Friday, September 13, 2013

Importance Of Saving For Our Children's Future

Everyone's family financial situations are unique, so there is no one solution or strategy that fits all of us when it comes to saving money for our children's future and education. Since there isn't one solution sometimes it is best to hear what other families are doing to save money. 
When I was young up to grade eight, I was part of the private school system so paying my tuition fees was a big chunk of my parents' financial expenses. While I was in high school this expense became a saving, as I was in the public school system and started saving for university. 

Due to the high university tuition fees, the savings were not sufficient and I had to borrow bank loans. These bank loans became a burden upon my graduation and were difficult to pay them off fast enough without incurring a big interest. 

Since I experienced this hardship and stress, I always think of my children's future and don't want them to feel the financial stress that could become a hindrance to getting a good education.
Although, I don't know what our future beholds I still try to save each month for both my children in the intention that it could benefit their education god willingly. Saving every month can become difficult so we have made it part of our monthly expense and contribute each month since our children were young.
If you haven't started to save for your children, then look into the RBC RESP division and ask for advice as this would benefit you and the family. The Government of Canada matches up to 20% of the first $2500 contributed annually through the Canada Education Savings Grant. Our children have the flexibility of using the RESP funds towards their university, college, apprenticeship, non-credit courses etc. and if they don't use this we can use it towards our RRSP funds. 
Having the money to go to school and come out debt-free will definitely encourage our children to get a good education. Check out the tips on how to save for our children's education at rbc.com/education

Disclosure: I am part of the RBC RESP blogger program with MC Canada and receive special perks as part of my affiliation. All rights reserved on the opinion of the written content Createwithmom © 2011 - 2013. Please Ask First

1 comment:

  1. Student loans can be a burden and it really helps when parents or other family members can help to finance the cost of college.

    However students can help by putting whatever they can towards their education as well. This helps to prevent the accumulation of interest, which can make loans unbearable and put stress on individuals who do not find a job within a few months after finishing college.

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