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Home » Advice and Tips, Miscellaneous, money

Money doesn’t grow on trees

Submitted by on Wednesday, 13 August 2008No Comment

Well, we’ve probably all heard our parents tell us that “Money doesn’t grow on trees” and we will probably tell our kids the same thing a several dozen times (or more) during their child and teenager-hood.
Although money unfortunately doesn’t grow on trees, it does grow in the bank. And while many new fathers out there are probably spending most of their time trying to get their head around fatherhood, changing diapers, calming fussiness, when they will get to sleep next, and the such, it is also a good time to start thinking about starting up a savings (such as an educations savings, or RESP) plan for that new little wee one.
The reason I say this is because the sooner you start one, the more time it will have to grow. This will result in more money when you will need it most… at college/university time!
With our son, we started pretty late, but with our daughter, we are going to start very soon.
There are lots of good plans out there, so go talk to your bank or look around on the internet to see what plans different banks have to offer.
I know in Canada at least, contributions to a registered educations savings plan (RESP) are tax-sheltered and a percentage of your contributions are matched by the government, depending on your income (e.g. for every dollar you contribute, the government contributes 20 cents). Those are two additional incentives to start one up. This is an opportunity to pay fewer taxes and get free money from the government, so I say go for it!
So just wanted to post this little reminder to all you new dads out there to say, when your mind is not in too much of a blur from everything else that has been going on following your new little arrival, start thinking about a savings plan… your children will thank you for it when they are older and you will thank yourself too I am sure.
Join the jam and let us know if you plan on starting a savings for your newborn or child.

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