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.
I had actually decided against RESPs for the kids…but then I learned that the government matched contributions, and I have a hard time turning down free money! Thanks for sharing – an expert is always helpful when dealing with financial!
Great info/reminders! Something everyone should at least consider or just look into. Know your options.
we started ryder a RESP when he was a month old the government has put a lot into it.
I decided to go with the bank though and might end up opening another through a company like this.
we didn’t have much money when I was a child and with a stay at home mum and dad a casual labourer and 5 mouths to feed it can’t have been easy for my parents. So every penny was turned over twice and I guess I picked that up. I’m the one who always waits for a sale to come along before buying anything.
There wasn’t anything like RESPs in Germany but then at that time university was free and it’s not expensive there now either – which I think is the way to go.
My Mother in law has strarted one for My DD, But this company sounds pretty awesome!
We have an RESP set up for our kids, but not through Heritage Eduction Funds.
My daughter has these for her 3 children
We lived in the era prior to RESPs but our adult children are taking advantage and how can they lose, with government matching contributions. Thank you for the information on ways to invest these funds.
I had never heard of this group. I will definitely check out their site for more info.
I can definitely tell you with two teens in their last year of high school it is never too early to start saving for the substantial cost of post secondary education.
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Only fools ignore free money from the government!!
I signed my three children up for resp’s two years ago. It was the best thing I could do for their education. The government matches everything that I can put in. It will be nice for my children to not have to worry about student loans when they are ready to go to university.
I love free money. I invest my Family allowance and the $100/month we get from the government and then the government matches my money! WHOO!
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My parents never had a RESP for me, and hence I am still paying off my student loans. It’s so burdensome, and I promise I would do all in my power to help my future kids with their education. I am definitely going to start looking into them soon
Start saving for your child’s education early. We save $25 every two weeks. Easy peasy when it’s an automatic withdrawal.
Great article and good reminder to prepare early for your child’s future and yours. Thanks.
My kids are paying off student loans now. I wish I had started saving for them a long time ago.
With education costs soaring, this is so important, to put money aside for your child’s education!
This is cool.
It is never to early to start saving
I just had to pop over and let you know how much I adore this photo of the kids, it’s beautiful and says it all 🙂
Dear Elizabeth,
Thank you very much. This is one of my favourites too. So much so that we had it put on canvas (http://www.journeysofthezoo.com/2013/11/posterjack-giveaway-photo-printing.html) and it’s hanging in my Mother’s bedroom at this very moment (I know because I’m currently visiting her, smile)
Besos Sarah.
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