How to ensure the financial future of your children?
From an early age, open a bank account where funds will be deposited for each child’s future studies. This may be done in small amounts each week, which is the same principle as the primary school fund.
Take an RESP (Education Savings Plan) as soon as possible. Sometimes the government offers an additional bonus at the initial assessment. That $2,000 amount maximum (and sometimes more) per year will help greatly in saving money for his(her) future studies.
As adults, we should be disciplined and deposit into our children’s accounts every amount that each child is assigned for (family allowances, etc..). Our role as parents is to choose the right bank accounts to generate as much money as possible; it will be beneficial for your child – and it will teach them fiscal responsibility!
Another GREAT idea is to wrap up a card on your child’s birthdays – or at the holidays – and put a note about what you have deposited on their behalf – something like, “Your future is GROWING!” This will excite THEM to save for themselves as well. You can sleep in peace knowing that your children will have every opportunity to study for their own careers and futures.
