Raise your hand if free money for your kid's education sounds like a cool idea. Mike Holman thinks so too. As the father of two, blogger behind Money Smarts Blog, and author of The RESP Book: The Simple Guide to Registered Education Savings Plans, Holman is on a mission to make free tuition happen more often.

The biggest roadblock to collecting thousands of dollars in free education grants and bonds from the government of Canada is time -- parents often wait too long before starting their child's RESP to fully benefit from the free cash.

"You are allowed to catch up for missed years, but it requires a lot of money," says Holman. "[You] also miss out on compounding. [It's] much better to start when the child is young, even if it is a small amount per month."

How much money is up for grabs?

Read More

Francis writes: "My son starts college in September and things are tight as it is. Do you have any money saving tips?"

If frosh week is days away and you are still panicking over all the extras on top of tuition and residence fees, here are two cost cutting ideas that will save you loads.

A good soup and crock pot cookbook.  Starting up a crock pot full of soup, chili or other concoction on a Sunday night makes for a number of easy and nutritious dinners through the week.  Last Monday I pulled some chicken bones out of the freezer and purchased $3.20 worth of vegetables (green peppers, carrots, onions and celery stalk) to make soup that fed three children for the better part of the week.  Your college student needs to learn how to prepare nutritional food quickly and inexpensively.  When you consider that a submarine sandwich at a popular fast food chain costs almost $8 with tax, multiplying that over a couple hundred lunches and then again by 3 meals a day, your child will surely break the bank on his grocery budget.         

Read More

Several emails have landed in my inbox from parents looking for ways to get their teens geared-up for school for less. If you have a teen with a taste for fashion, then this one is for you!

Dear Kerry: How about a post on how to survive back to school shopping with a teenager? Teens just want to fit in and look cool but their stuff is bloody expensive! We were watching eBay for Uggs and most were into bidding wars that seemed to result in the same price as shopping at the mall! Help Kerry!

-- Kristina

Dear Kristina: You write that your daughter is doing a lot of chores at home hoping to earn enough for a pair of Uggs before school starts. Teen fashion can indeed be expensive, perhaps try a few of these tips when the online classified and auction sites (Craigslist.ca, Kijiji.ca, and eBay.ca) don't have the right deal for you.

1. Shop online for a better deal. Always go online and check if a retailer is offering a web-only sale. Many brand-name stores offer special coupons, free shipping, and deep discounts only available to online shoppers through their websites. Also, check out store Facebook pages -- many offer back-to-school deals for those connected online. See 5 ways Facebook can make you rich for a few shopping hints and tips.

2. Check out discount retailers. If you love to hunt and bargain shop then take your teen to any discount store with brand-name items (Winners anyone?) and see if your must-have item is in stock. It's possible to find the latest and coolest gear for up to 60 percent off retail prices.

3. Get a quality knock-off. When your teen isn't stuck on buying the brand-name jeans or boots, there's always a suitable knock-off on the market selling for far less. If your daughter loves Ugg boots, then why not check out EMU sheepskin boots -- they sell for 60 percent less!

4. Ask for a discount. Asking for a better deal on an advertised sticker price is free. It's possible to save a quick 10 percent by being polite and finding the right person to haggle with. See 5 ways to get a discount on anything for the cost-cutting details.

5. Save up and set a goal. Teens who set money goals and learn to save for that big dream item may grow into financially savvy adults who understand the value of a hard-earned dollar. Download this free Achieving Financial Goals Worksheet to track your teen's saving progress and mark off each milestone as she or he reaches it.

Your Turn: What's your trick for saving on teen fashion?

You've survived the summer living with your parents and now you're almost free, right? But before packing your bags and heading off to school, you'd be wise to learn about the real costs of moving away from home. Whether you're planning to live on campus or in an apartment a bus stop away, knowing about these three common moving disasters could help you make the grade and save a bundle.

I never thought I'd get robbed while away at school, but I did. The bandits broke into my off campus apartment and made off with my computer, desk, CD collection, mountain bike, textbooks, and inline skates. It doesn't sound like I owned a lot, but after adding up my losses I discovered it would have cost me thousands to replace my stolen property -- money I didn't have as a starving student. Luckily, I avoided this financial disaster since the contents of my apartment were protected under my renters insurance policy.

Before moving away for school, add up the cost of your stuff -- everything from boots to books -- and ask an insurance broker for a renters or tenants insurance quote. Asking for a quote is free, and a $20 per month policy could save you thousands in lost property due to theft, fire, or water damage. Another tip is to check your parents' homeowners policy -- it's possible that your property is covered while you're a student away at school.

Running out of money before writing your final exams is a financial disaster that can be avoided by adding up all your moving costs and living expenses before leaving for school. Students living on campus should factor in any costs not included in their room and meal plan packages, while students moving off campus should budget for internet, phone, heat, electricity, and food. Don't forget to tally the costs of airfare and travel if you're studying out-of-province -- those flights home can bust any budget if not accounted for. Download this free Student Budget Planner to tally all your costs in a single comprehensive list.

Being on the hook for a 12-month rental lease when you're only in school for 8 months is a huge financial burden many students don't consider until after finals. Before signing on the dotted line, ask your landlord if there are alternatives to an annual rental agreement if you only need the room for part of the year. Some landlords in university towns offer monthly rentals, while others will let you sublet during the summer session.

Always get your rental agreement in writing and understand the rental conditions for your province or territory. Being aware of deposit costs, mandatory post-dated cheques, any rent increases, and how to renew or terminate your lease could save you thousands. See the Canada Mortgage and Housing Corporation (CHMC) rental agreement page for lots of advice on signing a lease, including provincial and territorial fact sheets.

Your Turn: Do you have a moving back to school disaster that cost you a few bucks? Got a tip for students looking to cut costs?

Post-secondary students heading back to school in September may be shocked by the price of textbooks. The University of Victoria suggests that students budget $1,700 annually for books alone. And depending on your course of study, you could be paying even more. Before hitting your school bookstore for all your reading materials, be sure to cut some of your costs with these six ways to save on textbooks.

To help counter the steep cost of your study materials be sure to save your receipts and claim the Textbook Amount when filing your tax return. This federal non-refundable tax credit allows full-time students to claim $65 for each eligible month of study, while part-time students can qualify for $20 per month. There are many other tax credits post-secondary students can claim -- see 8 Reasons even broke students should file a tax return for the money-saving details.

University profs often pad their class reading lists with optional books. Buying every tome on your list before class starts might put you ahead of the class, but it could also be an expensive mistake if only a few titles are required reading. To save maximum dollars, talk to students who have taken the class or wait until classes start to buy only the essential textbooks for each subject.

Skipping the university bookstore and buying used textbooks through a student network is a surefire way to save at least 25 percent on each book. Many college campuses and university centers boast a website or a back room where students can meet to swap texts. Seek out these money-saving networks on Facebook, a public school forum, or a class chat room to get your books for far less.

For example, by searching Facebook for a few minutes I quickly found the UBC Textbook Exchange with over 2,100 members looking to buy and sell used books. Need English, Economics, Anatomy, or Chemistry books this fall? It's all there!

Cost-conscious students with a class booklist can save huge by shopping for textbooks online. Online book retailers like Amazon.ca, Alibris.com, ThriftBooks.com, and Abebooks.com all have virtual bookshelves loaded with used textbooks ready for shipping to Canada. The trick is to have your required textbook's ISBN code handy to ensure you get the right book for your class. Just because a particular book has the same author or title doesn't mean it's the right edition for your course.

Don't be afraid to make a few friends the first day of class. You may just find some fellow cash-strapped students looking to share or trade a textbook for the semester to help lower costs. Many school libraries often carry a few copies of each textbook, so be sure to check the shelves for the expensive texts each semester since borrowing a book is free.

It makes little sense to shop for any back-to-school supplies without knowing how much money you have to spend. Download this free Student Budget Planner to tally your tuition costs and calculate your campus expenses. You may just find some additional cash in your budget for that $200 engineering book, after all.

Your Turn: Got a tip for saving on textbooks? How much are you spending on textbooks this year?

School days will soon be here and this year you can start the math lesson early by teaching your kids how to save on school essentials. Doing a bit of planning with the gang before heading out on the annual back to school shopping spree can help you avoid over-spending and stretch your budget. With these tips your family can earn an A+ in saving money.

·   Take stock. Dig out the clothing and supplies you tucked away at the end of the school year. Determine which items can be reused and which need to be replaced, and make a shopping list.

·   Prioritize your purchases. Once you’ve finalized your list, prioritize the purchases—from clothing, hygiene products and shoes to school supplies and electronics. Visit Flyerland.ca and check out the back to school bargains from Payless Shoes, Sears, Shoppers Drug Mart, London Drugs, Best Buy, and more.

·   Research items online. Before you head to the stores, go online to research your favourite retailers and find the items that will get top marks for quality at the best prices.

Read More

Getting your favourite student ready for the first day of school can be an expensive lesson in the cost of an education. A recent survey by Visa Canada found that on average, Canadians expect to spend $621 online and in-store on back-to-school supplies by Labour Day. To help you cut costs this school year, I asked a number of parents and teachers to share their top tips for stretching this year's school supply budget. Here are their top five:

Take a look around your home before hitting the stores -- chances are you already own a few of the essentials and can save a lot of money by not duplicating these items.

That's exactly what teacher and parent Brandi Barker Scraper recommends. She says, "I always save my children's pencil boxes and Fiskar scissors for the following year. After accumulating about six pairs of scissors around the house, I realized there was no reason why those couldn't be taken back to school the next year."

Many schools mail parents a list of recommended school supplies in the summer. Parent Mia Lee has learned not to go shopping with her son until she sees what items are required for the upcoming year. Lee says, "As parents we sometimes tend to buy general supplies instead of waiting to see what items the teacher requests. I remember one year I stocked up on crayons and wide ruled paper because it was on sale, however, my son's list didn't ask for crayons, and he really needed college ruled paper! I save money by only buying what he needs."

Read More

Going away to the college or university of your dreams can be an exciting time. There are interesting subjects to learn and friends to meet. But without proper planning, paying for school can quickly become a debt-ridden nightmare. It's not too late to take these five financial steps before packing up and moving onto campus.

Do you know how much your classes, housing, food, textbooks, supplies, and entertainment will cost you? Get a grip on your program's total cost and prepare for all fees with the CanLearn Education Cost Calculator. You may be surprised by a few unexpected expenses students have to pay, such as: athletic fees, health services fees, and student association fees.

Grants are a great way to fund post-secondary education since the money doesn't need to be paid back. Under the Canada Student Grant Program, you'll find funds available to students from low or middle income families, students with dependants, students with disabilities, and even grants for part-time students. Applying is easy, and you may be eligible to receive more than one grant this academic year.

Read More