How far would you go to fund your child’s education? : The Saturday weekend review #75



Education in Canada isn’t getting any cheaper and parents are struggling to find ways to help their kids financially.

Not all parents feel the need to fund their kids’ education but many would do just about anything.

I wasn’t surprised when I read an online article sharing results of a survey of over 600 Canadian families by Abacus Data.

The survey was of parents who had children in post-secondary education, on their way to school or have attended in the past 5 years.

We know that debt looms high in many Canadian households plus saving for a child’s education can make any budget tight. With over 74% of parents saying they feel financially responsible to help pay for their kids’ education I’m wasn’t shocked to read how far some parents are willing to go to make sure the money is available.

I’m not sure if I agree with them all but one thing I am sure of is that if you have a child and can set money aside into a Registered Education Savings Plan (RESP) as soon as they are born you don’t have to do wild and wacky things to find money to help them out.

Granted, not all parents have the money in their budget to put into an RESP which means that some kids have to save for their education by working in the summer, part-time jobs and saving any money that comes their way.


Education Canada


One parent I spoke to said that her son is now 2 years old and by the time he goes to University he should have about $90,000. It sounds like lots of money now but it’s not that much especially if the child goes to medical school or plans to travel for school.

She says that’s how they will be contributing to their son’s education and he will have to work and save his money as well. They don’t feel 100% responsible for funding his education but do want to help him out financially.

Some of the ways those surveyed said they would fund their kids’ education was to eat out less, borrow more money or even worse in my opinion remove money from their retirement savings.

I don’t think I’d be taking money out of our retirement funds or getting a line of credit for our child because I had to pay for my University education and I did that on my own. I suppose it’s easy to say now but only time will tell what life will be like in 20 years. Anything can change between now and then.

My parents motivated me to work all summer and hold part-time jobs while I was in school. Looking back it seemed as if it was a form of education leadership because they wanted me to learn financial responsibility. I learned the value of money early on so I understood that if I wanted to get an education I had to make sure I was on top of my finances.

I’m thankful because without my parents teaching me about money I take nothing for granted when it comes to my finances. I know that money doesn’t grow on trees. If we have a child I know that I may help  financially pay for his/her education but I will also encourage him/her to fund a portion of it.

Although many don’t want to get an OSAP loan education is costly and it may be reality for many kids to have to borrow money. Some say education is a good debt to have but I say if you can’t pay it back or find a job how good of a debt is it then?

Would you take out a line of credit, remove money from your RRSP’s, TFSA’s or other investments or eat less just to fund your child’s education?


CBB at home and blog


It’s been an uneventful week at the CBB house simply because I’ve worked quite a bit at my second job. I was planning to get the landscaping done in the back-yard but clearly that hasn’t even been touched.

We did manage to pick up more bushes and plants for the backyard at the nursery the other day which set us back just under $200. All of the plants we bought were on sale. Even if they weren’t on sale we really wanted to buy the right plants for our garden that didn’t need too much attention.

If you garden you know that you must take control of the garden by watering, picking weeds and continuing to make sure that it looks pristine. You don’t want your yard falling apart. It was important for us to keep it simple and that’s what we are doing.

I will have some time next Wednesday to start the backyard but until then everything is sitting on the deck waiting for me. I am watering them on a daily basis and taking care of them until I get them in the ground.

I might also make a rhubarb ice-cream after a CBB fan shared an easy rhubarb ice-cream recipe on my Facebook page the other day. She knows how much I’ve whined about how much rhubarb we have so she’s been sending rhubarb recipes my way.

On the blog front I’m still working on the back-end of the blog with my IT guy. The blog has been a bit busier lately which is great but I’d still like to see more fans leave comments on the posts.

What I love the most is hearing from the fans and having them share their opinions. Keeping the conversation going on a blog post is something I strive to do so don’t be shy. To all my fans and you know who you are who do comment, thank-you for taking the time to share your thoughts with all of us.

I’m also on the hunt for guest posts from my Personal Finance community. If you want to guest post send me an email and I’ll fill you in with what’s happening. Thank-you to the personal finance bloggers that have agreed to help me out. I have spots open for the month of September and October. 🙂


Weekly CBB posts


If you missed any CBB posts from the week here is the list of posts you can catch up on reading!


Fan deals and inspirations


garage sale finds Jen

Submit your Brag or Inspiration If you have a brag that you want me to share email me at canadianbudgetbinder (@) [yahoo] [.ca] or fill out my contact form by Friday each week to have your brag considered for the Saturday post.

Jen is at it again this summer with garage sale season in full-swing and so are we. This past Saturday she picked up some great deals that you certainly couldn’t buy for new at this price!

Hi Mr.CBB,

Here is what I found while out at garages sales this past Saturday.

  • Children’s bowls and plates (3 bowls, 2 plates) $.05 each=$.25 for all 5
  • Exfoliating gloves (2) $.50 for both (they were asking $1)
  • Sippy cups (2), CP (Children’s Place) jeans, CP shirt =$3 (they were asking $4)

Total spent $3.75


Making a difference



If you know a personal finance blogger that is making a difference and want to nominate them please send me an email canadianbudgetbinder (@) so I can reach out to them for a feature story.

Note: If you are a blogger who gives back and would like to be featured by all means get in touch with me as I am filling spots up for the rest of 2014 and they are going quickly.

Today I would like to introduce to you my friend Cat who is just as passionate about budgets as I am. She runs the blog Budget Blonde and shares personal stories and much more…. check her out!

Hi I’m Cat!

I’ve written my blog, Budget Blonde for over 4 years now. What started out as a little journal of my frugal life has now turned into a full-time career. One way I try to make a difference to my readers is to always spill my best secrets.

So, I’ve written extensively about how to get freelance writing jobs, how to pitch companies like the Huffington Post, how to bounce back when you make money mistakes, and so much more.

I never view other writers as competition since I believe everyone has a unique voice and something fun to contribute to the personal finance world.

I treat all my readers like family and try to encourage them as if they were my buddy sipping wine with me in my living-room.

It’s always been very important for me to share my life with my readers – all the highs and lows – all the budget triumphs and failures so that people know they aren’t alone.


What is a blog carnival?


Some fans have asked me “what is a blog carnival?” so a little explanation is due here for anyone reading for the first time or for my long-time fans.

A blog carnival is where a blog or website hosts what we call a carnival of blog posts from around the web. Most blog carnivals have a theme and certain rules for submitting which must be followed.

If you are a blogger and would like to learn what blog carnival directories I submit to each week you can find the information in a previous Saturday Weekend Review post that I wrote.


Carnival glory


If you don’t see your blog it’s likely because I don’t know that you shared my post so send me an email to let me know. Thanks.

Not too much action this week so thanks to those bloggers who take the time to share my posts with your fans. Your kindness is always remembered. ~Mr.CBB




Google search terms


Every week I get thousands of people visit Canadian Budget Binder because they did a search online and found my blog. Keep in mind any spelling errors below are because I share with you the exact way they typed their search engine query to land on my blog.

  • I am in debt but leaving Canada for good: I suppose you were hoping to find something that said that if you leave the country you no longer have to pay for your debts. Own up to them and pay them off.
  • Welfare essentials shopping list– Is there really such a thing? Shouldn’t you just budget your money and shop accordingly. You don’t need to put yourself in a certain category just to shop. Maybe I’m not looking at this clearly.
  • Stay at home mom budget- A budget is a budget…
  • Dairy Queen Canada Do you know our secrets- Yes, we know all the secrets.. lol!
  • 123 Glen crescent why hasn’t it sold?– Hmm, sounds to me like nosey neighbours haha!

Thanks for joining me for this edition of The Saturday Weekend Review #75. Join me here again for more crazy stories from around the web and at home!


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  1. Thank you again for having me as a guest! We haven’t started saving for the twins to go to college but will double it up when the hubs graduates from med school and actually starts making a decent income!

  2. My sister has a one year old. She is planning on her daughter attending a community college which is far more affordable compared to the college I went to. Hopefully, she will be on board with this. I think her mom is making that decision for her…

  3. I agree that $90k sounds like a lot now but in 18 years will seem like even less, especially with the way tuition costs keep increasing. Like you, I also worked full time during the summer (sometimes 2 jobs) to save as much as possible for the school year. It was a great lesson in saving and budgeting as it forced me to think of everything in terms of how much work would be required to make x amount of dollars

  4. Our daughter pretty much paid her own way through college. She took a year between high school and college to save as much as she could and worked her way through college as well. We did have to co-sign a student line of credit for her now paid off. When we could we helped her pay that down. She had to go with the line of credit as OSAP wouldn’t give her anything. According to them she was making too much money working and their suggestion was to cut back on her hours at work. Given the suggestion she got she wouldn’t have been making enough money then to come near cover her expenses. Plus this was in December and she worked retail. There was no way she would have done that to her bosses.
    She now has our 4-1/2 year old grandson to support. She has set up an RESP for him with an automatic amount every month. She has a hard time affording it but it is a priority for her so she does what she has to.
    The older boy could have had the military pay for his education but for a certain Warrant Officer at unit level. He was recommended for the university courses by HR during the annual reviews, but the WO refused to sign off on it. His idea, apparently. to show how tough he was, was to be an A******. Our son is now ex-military. The younger boy is still trying to figure out what he wants and how to get there. And how to pay for it…..

    1. Sounds like your daughter did what I did which was work her way through school although I didn’t have to take time off. If that’s what it takes so there is no student debt I say go for it but others think that they are behind about a year in the real world. I don’t really know how much sense that makes because I haven’t had to think much about it. I do know that I’d rather have no debt. Do you motivate your children to figure it out or do you mind if they stay living with your for years? Some parents don’t mind but others want their kids out on their own making a life for themselves as early as possible. Just curious what your thoughts are. I was talking to one woman last night and she said it used to be the kids left for school and didn’t come back but now they come back and move back home.

      1. The younger boy never did move out, his job after high school was more part time than full time but it was a job.The older boy was gone for a while as he was in the military but he got out on a medical discharge with depression. When that was treated the doctor treating him diagnosed him with Asperger’s syndrome as well. A doctor in the DND questioned his ability to actually live on his own and the doctor he saw for the depression had concerns there as well. So he will likely stay with us from here on. I have talked to his younger brother about him likely having to look after his brother down the line and so far, he’s OK with that. As he put it..”We’re family Mom, that’s what family does, we look after each other” . Our daughter has finally got her student line of credit paid off but that was a long road…
        With the added issues of their father’s health and all the running around with that I will admit it has been very nice having the boys here to help out as much as they have the last while. Plus the boys are here to keep an eye on things when I’m with the Dad for out of town appointments and the younger boy can keep an eye on his brother too. Both of them watch out for me making sure I’m OK while I look after their Dad.
        If the boys were doing nothing but sitting on their fannies I might object to them living here but they do so much around the place to help out with out me having to say a word that I’m good with it. There is also the fact the boys do pay into the financial kitty to help pay the bills, given how much/little the government pays in disability this makes a difference here….

  5. We set aside money monthly into koddos RESP and when the debt is paid off plan on bumping it up a little but thats it. I have zero intention of helping her beyond what we save. There is and will be a strong focus on academics in ouir house so it will be expected she will get scholarships just as we did. If she can manage it (ie maintains a high average she will also get a job to help pay for her pwn education and of that’s not enough (18 years of saving plus what she gets) she’ll need student loans. So kill me 🙂

  6. Love reading about what people search to get to our blogs… With “sexy” in my title, you can only imagine the nonsense I see 😉

  7. I am shy but good blog posts deserve comments.

    I used scholarships and then paid $16,500 for my undergraduate degree at a private school. I worked a ton before attending college (and during) so I was able to pay the $16.5k (USD) back in cash.

    People shouldn’t assume college is expensive. That’s like saying a car is expensive. Yet you can spend anywhere from $500 to $2 million. It’s all up to you. Your kids may not need any help to go to school.

    1. That’s a good point. It really is up to what the child decides to take and for how long. I also paid for my own education by working and saving my money.

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