How do I ask my in-laws to contribute to our children’s RESP instead of getting them gifts they don’t need?
Dear Cheryl&Mack,
How do I gently nudge my wife's parents and my children’s grandparents to contribute to the kids' RESP?
They are super generous, but the kids do not need more toys.
I would much rather have them save for their education.
How should I go about this conversation so I don’t seem greedy or ungrateful?
Signed,
Son-in-Law
Dear Son-in-Law,
In my opinion, the best way to do this would be to involve your wife.
Ensure she is on board; maybe she can take the reins on this conversation as they are her parents and she’ll know the best way to navigate this topic.
Nevertheless, the conversation should begin by expressing gratitude for their generosity and love towards the kids.
Then, gently introduce the idea of the RESP by saying your desire for the kids' future education.
It’s crucial to emphasize that it's not about diminishing their kindness but rather redirecting it toward something that aligns with your long-term goals for the kids.
You could frame it to secure the children’s future and provide them with future opportunities.
Perhaps mentioning specific aspects of the RESP, like compound interest over the next 18 years, could help illustrate the significance without sounding pushy.
Assure them that any contribution, regardless of size, would be significant in securing the children's education.
It’s crucial to start saving for your children’s education as soon as possible - and replacing toys with long-term savings is a perfect way to ensure there’s enough when the children are ready to go off to school - if they choose to.
I hope this helps!