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  • Do We Lead an Extravagant Lifestyle?
  • Budgeting for UK 2015 – The Real Numbers Are In!
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  • What Will Our Wonderful Trip Cost?
  • What Would You Do If You Won The Lottery?
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  • An Extra $120 Per Month? I’ll Take It!
  • Money Stress – What to Do When You Lose Your Job
  • Wardrobe Budget Blues
  • An Extra $120 Per Month? I’ll Take It!

    I thought the days of the UCCB (Universal Child Care Benefit) were gone once our girls turned 6. Although the $100 per child per month wasn’t much and certainly didn’t cover even a tiny amount of their child care fees, it covered half of their annual RESP (Registered Education Savings Plan) – $1,200 of $2,500!

    We received mail last week saying that as of July we would receive $60 per child per month until they turn 18. Hmmmm – We still pay much more per month for child care – $400 per child per month is ingrained in our budget and we’ve become used to setting aside $400 ($200 each) per month to their RESP.

    I am wondering how to make the most of an extra $120 per month ($60 each)? If it lands in our general account, it will simply disappear. However, if we think of it as $1,440 per year …. it has possibilities. We could increase our mortgage payments, our RSP (Retirement Savings Plan) or our travel savings. Or a combination! We’ll put a plan in place by July. What would you do with an extra $120 per month?

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