I started an RESP for my daughter shortly after she was born and a monthly deposit of $50 goes into it ☺️
My parents started my son’s college fund for his first Christmas- they will do the same for my daughter. My grandparents did the same for me and my brother when we were babies and boy were we taken care of. I actually have a lot left over that I’m able to transfer to my kids.
Both my kids have savings accounts too. Any time we have extra cash / change laying around we split it between them. Also any money they get for birthdays or holidays will go there too. We decided to let them have their savings accounts when they’re 16, to help buy their first cars, or when they turn 18.
My husband and I get paid about 5 times a month so one of those goes directly to baby’s college fund.
We actually have three things happening.. A monthly deposit that goes in per child. And we actually have rental property that we can take a loan out when the time comes if that's what they want to do. And when they are five, they get to pick what stock they want to put in their birthday money in.
We do this because it's more then just college it's for their future.
Neither myself or my husband had college funds. We had to take out student loans and pay for our own educations, so we're gonna have our kids do the same. Yeah student loans suck but it teaches responsibility and then we don't lose money if they drop out or don't use their degree.
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