We got tagged a while back by (I think?) Prime Time Money, for the Single Step Personal Finance Challenge put together by Finance Freelance Life. The idea of the challenge is to do something, anything however big or small to improve your finances. Do you need a will? Are you paying too much for your chequing account? Do you have a jar of change that needs sorting? Changing something for the better will get you started (or finished as the case may be) to great finances.
Before I get into the single step that I took – check out Prime Time Money’s financial rap video – it doesn’t get much better than that!
On with the challenge!
As most of you know, my wife and I recently had another child so one of our financial goals was to set up an RESP account for her. RESP stands for registered education savings plan which is similar to the 529 plan in the US. RESP accounts can be either individual – for one child or family – for multiple kids. As I discussed in a previous post, there really isn’t a huge difference in either the individual or family resp. I had considered going with 2 individual accounts because it would be easier to figure out who had what money – but then I also decided that simplification is a worthy goal and went with the family plan since there is only one account involved. The paperwork was a bit of a pain since I had to set up the new account and transfer our son’s individual account to the family account as well. However, now that it is set up, I don’t have to do anything and it’s all taken care of.
I’m going to challenge you, the readers to think of something you can do to improve your finances – it will probably be something you have been putting off…feel free to let us know what you are planning in the comments!
Want to learn more about RESPs? Buy The Book:
The RESP Book: The Simple Guide to Registered Education Savings Plans
Everything you need to know about RESPs.