Setting your budget

Finding money to set aside for your child’s post-secondary education might seem difficult at first – especially with mortgage and car payments every month – but with the right plan, one that fits your budget, it couldn’t be easier.
 

Only save what you can afford

It’s great to want to save $200 a month for your child’s education, but only if it’s something you can afford to do. By calculating how much you spend every month within your household budget, you can create a plan that makes saving simpler for you.

Pay yourself first

Whether you’re saving for a trip, a new car or your child’s post-secondary education, you should always pay yourself first. Before you pay bills or buy groceries, take a portion of every pay cheque and set it aside. Before long, it will become routine and your savings will add up without you even thinking about it.     

RESPs should fit your budget, not the other way around

Every Registered Education Savings Plan is designed to help you reach a savings goal, but they’ll only be effective if they make sense for you. Some plans are flexible and some plans are more structured, and the one that’s right for you will depend on your financial situation and what your savings goal will be.