It's important to us that we teach Little Man saving, planned spending, and sharing. We don't have a full plan yet, but this is definitely the beginning of it.
Child Care Benefit
Back in June I wrote about money I would be eligible for while on Maternity Leave, other than EI. The Universal Child Care Benefit (UCCB) was one of them, and the BC Family benefit was the other. At the time I had estimated I would be eligible for $125/month. Since then, we've had a government change in BC and the UCCB benefit has increased to $160/month - wahoo! So I'm receiving this, as well as $26.28 for the BC Family Benefit.
For the time being, we'e decided to deposit the money into Little Man's bank account, it's the same account that $100 will be withdrawn for his RESP. The rest will stay in his very own savings account (Tangerine Children's Saving Account). The hope is that the money will be there for him both for school, and for his first 'big thing' that he might want when he's older. A pet, a car...that sort of thing. We'll also be depositing any Christmas or Birthday financial gifts he gets into his bank account, unless folks ask us specifically to put it towards his school - then it will go in his RESP.
It's important to us that we teach Little Man saving, planned spending, and sharing. We don't have a full plan yet, but this is definitely the beginning of it.
It's important to us that we teach Little Man saving, planned spending, and sharing. We don't have a full plan yet, but this is definitely the beginning of it.
Fantastic idea. My parents NEVER touched one penny of my benefits... back in 1972 my mom deposited less than $2 each month, but the benefit got bigger and back then the interest rate was in the double digits. It added to a REALLY big amount when they handed the book over to me when I went to college.
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