Saving During the Holidays for a Registered Education Savings Plan (RESP)

Holidays are the fun times of the year, and they come along with their expenses. During holidays, there is a lot of pressure to spend on gifts, decorations, food, and drinks. This period can get your credit card statement at the end of the year in shock by the amount spent. Not only can this affect you financially, but it also reduces the amount planned for contribution to your child’s RESP. Do not allow the holiday shock by considering the following.

Planning in Advance

It is not strategic to wait until the last minute to shop for the holidays. Planning can help avoid those last minutes rush where you are likely to spend an extra dollar for presents. It is brilliant to prepare a list of gifts with loved ones in advance; for example, noting what each likes during Thanksgiving, then keeping eyes wide open for any advertisement leading to the holidays such as Black Friday deals. On these dates, you can come across great opportunities to buy gifts as opposed to waiting until the holiday eve.

Secret Santa Gifts Exchange

To avoid buying each family member a present, it is good to host a secret Santa gift exchange. This is an attractive way of ensuring you have an affordable way to give holiday presents by spending a limited amount of money to avoid running out of budget.

Hosting a Holiday Potluck

It is not a must to gift presents only over the holidays. To share the responsibility, hosting a holiday potluck is the way to go, where each family member brings their own dish. It is essential to consider what each person is going to bring to avoid the situation of having a common meal in the potluck.

These are just three ways to reduce the holiday expenditure and have money left to contribute to your child’s education, a step towards a child’s brighter future via a RESP.