.
Join the Canadian Scholarship Trust Plan on Tuesday, November 10th at 9pm EST to discuss RESPs, using the hashtage #LetsTalkRESPs. No RSVP is required. Hope to see you there!
To learn more about how you can balance your education savings and the cost of extracurricular activities visit: beyondtheblueline.ca.