Now I see all the passion and dedication my boy has for all the activities he participates. And I know that I will do my best to find finances to pay for his activities. We are happy to have older kids in the family playing hockey helping from the expensive gear - skates, helmets, sticks and other items to valuable tips.
It was our relatives who convinced us to open RESP for our little one; I think this advice came from their own experience of balancing kid’s hockey activities costs and saving for future education. I understand why according to Canadian Scholarship Trust plan survey, 36% of Canadian parents believe paying for extracurricular activities like hockey is more important before saving for post-secondary education. When kids are young and do not even go to school like mine, the post-secondary education seems so far away and we think there is still time for that, about 12 – 15 years ahead. However, hockey is right here waiting for you - the sparkling ice, skates, training and wins. Nevertheless, about 89% (of parents, surveyed by CST) believe it is important for parents in Canada to help their child pay for their post-secondary education.
I realized how important to save for future education, Teddy said he wants to be a designer when he grows up; design new cars, planes and toys. We will be very disappointed if in 10 years we come to the point when our boy having all the talents, skills, creativity and experience will not be able to get his post-secondary education because of finances. That’s why it is important to start contributing as early as possible. It does not need to be a huge amount, even $20 a month adds up plus the Government matches 20% of the first $2,500 you contribute to your child’s RESP each year, up to a lifetime maximum of $7,200 per child.
With love to hockey and true belief in importance of savings for future education, Canadian Scholarship Trust plan is launching Beyond the Blue Line, a new community education initiative inviting teams and associations to tell what they’re doing to encourage community involvement and academic success. As a result, hockey team or organization can win $10,000 to help make hockey less-expensive. Entries must be received by December 31, 2013.
You are also invited to take part in Twitter Chat hosted by Canadian Scholarship Trust plan. Come join @CSTConsultants, @beyondtheblueline and @THNKenCampbell on December 17th at 9pm EST where they will be discussing the cost of hockey vs. Education and RESPs. Follow hashtag #hockeyvseducation – there will be nice prizes to win 5 - $50 VISA gift cards.
Disclosure: I am part of the C.S.T. Consultants Inc. – Beyond the blue line blogger program with Mom Central Canada and I receive special perks as part of my affiliation with this group. The opinions on this blog are my own.