• Home
  • Contact Us
  • Our Review Team
  • Advertise
  • Request a Review
  • Full Disclosure

Bragging Mommy

Find out what is Brag Worthy!

  • Email
  • Facebook
  • Instagram
  • LinkedIn
  • Pinterest
  • Twitter
  • YouTube
  • giveaway
    • gift card
  • review
  • Disney
    • Disney
    • Disneyland Vacation
  • travel
    • Disneyland Vacation
    • Twin Cities
      • Twin Cities Activities
    • Utah
  • baby
    • bath
    • car seat
    • diaper bag
    • diapers
    • feeding
    • nursery
    • safety
    • stroller
    • toy
  • beauty
    • accessories
    • clothing
    • fashion
    • makeup
  • child
    • back to school
    • boy
    • girl
    • preschool
    • school
    • safety
    • toddler
    • toy
  • DIY
  • mommy
    • accessories
    • cooking
      • recipe
      • recipes
    • diaper bag
    • decor
    • home
    • cleaning
    • fashion
    • pregnancy
    • purse
  • parenting
    • dad
  • entertainment
    • Disney
    • celebrity interview
    • blu-ray
    • dvd
    • movie
    • music
  • Twin Cities
    • Twin Cities Activities
  • Utah

New Year’s Goals: Use Childrens Education Funds Inc. RESPs to Save for Your Child’s Education

Share
Pin
Tweet
0 Shares

This post is brought to you by Justin Weinger, an avid blogger and enthusiast.

With the year coming quickly to an end, 2020 is a great time to set some new financial goals.      New Year’s resolutions are often easier said than done. Although setting attainable goals when we make resolutions is smart practice, the fact remains that most of us who make new year’s resolutions fail to keep them.

Whether you’re looking to save more money towards your child’s education or pay down your credit card bills, here are five ways to set financial new year’s resolutions and make them succeed.  

Enlist the help of family

Maybe you are looking to save money for a big purchase, like a downpayment on a house. To help improve your chances of success in meeting your financial goals, it helps if you have someone else to hold you accountable.  Turn to your family or close friends to provide you with outside support. Even if it’s just your sister sending you a text message every week to make sure you set money aside in a savings account, it can help.  

Keep contributing to an education savings plan

You know how expensive university education can be so you’ve made it your resolution to set more money aside in an education fund in 2020.  If you’re a Canadian parent, then opening a registered education savings plan (RESPs) can help you achieve your savings goals. As a provider of RESPs, Children’s Education Funds Inc. (CEFI) has helped thousands of Canadian families find the right RESP for their financial situation.  CEFI also has some insight on how to maintain an RESP so you can maximize all of its benefits.  

For example, it is always a good idea to reevaluate your budget every few months. If you received a holiday bonus this year or anticipate a raise at work, consider contributing more to your child’s RESP.  $50 or $100 more a month can go a long way to paying for your child’s post-secondary education. CEFI also suggests taking full advantage of the Canada Education Savings Grant (CESG) by contributing the full amount of $2,500 per year.

Examine your spending habits

You know how important it is to save extra money into your child’s education fund, but you seem to fall short at the end of the month.  The new year is a good time to examine your spending habits and find areas to cut from. If you are struggling to find ways to save, you can start by cutting back on some of your extra-curricular expenses. Sacrificing a few dinners out can pay off in the long run. 

Automate your finances

If you’re not regularly making contributions to your savings and checking accounts or retirement and RESP plans, keeping your financial resolutions can be a challenge.  

If saving money is your number one resolution, start by arranging automatic deposits to your chosen accounts each time you receive a paycheck. This way, you can dictate how much money you’d like transferred to your account without the need to remind yourself to make those deposits manually.

To enhance your savings, set up multiple accounts for each big savings goal such as an emergency fund, paying off your mortgage and your next vacation.

Don’t get discouraged

If you failed to reach a financial goal, don’t get discouraged, instead pick yourself up and dust yourself off.  Everyone fails at one time or another, even the most successful people. By rebounding quickly from failure, you can get your financial goals back on target.

For example, if your goal was to contribute more money to your child’s RESP last year, but you fell short due to unforeseen circumstances, there’s nothing preventing you from contributing an extra $500 in 2020 to compensate for it. 

Above all, make realistic resolutions.  It’s okay to start small and work your way up.  Remember, financial success takes time, so to help make your financial resolutions stick in 2020, lessen your goals to make them attainable and build momentum from there.  The bottom line: go easy on yourself. The fact that you are working toward financial freedom in the new year is a smart decision in its own right and one to be proud of.

Share
Pin
Tweet
0 Shares

About Guest Blogger

This post was written by a guest blogger.

Search

Giveaways

...

SHOP FASHION

Shopbop.com

Fast Free Shipping Worldwide

  • JUST ARRIVED
  • SHOP HOME STORAGE
  • SHOP SWEATS

Fast Free Shipping Worldwide

JUST ARRIVED

  • Blank Denim

    Get the Look

  • Isabel Marant

    Palana Scarf by Isabel Marant

  • adidas by Stella McCartney

    Buy Now at Shopbop

< >

SHOP HOME STORAGE

  • Kate Spade New York

    See More Kate Spade New York

  • Jonathan Adler

    Buy Brass Pill Box from Jonathan Adler

  • Gift Boutique

    Gift Boutique Black & White Dot Trinket Box

< >

SHOP SWEATS

  • Leset

    Harper Drawstring Pants by Leset

  • Onzie

    Divine Pants by Onzie

  • ATM Anthony Thomas Melillo

    Tie Dye Pants at Shopbop

  • Spiritual Gangster

    Spiritual Gangster Hacci Tapered Sweatpants

  • Terez

    Balayage Joggers at Shopbop

  • CHRLDR

    Shop CHRLDR Stitched Stars Flat Pocket Sweatp...

< >

Shop White One Piece Swimsuit, Black Chokers, Brown Flats, Denim Jean Skirts and more. Get this widget.

SEMI FLUSH CEILING LIGHTS
Coupons
Shoppirate.com

Disney Princess Pleybox, Disney Pleybox, subscription box, toys, disney, princess


Fab Sites

I enjoy reading DrFox Pet Magazine

Disney Princess Mystery Box

SavingFaucets.com

Tweets by @braggingmommy
cb751b848970c2604ecf20f90a78ddad-332

We are a group of 5 Moms with 15 kids. We “Brag” about products and companies we think are Fabulous. All the products we review have actually been in our hands and are mom and kid tested. Find out from us what is “Brag worthy! Contact The Owner Heidi

Disclosure

We receive all review products free from the sponsoring company, some posts are also compensated monetarily. Giveaway products are provided by sponsors. We also receive compensation and payments for the advertisements and advertisement text links on our site. See the Bragging Mommy Full Disclosure.

· © Copyright 2019 The Bragging Mommy · All Rights Reserved · Site Design Carol Jones Media ·