Set a Budget

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.

How to get a Social Insurance Number 

If your child doesn’t already have one, you’ll need to apply for a Social Insurance Number to benefit from government grants.

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Government Grants

An RESP is the best way to save for post-secondary education because contributions are eligible to receive government education grants.  Applying for government grants couldn’t be easier.

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Forms & Resources

  • Social Insurance Number Application

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  • Canada Education Savings Grant and Canada Learning Bond

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  • Application for British Columbia Training and Education Savings Grant

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Which RESP is right for you?

A Knowledge First Financial Sales Representative can guide you through the process of choosing an RESP that is right for you and your family. 

Find a Sales Representative