I've always said I have to get my butt in gear and start school funds for my kids, start a retirement fund for myself (and my ex at the time) but no matter how much I/we tried it was never in the budget.
Ok honestly it was but there was always something someone need more and comitting to another monthly payment seem very danting with a single income and 2 small kids.
After we split up it hit me hard that I had no retirement funds, I really had not worked in the 14 years we were together and now in my early 30's as a single mom to 3 would I have enough time to catch up to live comfortably (and be able to help my kids with their schooling)
So this week I sat down with someone and got the ball rolling. We discussed my options (for me and the kids) and settled on a family education fund for the boys (were all 3 kids can draw from the account till the age of 30) the kid dont have to go to a 4 year college or university, they can attend a trade school or even a community/private college as long as it's registered (which seeing as I did work for one I know the way some I them work)
My 2 youngest children are entitled to an extra grant as soon as I start (next week I sign the paperwork) and the interested rate is based on my income level. Which is great. The interest goes as high as 40%.
For myself I'm going to start the tax free savings account (seems to be the most benificial for me at this point in my life) I can afford a nice monthly payment but if for some reason something major happens I can access the fund easier then with an RRSP.
For both accounts I'm able to do unlimited extra deposits (I have some family members that like to contribute to a bank account for the kids so now instead of earning like 3% it will earn like 10 times that much!)
Because I work a seasonal job I'm able to increase the amount durning the peak season and decreas the amount I contribute in the off season (which was my fear).
Once my mortgage is paid off (less the 9 yrs) I can also roll the amount in to my account which will allow me to retire comfortable.
I don't want to be rich, but I see my grandmother struggle to live off of just our CPP pension (and a small widows pension) and I dont want to struggle later in life either.
If circumstances change later on down the road more options are available but for now this fits comfortable in my budget and I'm proud to be able to say that even someone with a low income (such as mine) CAN make these types of decisions with very little effort!!!!
Don't be afraid to talk to someone.
P.S. I'm also proud of the fact just before Christmas as a family we started doing a monthly donation to our local children's hospital! This hospital is near and dear to my heart, Nathan is seen there, sadly I have some friends who also have had to deal with hospital (thankfull all children I'm talking about are currently healthy and happy thriving at home!)
Anything is possible and any amount is a start!
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