Set up a PRE-AUTHORIZED PAYMENT PLAN FOR SAVINGS

Establish a direct debit for your specific savings plan. This is a no-brainer, or ‘automatic pilot’ driving your savings for RRSPs, investments and Education Savings funds. It’s absolutely amazing what adds up in a year without you having to think about it, or missing it.

RESP’s: Be aware of the different plans out there. Some still have stipulations around using the money only for University education. You have to fully understand and be away of the fine print. Make sure you ask what happens if your child doesn’t go to University, but goes to College or a Trade School? Can (s)he still access all of the RESP savings? Note that the government matches your annual RESP contributions! Be aware, and take advantage.

Information was by Kickstarters.ca