Let’s be honest — saving for your child’s future feels overwhelming.
Bills, groceries, and the never-ending list of school needs. Then someone tells you about an RESP, and you’re like, “One more thing I’m behind on.” But here’s the thing — it’s not about perfection. It’s about starting. Even $20 a month says, “I’m showing up for my kid.”
Across Canada, families are hustling, juggling, and still finding ways to invest in their kids’ futures. Not because they have it all figured out. But because they care enough to try.
RESP
You’ve probably heard people talk about RESPs as if they were some fancy financial plan. The truth is, it’s a simple government-backed account to help you save for college or university. Here’s what you actually need to know:
- Money grows tax-free until your kid pulls it out for school.
- The government chips in, too. Yup — they match 20% of your yearly contributions (up to $500/year).
- You can stash up to $50,000 per kid in it.
It’s not complicated. You open one, you put money in, the government helps, and it grows.
Why We Keep Putting It Off
Life’s expensive. You think, “We’ll start next year.” Then, five years go by. Totally normal.
This delay isn’t about being lazy. It’s a mental trap called present bias, where we focus on what we need right now instead of what’s far away.
Groceries today feel more important than tuition 12 years from now. But the future gets closer, fast.
Try This:
- Set up auto-deposit, even if it’s just $15/month.
- Attach it to payday. Out of sight, out of mind.
- Think about the big picture — your kid avoiding massive student loans? Worth it.
“But I Don’t Know What I’m Doing”
Honestly, most people don’t. You’re not alone.
A lot of families stall because they feel unsure — what if I choose the wrong plan? What if I don’t invest it properly? What if I mess it up?
Forget perfect. Just start. Most RESP providers make it super easy. Some even let you do it online with a few clicks.
First Steps:
- Ask your bank or credit union to explain it in plain English.
- Pick the lowest-risk option if you’re nervous.
- Adjust later. You’re allowed to change your plan as your confidence grows.
How Mindset Changes Everything
Some parents save because they believe they’re the kind of parent who saves. That’s not about money. That’s about identity.
When you think, “I’m the kind of person who prepares my kid for life,” saving becomes a habit, like brushing your teeth or making lunches.
Try Thinking Like This:
- “This is part of who I am.”
- “Every dollar I save gives my kid one less thing to worry about later.”
The Comparison Trap
Here’s the honest truth: it’s easy to fall behind. You hear another parent say they have already saved $20,000, and suddenly, you feel like giving up.
Don’t.
Comparison messes with your head. Every family starts somewhere. Your $100 is still in progress.
A Better Way to Look at It:
- Their timeline isn’t yours.
- Your kid needs you, not someone else’s savings account.
- Celebrate at your own pace.
Small Habits Make Big Results
You don’t need to throw in thousands right away. Tiny, regular amounts grow fast, especially with the government match.
Behaviour experts say habits beat motivation every time. So, focus on building the habit.
Build It Like This:
- Set a calendar reminder to check your RESP.
- Match your contributions to small wins (e.g., skipped takeout = $30 saved).
- Celebrate milestones: first $500, first $1,000, first CESG received.
More Than Just Dollars
Here’s what no one tells you: saving builds confidence. It makes you feel like you’re in control. It brings peace to your household.
Kids also notice. They see the effort. They learn that planning matters. That future-thinking isn’t just talk.
An RESP isn’t just a savings account. It’s a message. “I believe in you.”
Starting Late? You’re Still on Time
Let’s say your kid is already 13. You think it’s too late. It’s not.
You can catch up on past CESG grants. You can put in a lump sum if you’re able. You can save for one semester. One year. Anything helps.
If You’re Starting Now:
- Ask your provider how to maximize late contributions.
- Use tax refunds or bonuses to catch up.
- Focus on what you can do, not what you missed.
Saving Isn’t a Competition
Some months will be tight. Some you’ll skip. That’s okay.
Just get back on track when you can. No shame. No guilt. RESP success is about showing up, not showing off.
Wrap-Up: You’ve Got This
This whole RESP thing isn’t about being rich. It’s about caring enough to try. It’s for people who say:
“I want to give my kid a shot.”
No amount is too small. No start is too late. The money matters, sure. But the effort? That’s what makes the difference.
RESPs are just a tool. The heart behind it — that’s all you.
So, if you haven’t started, today’s a good day. If you’ve already begun, keep going. If you’ve messed up along the way? Welcome to the club. You’re still doing better than you think.
Your future self — and your kid — will thank you for every bit you do now.
And remember, saving is a decision you make again and again. One deposit, one belief, one better tomorrow at a time.
Learn More: RESP? RRSP? TFSA? Make the Most of Your Savings Options