STEP 2: Decide how much you can afford to save
It is important to start saving as soon as possible for your child's education. But for many families, the main reason they don't start saving is simple: it's hard to find the money. Between raising children and paying for a home, a car, and other costs, there just aren't a lot of extra dollars.
But there are some simple ways to save more. For instance, can you cook more meals at home and eat out less? Shop at less expensive stores?
And if you save money in a Registered Education Savings Plan (RESP), you may also get money from the Canadian government through two programs:
- the Canada Education Savings Grant
- the Canada Learning Bond.
And if you live in Alberta, the government offers the Alberta Centennial Education Savings Plan to help parents save for their children's post-secondary education.
To find more ways to save more, use the Increase Your Savings
tool on The Building Futures Network web site. It lets you enter changes that you could make in your life's and it shows what you could save as a result of these changes over the course of a year. When you're finished, remember to write down the total savings you can afford each year, and come back to this page.