Raising a child is a huge responsibility. Part of that responsibility is teaching smart spending and saving habits, and saving for your child’s education.
What is an RESP?
It stands for Registered Education Savings Plan. It’s basically a savings plan that makes it easier to save money for a child’s education. Any money you deposit into an RESP grows tax-free until it’s withdrawn. The student will need to claim the money that comes out of the RESP as income, but since they are likely to be in the lowest tax bracket, they are likely to pay little or no tax. When you invest in an RESP for your child, that RESP may be eligible for education savings grants.
Introducing the Alberta Baby Bundle
By offering discounts, freebies and a $150 RESP booster, the Alberta Baby Bundle is a great email resource for new Alberta parents.
If you’re are expecting or have a young child, sign up for the Alberta Baby Bundle at atb.com/babybundle and start saving today! Sign up and you’ll get instant access to current discounts and savings. You’ll also receive new savings in your email every 4-6 weeks. Emails also include helpful tips for parents on budgeting, saving and smart spending from ATB and our partners.
ATB Financial knows saving for your child’s education isn’t easy, especially if your income is lower in those first few years. If you sign up for the Alberta Baby Bundle and open an ATB RESP for your child, ATB will deposit a $150 savings booster into that RESP. (This offer is only eligible for children under 2.)
Because of government savings grants,
$150 is more like $180!
The earlier you start saving, the better. Start saving in your child’s first few years and they will thank you later in life.
Some tips to find spare change for your child’s RESP:
- Skip the latte once a week. (That adds up to $20/month)
- Use the two for one coupon in next week’s flyer.
- Buy the no-name brand of an item.
- Consign your clothes instead of donating them.
Keep your money where your heart is! As an Alberta Baby Bundle subscriber, you can support Alberta businesses—and save money. Some of our current partners include Rocky Mountain Soap, Montana’s, AMA and Goo-Goobaby.com.
To learn more about RESPs, visit atb.com/resp, call 1-888-282-3863 or stop by any ATB branch.
*This post is brought to you by ATB Financial and the Baby Bundle.