It was scary but I did it!

iVillage Member
Registered: 11-14-2008
It was scary but I did it!
14
Thu, 02-04-2010 - 4:28pm

For those of you paying off debt, you know how hard it is part with money. I am also not very good with change.

Well today, I opened up an RRSP account and put in $500!! I also set it up to contribute $25 a month. I cashed in my visa points and am being sent a $250 voucher to add to this. Perhaps I will up the contributions next year.

I feel like a big girl that has moved from diapers to pull ups. LOL!

I also asked about RESPs for my kids. I need some more information from my ex as to what he is contributing. If he is maxing it out (which I doubt) then I will have to come up with other investing options. I am thinking about GICs. One step at a time.

I know people here are big Dave Ramsey fans and they say retirement before helping kids with secondary education. I am wondering if this applies to people that haven't had kids yet. I know I should have started this a long time ago and am just doing my best. I suppose I am already investing in myself by building equity in my business. My kids are very soon to be 13 and ten and I don't have a lot of time left. I am not planning on paying for their entire education but want to help. I suppose I am playing catch up. For me this works. One day at a time.

I am excited but scared at the same time. It was not a huge lump sum and I am not through the winter yet(worried I may have to contribute funds to my business)so I hope this does not bite me in the butt!

I am very excited for my forced flake. Debt going down, investments going up!

Look out February, I am in a positive mood!


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iVillage Member
Registered: 10-01-2008
Thu, 02-04-2010 - 4:39pm

Good for you Karen.

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 08-02-1998
Thu, 02-04-2010 - 6:49pm

Darn lost my post.

We did up RESP's for my kids when they were about 13 & 15, wasn't a great huge amount but with the gov't matching 20% it was enough for them to pay their first year tuition.



iVillage Member
Registered: 08-24-2007
Thu, 02-04-2010 - 7:10pm

LOL ... yes, you're a big girl now!!


Karen, congratulations on opening up an RRSP!

Kate


empty purse

iVillage Member
Registered: 06-25-2006
Thu, 02-04-2010 - 7:15pm
I have to say I don't know what RESP stands for but Congratulations! It sounds like a positive step in the right direction!
iVillage Member
Registered: 06-02-2009
Thu, 02-04-2010 - 8:05pm
I don't know what
Lila
iVillage Member
Registered: 11-17-2007
Thu, 02-04-2010 - 9:47pm

iVillage Member
Registered: 08-24-2007
Fri, 02-05-2010 - 4:28am

RESP

Kate


empty purse

iVillage Member
Registered: 04-10-2003
Fri, 02-05-2010 - 8:02am

WTG on the RRSP and RESP front!


Just think, every year you will get money back from your RRSP's. If you put it right back in, then each year you contribute a little more. Its snowflaking in reverse!!!


I am limited in the amount I can put into RRSP's (government pension). I am working on maxing out my TFSA's first (I don't think my tax bracket will be substantially lower on retirement so TFSA's are a better choice for me!)


Bex -


"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."


Bex -

iVillage Member
Registered: 10-01-2009
Fri, 02-05-2010 - 6:22pm

Karen that is awesome about opening up those plans....


I would truly do a 50/50 split to both....


Im glad ur excited.....


You've been a big girl a long time with lots of responsibilities


So glad you took the plunge....


Duke


PS I am soooooooooooo glad you are feeling better

iVillage Member
Registered: 02-09-2000
Fri, 02-05-2010 - 9:34pm
Thanks for the "lessons" :o)

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