Be Smart About Your Hard-Earned Savings {Plus $50 Canada Giveaway}

Choosing your RESP provider | MapleandMarigold.comThe weather is warm and the sun is shining, and green is on our minds. No, it’s not the colour of grass or leaves, it’s money. With tax season behind us and hopefully refunds in our pockets soon, it’s time to think it through—should we save for a rainy day, or blow it all up on that dream trip to Argentina that my hubby and I have been planning since we were in our early 20s?

The kids are already developing their own perspectives on money, and these are helped along by our extended family. Every year, we visit parents and grandparents in India and the kids get a haul of cash in envelopes. This is not an unusual occurrence in a country where many older relatives not only pull your cheeks when they see you, but also hand over an envelope of money. The more infrequent the meeting, the harder the cheek pulling, and the more the cash. This quirky and under-appreciated part of subcontinent culture is called shagan, which literally means “a blessing.” And since a lot about Indian culture is based on practicality, this tradition also makes complete sense.

So every year, upon our return from India, my hubby and I talk with the kids about budgets and saving, and where the money will go. My 10-year-old usually has a plan—charity in part, and then presents for friends, Freezie Fridays in school, and the rest gets tucked away for that time when the latest Percy Jackson novel is out and her mother (that’s me) is on a “no more books” tirade. 

Blessings inside an envelope sure deserve some serious thought. As do our own savings from our blood, sweat and tears money that we put away regularly. RESPs are a great way to make sure our children’s future education is secure. So take the time and do your research, and chose carefully. Here are some tips from the Government of Canada as you go about choosing your RESP provider

Disclaimer: this post is sponsored by Heritage Education Funds Inc. As always the narrative is entirely mine. If you’d like to find out more about Heritage Group plans, you may contact a Heritage Dealing Rrepresentative here.

Heritage Education Funds is offering one lucky winner a $50 Starbucks gift card. You must be a resident of Canada (outside of Quebec) and over the age of 18 to win. Best of luck!

Step 1 – Enter email for giveaway. No purchase necessary.

Step 2 – Increase your chances of winning by using more or all entry options

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Please see full terms and conditions here.

Puneeta Chhitwal-Varma<br/><small>Photo by Tanvi Madkaiker</small>
Puneeta Chhitwal-Varma
Photo by Tanvi Madkaiker

About Puneeta

Author, Educator, Speaker

Puneeta is a writer, food advocate and guide for those who seek earth-friendly, delicious solutions that work for real life.

54 Comments

  • Extremely frugal.Old stock German and Scottish.Make things last and save your money for emergencies.

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  • We only make a large purchase if we have the cash to pay for it. We save for those items.

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  • We put aside a little bit of savings but haven’t gotten formal RESPs for our kids yet.

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  • Our family traditions around savings are. Do not buy anything unless you have the funds at hand. If you put on a credit card pay off right away and do not incur interest. Always have 6 months wages in hand in case of an emergency or job loss. Now, I didn’t say I live by them just what was instilled in us.Two out of 5 siblings do concur! LOL

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  • Our family’s traditions around savings are Gic. It was a good thing that we had then. Last year we needed to dip in with a family health issue. Perfect for any-kind of situation.

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  • use coupons and saving apps to save money when ever I can

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  • Unfortunately we have always been pay cheque to pay cheque and once bills and rent and groceries are paid there isn’t anything left over to save.

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  • save save save! we make sure to put money aside from every pay check so that when the time comes that we need it whether something needs fixing etc we have the cash to pay instead of owing

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  • Put aside little bit from each pay, don’t purchase large items on a credit — save for it

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  • The best way to save is to win this Starbucks gift card 🙂 thanks for this opportunity

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  • My mom is very frugal, she expects us all to save as much as we can

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  • We aren’t really savers but we try to put about $100 a week into a separate account

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  • We have absolutely zero traditions around savings. It’s not something we were really taught at home or in school and it’s not something I gave much thought to until recently. I’ve started saving, but I wish I hadn’t waited so long.

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  • We save to put the maximum amount in our TFSA’s every year. We believe it is important for our future and in most cases there are always ways to save.

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  • We don’t make enough money to save any really but we are very frugal, use coupons, shop discounted products and shop sales!

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  • We use coupons whenever we can and we don’t go into debt on our credit cards.

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  • It would be great to win a $50 Starbucks Gift Card.
    In response to your question of
    What are your family’s traditions around savings?
    I try to save money by using coupons when i buy groceries
    and i only buy the things i need.
    Thank you for having this giveaway.

    Reply
  • I was taught at a young age not to spend what I don’t have. If you don’t need it….don’t buy it! I can’t say I didn’t rebel for a few years but turned it around quickly. Money is definitely not everything but unfortunately it defines who we are. If you have a roof over your head, a loving husband, and food in my belly…I am rich~

    Reply
  • In the past, we mentioned to family and close friends that we’re saving for The Kids education. Now, every birthday and at Christmas, they make a contribution to their fund. The Kids have enough toys and education isn’t free (unfortunately).

    Heritage Education Funds is helping families save for a brighter future.

    Besos, Sarah
    Journeys of The Zoo

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  • We save a little each month, and my daughters usually put some of their birthday money in savings too.

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  • We are very carefully and very seldom use a credit card–I only have 1 card with a very low limit.

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  • I always had the money before I spent it. No credit cards, but now that good rule seems to be relaxed a little. Need to get back on track.

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  • We save a predetermined amount from every pay and it goes into an account.

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  • We try to be frugal as much as possible. I am so glad we saved for a rainy day (recession) as it is here. I use coupons and use flipp to get sales on what I need.

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  • we try to set aside a portion of every paycheque – and are teaching the kids the same trend

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  • We use coupons and flyer apps to help save us money where we can. And we put a set amount into savings each month.

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  • I’ve always been a saver! I have direct withdrawls into RRSP’s & RESP’s, as well as a seperate savings account for travel.

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  • Don’t spend on a wim. Think about it, save for it, then purchase it when you have the money all saved.

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  • We save weekly using coupons and savings apps. We try to be less impulsive with large purchases. Have RESP and RRSP as well as putting $100 / month in higher interest savings to use for emergency fund. It too many years to get here but feeling a little more secure as we get more financially stable.

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  • Just that when you earn money you don’t spend it all, you must put some away into savings.

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  • We are pretty careful about spending money but we believe in investing money in real estate.

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  • We pay off credit cards each month, and use them exclusively when possible so that we can reap the rewards of the points! great savings on trips that way.

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  • We do talk to the kids about money and earning and saving. We want them too know that it takes work to earn money and buy things!

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  • The only way we save currently right now is thru mutual funds. When I had small children I had RESP’s for them both from the time they were born til they went to school (daughter convocats on the 10th) Right now I have no income as I’m waiting for EI to come thru

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  • We have money automatically come out of our main account and go into saving. Our kids save half of all the money they get for their future.

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  • We have none , i used to . Got stuck as a true single mm again and everything i had saved is gone and there is no extra right now to even put aside

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  • My parents always taught the importance of saving for the future. Unfortunately divorce happens which can really put life into a tailspin. I also have a special needs child. But no matter what, I still always manage to put some money away to have a little nest egg in case of emergency. I just wouldn’t feel secure if my saving account were at zero.

    Reply

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