DIVINE
  • English
    • Français
  • Fashion
  • Beauty
  • Food
  • Family
  • Health
  • Travel
  • Living
  • Reviews
  • About Us
  • Advertise
  • Contact us
  • Instagram
  • Legal
Stay Connected
Facebook
Twitter
Instagram
Pinterest
DIVINE
  • English
  • French
DIVINE
  • Fashion
  • Beauty
  • Food
  • Travel
  • Living
  • Family
  • Health
  • Reviews
  • Living

How to Financially Prepare for Post-Secondary Education

  • November 3, 2022
  • 3 minute read
  • divine.ca
Post-Secondary Education: Students working at tables in the study hall
Photo by Jordan Encarnacao on Unsplash
Total
1
Shares
0
0
1

When it comes to saving for holidays and big-ticket purchases, most people know how to financially work toward their goals. Often, you set money aside in a bank account and watch it grow before withdrawing it to pay for things you want and need.

However, many people find preparing for post-secondary education much more challenging, especially when you don’t know in advance how much you’ll need and how long it will take to save as much as is required for tuition and other related expenses. If you need a helping hand financially preparing for post-secondary education costs in the future, take note of these tips below.

Sign Up for a Registered Education Savings Plan (RESP)

A Registered Education Savings Plan (RESP) through a provider like CST Spark can provide much-needed funds for families who want their children to attend a post-secondary education facility without worrying about significant student debt.

You can open a plan when your child is young, make contributions over a set period, and watch your money grow as your provider invests it until it’s needed. When your child reaches college age and enrolls in tertiary education, they can withdraw their money for tuition, school supplies, and other related costs.

Identify Your Costs

It can sometimes be challenging to save for post-secondary education when you’re unsure of the costs you’ll likely encounter. Start researching likely expenses in the years leading up to enrollment so that you can have an approximate idea of how much you’ll need to save.

The average yearly tuition fee for full-time Canadian undergraduate students is between $3,359 and $9,328, depending on your province, while it’s not uncommon for dormitories to cost around the same each school year. However, some forms of study cost significantly more than others, so your costs might be much higher or lower than the national average.

Apply for Loans and Grants

An RESP can go a long way toward covering your education costs, but it’s not the only option you have at your disposal. Depending on where you live in Canada, you can apply for federal, provincial, and territorial student grants and loans.

The amount you receive in your loan or grant can depend on where you live, your family’s income, any dependents you have, and how much your expenses are. Loans need to be paid back, while grants don’t.

Open a Savings Account

Even if you have a registered education savings plan in place, an additional savings account can be an excellent idea when you’d prefer not to worry about money while studying. Some people choose to work while attending a school, but it can be a balancing act that causes a great deal of stress.

If you were to open a savings account for yourself or your children to study, you might be able to afford to cover everyday costs like utilities, food, and entertainment without worrying about your debt levels.

Preparing for post-secondary education requires more than working hard in secondary schooling to get the results you need to enroll in the educational facility of your choice. It can also be about ensuring you’re financially prepared to avoid significant stress later. Take note of these savings tips above, and you might enjoy complete financial freedom while working toward your dream career.

Total
1
Shares
Share 0
Tweet 0
Pin it 1
You May Also Like
AI and Data Centres: Circuit Board
    • Living

A New UAE-Canada Collaboration on AI and Data Centres – How Will Businesses Benefit?

  • divine.ca
  • October 28, 2025
Gamified Casinos: Three chairs in front of three slot machines
    • Living

Canadian Players and the Rise of Gamified Casinos: Progress Bars Go Mainstream

  • divine.ca
  • October 21, 2025
Bills Day: Orchard Park, NY USA- July 25, 2025: Exterior view of Highmark Stadium, home of the NFL team Buffalo Bills.
    • Living

It’s Bills Day! Style, Friendship, and the Perfect Party Bus Experience

  • divine.ca
  • October 15, 2025
AI: Two women sitting side by side on their cell phones
    • Living

How AI Is Changing the Way Canadians Shop Online

  • divine.ca
  • October 15, 2025
Volunteering: Elderly female teacher helps schoolgirl solve the equation in the school library
    • Living

Volunteering 101

  • Lise Cloutier-Steele
  • September 25, 2025
Related Topics
  • paying for post-secondary education
  • post-secondary education
  • RESP
  • saving for post-secondary education
  • student grants
  • student loans
divine.ca

Previous Article
Visit Scotland: Kilchurn Castle
  • Travel

8 Things You Should Know Before You Visit Scotland

  • November 3, 2022
  • divine.ca
View Post
Next Article
Atlantic City: Shops and Restaurants on the Boardwalk
  • Travel

Atlantic City: Discover the Real Boardwalk Empire

  • November 5, 2022
  • divine.ca
View Post
Search
Featured Posts
  • Catch Basins: Storm Water grate

    An Introduction to Modern Stormwater Management: How Catch Basins Help with Urban Drainage

    • 5 min
    View Post
  • Journaling: A woman's hand holding a pen writing in a journal

    Journaling: A Simple Ritual to Soothe the Mind and Nurture Inner Balance

    • 2 min
    View Post
  • Cathay Pacific Business Class: Cathay Pacific Airbus A350 taking off from Vancouver International Airport

    Cathay Pacific Business Class: Elegance in the Air

    • 3 min
    View Post
Get in on the Fun
Top Posts
  • Dubai Style Chocolate Bar: Lindt's Maître Chocolatier next to a large mock up of the chocolate bar package 1
    Lindt’s Dubai Style Chocolate Bar Has Finally Landed in Canada
    • 2 min
  • Jungle Gym: Little boy sitting on a jungle gym in close up shot 2
    How to Keep Your Children Safe on a Jungle Gym
    • 4 min
  • New Menu: Starbucks Pumpkin Spice Latte, Pecan Cortado, Pumpkin Spice Cold Brew and Pumpkin Spice Chai Latte in glasses on a wooden table 3
    Starbucks Brings the Fall Vibes: New Menu Items, Canadian Exclusives & the Pumpkin Spice Latte
    • 3 min
Stay Connected
Facebook
Twitter
Instagram
Pinterest
Featured Posts
  • F1 Academy: Charlotte Tilbury emblazoned F1 racing car with Chloe Chong standing in front of it and a step and repeat

    F1 Academy Driver Chloe Chong Set to Race this Weekend in Montreal

    • 6 min
    View Post
  • Shoppers Beauty: Check in Desk + red and purple bags

    6 of the Hottest Picks from the Shoppers Beauty+ Event

    • 3 min
    View Post
  • Wood Staining: Wooden patio with Muskoka Chairs around a fire pit

    No Stain, No Gain: Easy Wood Staining Tips to Enhance Your Outdoor Living Space

    • 2 min
    View Post
about
DIVINE Magazine

Canada's Online Women's Magazine

DIVINE Magazine is the bilingual online destination for Canadian women. Bringing you trending features that are relevant and interesting to Canadian women, DIVINE is the place to visit for useful, practical and entertaining content.
Subscribe
Partner Network
SWAGGER Magazine, North America’s
Online Men‘s Luxury Lifestyle Magazine.Ohlala.ca, Canada’s Destination for Everything You Need to Know About Dating & Sex.
about
Stay Connected

Follow along on Instagram @DIVINEdotca

Kick your feed up a notch with the hottest beauty, style trends, recipes and more! It's not too late, follow along today and you might just catch the behind-the-scenes of our next shoot or even a contest. You can thank us later. ;) #Divinistas
Follow Us
DIVINE
  • About
  • Advertise
  • Contact
  • Privacy
Making your life a little more DIVINE.

Copyright © 2022 Divine.ca · All Rights Reserved

Input your search keywords and press Enter.