It's the lack of progress with my credit line balance that will slowly yet surely drive me to distraction. I find I've worried less about money since starting this blog. The writing serves to focus my worries on things within my control. I am generally responsible with money; I try to learn from my mistakes, and trade financial decisions off with a view to the future.
To date, I've saved $14,135.95 in an RESP to educate my eldest. While it doesn't sound like much, I've got eight years left to contribute, and the financial responsibility is one that I share with her father. I have no idea what his plans are, but they are not something I can control, and I choose not to worry about them. The amount I save biweekly aligns with the expected cost for two years post-secondary study provided she lives at home. I ran the numbers once, when she was eleven months old. It might be time to check my math.
Math check, check. Numbers look within range. Carleton University has a calculator tool.
While I started early with her, it's a completely different story with her younger sister. Thankfully, there is a five-year gap between them. There is no other parent to provide for my youngest, which I intentionally traded off against the cost of a future divorce, and she only recently became eligible for a social insurance number. I do worry about starting it too late, but there are a lot of steps to get there, and it's best approached patiently. The next step in my financial plan for her is to get the correct legal name on her paperwork.
My youngest has my TFSA in the meantime; however, without the RESPs, she's missing the Canada Education Savings Grant. I can catch up on that later as it's tied to a percentage of what I'll eventually put in, and I could still max it out. Born in 2005, she's also eligible for up to $1525 worth of the Canada Learning Bond. Her sister does not get that.
