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Author Topic: planning for extended education ie university and college  (Read 3722 times)

Offline spud

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planning for extended education ie university and college
« on: February 13, 2008, 12:47:35 PM »
How have any of you gone about planning for your childs future? Have you begun a savings plan for education? do you think your child should be responsible for this cost themselves or do you feel this is a parental responsibility? Do you think the governement should pitch in ?

Offline jharrisece

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Re: planning for extended education ie university and college
« Reply #1 on: February 13, 2008, 02:59:38 PM »
From the very first Child Tax Benefit payment we have had it go right into an RESP so we don't even see it so we don't miss it.  We actually have it go into a seperate account in the girls names and it comes out of there.  I think we are the only one of our family and friends who are even saving for their child's education.  We also get the addtional amount from the government for having an RESP.  I always say that the government IS paying for their education.  I am so glad we don't have to even think about it!  We also took a shorter time to pay off the house (so larger payments-  it is tough!) so that the house would be paid for when our oldest is 2 years out of high school so we can cover any extra that may be needed.  We are also hoping that the girls will go to the local university so they don't have the cost of living away (plus I don't want them to leave!).  We will also have them apply for scholarships - actually my oldest is a straight A student in Gr. 7 and the teacher is already talking about her applying.  Oh, and we also spaced their births ten years apart so we could put both through school.

Offline spud

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Re: planning for extended education ie university and college
« Reply #2 on: March 25, 2008, 01:17:04 PM »
Another thing in common lol
We spaced our children 5 years apart..and also excellerated our mortgage so it would be done by the time the oldest was in school, and my Mother put a plan in place for the girls as a gift one year..I too hope they will go to a local university and be able to stay at home (as I did) and my oldest is also a straight A student with lots of potential! FUnny how much we have in common Jen!

Offline CareDC

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Re: planning for extended education ie university and college
« Reply #3 on: March 25, 2008, 05:48:31 PM »
What are some of the benefits of going with RESP rather then saving on our own? There are mutual funds / stocks that can yield much better return then the RESP. RESP is safe but does it really provide the best ROI?

Offline jharrisece

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Re: planning for extended education ie university and college
« Reply #4 on: March 25, 2008, 07:00:07 PM »
Ha Ha!  We really do think alike don't we Spud!

I like doing the RESP because I don't have to think about it.  I don't know anything about mutual funds, stocks, bonds, etc. to actually be 'hands on' with the investments so an RESP works for me.

 

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