My parents instilled the importance of saving money in me at a very young age (as far back as I can remember). Fortunately for me, they practiced this life skill because when it came time for me to go to University, they were able to help me out financially. I was one of the lucky ones that graduated with minimal debt and it really gave me the step up that I needed to succeed.
I will forever be grateful of their financial gift and I hope to do the same for my kids with the help of an RESP.
What is an RESP?
A Registered Education Savings Plan, also known as an RESP, is a savings plan used by parents to help them save for their children’s post-secondary education. With the rising costs associated with sending a child to college or university, an RESP can really help.
RESPs didn’t exist when I was growing up, but if they did, my Parents would have opened one for me. They are such fans that each year, in lieu of Birthday and Christmas presents, they contribute to The Kids RESP (they share one account). The money in the RESP is tax-sheltered until the plan matures.
For me, having the money and choosing to save it is one thing but knowing what to do with it is something else all together. That’s where having help makes all the difference.
How Can Heritage Education Funds Help You?
Heritage Education Funds Inc. (Heritage) is a Canadian company and one of Canada’s leading providers of group Registered Education Savings Plans (RESPs). They’ve been helping families since as far back as 1965. They also offer flexible savings options and they invest your money in lower risk things like equities and GICs. It’s nice to see they have the average Canadian family in mind.
How Do You Get Started?
The first thing to do is to find a Heritage Education Fund Representative and speak to them about which one of their Plans works for you.
The second thing to do is to start saving. Heritage has a great contest going on right now where you could WIN one of eight $2,500 prizes towards one of their RESPs.*
Remember that it’s never too late to get started. Even if you’re only saving $10 a month, it’s a step in the right direction. We don’t scrimp and save every penny because living for today is important to us. However, sacrificing a few coffees today won’t make a big difference to me, but, saving those extra dollars will make a huge difference to the kids in the future.
And they’re worth it.
Have You Considered the Benefits of Investing in RESPs
with Heritage Education Funds?
*Note that the contest ends December 31, 2014.
Disclosure: Journeys of The Zoo received compensation in exchange for sharing our story.