RESP, Yes please !
Today we opened an RESP (Registered Education Savings Plan) for Amare. I think it is a very good idea to start saving for his education at a young age.
My mom was 19 when she had me, and was not educated on investing, etc. so I never had an RESP or was really taught how to save money properly. I ended up getting OSAP and paying for my college education myself. Which also taught me a very valuable lesson about working hard for money and how to survive on my own. So I never put my mom down for not opening an RESP for me; I mean the struggles we go through in life help us become the person we are.
We decided to open an RESP for Amare to help with any education costs he will have, so he can focus more on school and saving for a house, car, etc. It is a really good idea to start saving from a young age so that you do not have to deposit such a large amount every month, and you have longer to save and build interest. Even $20 a week adds up to a lot over 20 years!
If you have children you should really look into opening an RESP, there are lots of benefits to it. Trust me, your little one will thank you, down the road!
What’s your opinions/comments on saving/paying for your children’s education?