Crazy RESP Woman

It started with a comment from a mom in my community. We were talking about Registered Education Saving Plans. And one of the moms mentioned she allocated the entire Universal Child Care Benefit towards her children's RESP accounts. I gulped. And panicked inside. "I'm hardly contributing anything," I thought in horror. My words came out defensive, "We can't give that amount. We need the money as a single income family." The women nodded in understanding.

Then my mind started whirling. Are we budgeting appropriately? Or are we spending recklessly? Am I depriving my children of needed savings?

I recently came across a helpful document by the Barnabas Foundation which outlined 10 Financial Principles from the Bible. The principles are listed as follows:
  1. God owns it all. We are just managers!
  2. Giving is essential. This goes beyond money and material possessions to include time and talents.
  3. Allow for margin. Do we consciously set aside time (and money, I'd like to add) to refocus our priorities?
  4. Save. "When we receive income, the first check we write should be to the Lord, the second check for our savings," (Barnabas Foundation).
  5. Keep out of debt. The less debt you have, the less financial stress you will experience. It IS that simple.
  6. Be Content. "Happiness is not having what you want, but wanting what you have,"  (H. Schachtel).
  7. Develop a Budget. It is amazing what you will notice if you keep track of what you spend.
  8. Don't Cosign. But I'd like to add, don't cosign unless you are willing to pay the loan yourself. And don't lend someone money unless you are willing to give the entire money away as a gift.
  9. Work hard. But don't work so hard that you neglect the relationships in your life.
  10. Seek Godly Counsel. Do not let your pride get in the way of asking a trusted individual for financial advice.
The other day I read a fascinating passage from Ecclesiastes 11:

Send your grain across the seas, and in time, profits will flow back to you. But divide your investments among many places, for you do not know what risks might lie ahead. When clouds are heavy, the rains come down.Whether a tree falls north or south, it stays where it falls. Farmers who wait for perfect weather never plant. If they watch every cloud, they never harvest. Just as you cannot understand the path of the wind or the mystery of a tiny baby growing in its mother’s womb, so you cannot understand the activity of God, who does all things. Plant your seed in the morning and keep busy all afternoon, for you don’t know if profit will come from one activity or another—or maybe both (vs. 1-6).

You know what this tells me? It is okay to take risks in life, even financial risks! Yes, most of the time, we need to follow the 10 Principles listed above. But there are times to be a bit "crazy" with our funds. This is good for me to know. Because I have the tendency to become legalistic about managing money. People can easily guilt me into changing my spending habits for a greater good. For instance, if I saved all the money I spend on coffee each month, I probably could increase the contributions to my children's RESP funds. Sounds noble and altruistic. And SMART. However, I would NOT have the opportunity to get out of the house, sit in a coffee shop to journal/blog, and invest in my sanity. Thus, instead of having a more relaxed Mother and Wife, my family would get Crazy "She's funding our education but slowly going insane" Woman. Not a pretty picture.

Thus, be WISE with your funds. Prepare for tomorrow. But enjoy the present as well.

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