Being a parent is a whole lot of responsibility; you always have to look out for your children and this can mean that you have to plan way ahead for their future as well. This means more than just having an idea about what they could be doing when they grow up you need to provide for them financially and higher education can cost a fortune. You can’t just assume that you’ll be rich enough to have that kind of money in your hands when the time comes so you need to prepare for the time by saving.
In Canada, parents have an option of setting up a Registered Education Savings Plan for their child’s higher education way before it’s time. Thanks to how easy it is to set up a RESP account, parents can start saving so early that they can almost count on having the exact amount of money they’ll need to provide for tuition fees and everything else when it comes to their child’s higher education.
If you don’t save ahead for higher education, what’s going to happen is that your child will be stuck with college debts since it’s almost inevitable that they’ll need to take out loans to pay for tuition. Your kid might be the top of is or her class one day and they’ll still be tied down by those loan payments before they can star building up their lives by themselves.
If you feel the need to learn more about RESP and how it works for parents who want to be able to send their kid to college, then you can read Knowledge First Financial reviews and find out for yourself if RESP is a good idea or not.