There are two schools of thought (haha – no pun intended, honest!) when it comes to who should pay for your childrens’ future education.
Do you:
a) Save like crazy so that you can pay for their education, knowing it is such an important part of their future and they cannot possibly pay for it all by themselves.
OR
b) Do you have them save their own money and figure out a way to pay for themselves?
Ok, there is a third way: a little bit from column a and a little bit from column b.
This is where my hubby and I stand – the third way!
It’s a fine balance, I believe, in teaching your children how to be financially responsible and helping them out in this difficult world that where we live. This is why hubby and I are putting away some money each month that is being saved in an RESP for our childrens’ future, but we aren’t saving to the point of covering everything they will need. This is a lesson in responsibility that we believe it very important for our children to learn on their own (with some guidance when necessary).
Money, of course, doesn’t grow on trees, so we also have to be responsible how we spend it and how to save for our future! This is where our Financial Planner comes in real handy. He sits down with my hubby (or sometimes both of us!) and assesses our financial situation as it stands today and moving forward. Finding a Financial Planner was definitely one of the best moves that we have made with regards to saving money for the future.
Do you put money into an RESP for your children?
This post has been sponsored by Standard Life.
That’s exactly what my parents did for me, and what I plan to do. It definitely instilled a good attitude towards responsibility re: money.
Victoria Ess
I put some money away for my daughter but it didnt cover much. Im fine with that as she has managed to pursue a few post secondary education oportunities and paid for it herself. No debt as she worked part time along the way.