Everyday I Dream about her Someday

Everyday I Dream about her Someday

Someday I will take the bus and go to school like my big brother. Someday I will learn to drive a car. Someday I will go on a date and hold hands with a boy. Someday I will go to college. Someday I will fall in love and get married. Someday I will have a job that I love.  Someday I will be a mother.

Someday is now. It’s taken 43 years but all of my “somedays” have become a reality. Not all of them were easy to achieve. That’s life right? They say that nothing worth having comes easy. I still have somedays in my life, some of them are for me but many of them are for my daughter. I have so many dreams for her. And she has plenty for herself. In fact, today was her first day of school. Ever! It was a huge day, for all of us. And when I watched my little girl get on that school bus for the first time my heart, and my dreams for her soared. This kid is going places. Like most five year olds, her goals in life are constantly changing. One day she want to open her her own pizza shop. The next day she’s going to be a rock star/hair stylist. Yes in her big, beautiful world that’s a thing. I’m sure she will change her mind a million times over as she grows and only time will tell what amazing things she will do. All I know for certain is that her father and I will be here to support her as much as we possibly can.

When I graduated high school and went off to college I was almost entirely on my own. I paid my own tuition, bought my books (and wow books are expensive) and covered all of my own living expenses. It was not easy. I was lucky enough to secure summer jobs that paid better than average or I’m not sure I could have done it. I spent most of my school nights working. I lived on ramen noodles and peanut butter. I took in a horrible roommate to help pay the rent. I also had no choice but to take on a student loan. I made it through. Thousands of students in the same position do as well. And thousands don’t. Putting the entire financial burden of post secondary education on a child is huge. While I don’t think there is anything wrong with taking on some part time work while going to school, living in fear of not making rent or wondering how you are going to eat next month is no way to live your college life.

I want better for my daughter. And so we have already started doing what we can to make that path at least a little easier for her when the time comes.  Earlier today I used an online calculator to get a ballpark figure of what it would cost to send my daughter to university. I plugged in a local university with the assumption that she would live at home and even with no rent to pay the cost came in at close to $53,000. And that is today’s cost. She still has a solid 13 years to go. With tuition rates that historically climb much faster than inflation that number is going to get a lot higher by the time my little one is college bound. When I come face to face with the cold hard reality of these numbers I am really, really, glad that we’ve already been contributing to an RESP for her for a while now. And I can tell you that every single time our RESP statement comes in the mail and I see those savings grow I can’t help but sit and dream about my daughter’s future and where it’s going to take her.

First Day of School

What is an RESP?

A Registered Education Savings Plan (RESP) is a tax-sheltered plan that can help you save for a child’s post-secondary education. And by taking advantage of government (both federal and provincial) grants the saving really do add up over the years.

$25 a week can grow to over $50,000* in 18 years

How do I get started?

When it comes to finances your best bet is always to talk to an expert. An RBC advisor can walk you through all of the RESP options and help you chose the one that is right for you. They can help you with important information and decisions like:

  • Should I set up automatic payments with RESP-Matic?
  • What happens if my child decides not to pursue post secondary education?
  • What are the different types of RESPs?
  • What are the tax implications of an RESP?

Want to learn more?

Good news! You can join us for the #RESPwithRBC Twitter Party on September 17th at 9pm EST to talk about all things RESP! You’ll learn lots, have fun and have the opportunity to win 1 of 6 $150 Visa gift cards!

I hope to see on September 17th and in the meantime here’s a little something to tug at your heart strings!

This post is sponsored by RBC. All opinions are 100% my own.

This article has 1 comment

  1. Congrats on her first day of school! And way to go to you for all that you did to make it through school, its amazing to see how far we have come. I still remember the struggle of where would the money come from and yes books are disgusting with the prices (I am only taking one course a term right now and it is always 150 for one book!). Way to go for saving in an RESP, my personal experiences made me open one for my boys right away too. I want them to not have to struggle like I did.

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