{"id":1003917,"date":"2023-01-07T02:46:38","date_gmt":"2023-01-07T07:46:38","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=1003917"},"modified":"2026-08-06T16:04:41","modified_gmt":"2026-08-06T20:04:41","slug":"how-to-save-for-a-big-purchase","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/savings-accounts\/how-to-save-for-a-big-purchase","title":{"rendered":"How to save for a big purchase"},"content":{"rendered":"<p>With the cost of living rising sharply over the past year, around 40% of Canadians report spending less on travel and big-ticket items. But if you dream of owning a home someday or need to buy a new car soon, starting to save now can help you reach your goals. Here\u2019s how to save for a big purchase.<\/p><div class=\"keyTakeaways\">\n  <div class=\"keyTakeaways__header\">\n          <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"32\" height=\"21\" viewbox=\"0 0 314.16 201.03\" fill=\"none\">\n  <path d=\"M212.32,190.62c-19.66,0-38.8-6.44-54.42-18.24-15.63,11.79-34.77,18.24-54.42,18.24-49.84,0-90.39-40.55-90.39-90.39V9.83h199.24c49.84,0,90.39,40.55,90.39,90.39s-40.55,90.39-90.39,90.39Z\" fill=\"white\"><\/path>\n  <path d=\"M212.32,15.9c46.57,0,84.33,37.75,84.33,84.33h0c0,46.57-37.75,84.33-84.33,84.33h0c-20.75,0-39.74-7.51-54.42-19.94-14.69,12.43-33.68,19.94-54.42,19.94h0c-46.57,0-84.33-37.75-84.33-84.33V15.9h193.18M212.32,3.76H7.01v96.46c0,53.19,43.27,96.46,96.46,96.46,19.47,0,38.46-5.92,54.43-16.84,15.96,10.91,34.95,16.84,54.42,16.84,53.19,0,96.46-43.27,96.46-96.46S265.51,3.76,212.32,3.76h0Z\" fill=\"#232320\"><\/path>\n  <path d=\"M216.34,90.21c.19-1.69,1.76-2.87,3.43-2.6,11.91,1.94,22.41-7.31,20.93-20.1-.45-3.93-2.28-6.56-4.43-9.31-1.05-1.35-.74-3.34.71-4.26,15.6-9.82,31.64-1.91,40.78,13.29,11.21,18.64,11.54,47.15.53,65.94-15.41,26.3-42.91,23.48-56.04-3.04-6.09-12.29-7.47-26.4-5.92-39.93Z\" fill=\"#232320\"><\/path>\n  <path d=\"M105.92,90.21c.19-1.69,1.76-2.87,3.43-2.6,11.91,1.94,22.41-7.31,20.93-20.1-.45-3.93-2.28-6.56-4.43-9.31-1.05-1.35-.74-3.34.71-4.26,15.6-9.82,31.64-1.91,40.78,13.29,11.21,18.64,11.54,47.15.53,65.94-15.41,26.3-42.91,23.48-56.04-3.04-6.09-12.29-7.47-26.4-5.92-39.93Z\" fill=\"#232320\"><\/path>\n<\/svg>        <h3 data-toc=\"false\">Key takeaways<\/h3>\n  <\/div>\n\n    <ul>\n          <li>Save for a major purchase by determining what you can afford, setting a goal, making a budget, cutting expenses, paying off debt and regularly contributing to a savings account.<\/li>\n          <li>The right account for you depends on your goals. A regular savings account works well for short-term goals, while GICs, RRSPs and RESPs may offer better returns or tax advantages.<\/li>\n          <li>Major purchases don\u2019t come cheap: the average cost of a house in Canada is $696,078, $35,201 for a used vehicle, $63,439 for a new vehicle, $32,000 for a wedding and $20,800 to $38,300 for post-secondary education.<\/li>\n      <\/ul>\n\n  \n  <\/div>\n<h3>How to save for a big purchase<\/h3><p>Whether you\u2019re saving for a home, car, wedding, school or another big expense, here are 6 steps you can take to save the funds you need.<\/p><h4>Determine what you can afford<\/h4><p>Research the market to find the item you want. If the price seems out of reach, look at variations that can cut down the cost. If you want to buy a car, look at used models on sites like AutoTrader or Canada Drives. If you\u2019re paying for a wedding, consider a destination wedding with fewer guests or a less expensive off-season wedding.<\/p><p>Get a realistic view of your finances including recurring expenses and one-off costs you expect to shoulder in the future. Line this up with your income to figure out what you can realistically afford to save each month. Consider any existing savings you have as well as investments and other sources of side income.<\/p><h4>Set a goal<\/h4><p>Based on what you can afford to save each month, pick a deadline by which you want to have saved the amount you need. Consider the timeline for your expenses. When will you need to make a down payment? If installment payments are due, when do these need to be made?<\/p><h4>Make a budget<\/h4><p>Create a spreadsheet to map out where your money will go including all the costs you expect to pay. If you don\u2019t know where to start, try the zero-based budgeting method in which you put every dollar of your income toward a specific expense or savings goal until there\u2019s nothing left over.<\/p><p>Don\u2019t forget to account for less obvious expenses like car maintenance, property taxes, ancillary wedding expenses (invitations, hotel accommodations, service charges and tips) etc.<\/p><p>To use the zero-based budgeting method, start by adding up your mandatory monthly expenses and subtracting this amount from your monthly income. Then take anything leftover and put it toward fun expenses or savings. <\/p><h4>Cut back where you can<\/h4><p>Trim down your expenses and free up more for savings by limiting eating out, vacations and buying new toys. When shopping around, ask for discounts and negotiate with sellers. Stay local to avoid travel costs.<\/p><h4>Pay off debt<\/h4><p>You\u2019d be surprised how much disposable income you can free up when you\u2019re no longer making debt repayments. The benefit of paying off debt is twofold: Less debt means more money for savings, and your <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/debt-to-income-ratio\">debt-to-income (DTI) ratio<\/a> will go down.<\/p><p>Your debt-to-income ratio represents the proportion of your income going to debt repayment and is a sign to lenders of how much you can afford to borrow. This is crucial if you plan to take out a loan to finance your purchase or get a mortgage. Aim for a DTI ratio of 36% or lower.<\/p><h4>Contribute regularly to a savings account<\/h4><p>A good way to grow your money with little effort is to make regular contributions to a high-interest savings account. Look for an account with a high-interest rate, low fees and a minimum deposit you can meet. If you\u2019re making a big purchase with a partner, consider opening a joint savings account, so you can save and earn interest together.<\/p><p>Take advantage of automatic deposits, roundups and any other features that automate your contributions to snowball your saving efforts even more. Treating your contributions like a mandatory expense will help make saving a habit.<article class=\"luna-card luna-card--primary luna-card--border\">\n  <div class=\"luna-card__block\" style=\"padding:0.7em\">\n<span style=\"font-size:0.9em; font-weight: 800; font-style: italic; text-transform: uppercase;\">Dive deeper: <\/span><a href=\"https:\/\/www.finder.com\/ca\/savings-accounts\/best-high-interest-savings-accounts\" style=\"text-decoration:underline; font-size:0.9em;\">Compare the best high interest savings accounts in Canada<\/a>\n<\/div>\n<\/article><\/p><h3>Types of accounts to save<\/h3><p>Depending on your goals, there are different types of accounts you can use to grow your money<\/p><h4>Regular savings accounts<\/h4><p><a href=\"https:\/\/www.finder.com\/ca\/savings-accounts\/savings-account-interest-rates\">Savings accounts usually offer interest<\/a> ranging from 0.10% to over 2.00% APY, low balance requirements and low monthly fees. Traditional savings accounts offered by established banks may give you more ways to access your money, but savings accounts from online banks often come with the highest interest rates.<\/p><h4>Interest-bearing chequing accounts<\/h4><p>Some chequing accounts actually <a href=\"https:\/\/www.finder.com\/ca\/chequing-accounts\/interest-earning-chequing-accounts\">let you earn interest on your balance<\/a>, although the amount is usually smaller than what you could earn with a savings account. Unlike a savings account, you can withdraw from a chequing account more frequently without paying a fee. You can also link your chequing account to a debit card, making it easy to access your funds if you unexpectedly need to.<\/p><h4>Guaranteed Investment Certificates (GICs)<\/h4><p>Once you have $500 or more saved, <a href=\"https:\/\/www.finder.com\/ca\/gics\">consider a GIC<\/a> to lock away your money for a fixed term while it earns interest. Depending on the amount and term length, you could earn anywhere from 1-4% APY. However, you usually can\u2019t add money to your GIC during the term, and you\u2019ll pay a penalty to withdraw funds before the maturity date.<\/p><h4>Registered Retirement Savings Plan (RRSP)<\/h4><p>A <a href=\"https:\/\/www.finder.com\/ca\/savings-accounts\/rrsp\">RRSP<\/a> is a long-term investment account designed to save for the future \u2014 in this case, old age. Money in RRSPs grows tax free and contributions are tax deductible. You\u2019re taxed on withdrawals.<\/p><p>If you withdraw money before 71 years old, you\u2019ll be heavily taxed. But there are 2 exceptions to this: The <a class=\"scroll\" href=\"#llp\">Lifelong Learning Plan<\/a> and the <a class=\"scroll\" href=\"#hbp\">Home Buyers\u2019 Plan<\/a>.<\/p><h4 id=\"start\">Registered Education Savings Plans (RESPs)<\/h4><p>A <a href=\"https:\/\/www.finder.com\/ca\/banking\/kids-banking\/registered-education-savings-plans\">RESP<\/a> is a long-term investment account that lets people save for a child\u2019s education. Contributions are not tax deductible. Money deposited into an RESP grows in several ways:<\/p><ul class=\"list-1\"><li>Funds are put towards either fixed investments (short-term bonds, GICs and investment savings account) or equity investments (stocks and mutual funds). Interest earned on these investments is not taxed.<\/li><li>Through the <strong>Canada Education Savings Grant (CESG)<\/strong>, the federal government matches annual RESP contributions by 20% if the the future students receiving the funds are 17 or younger. The CESG applies on the first $2,500 of annual contributions (or $5,000, if unused contribution room from previous years is carried forward) up to a lifetime limit of $7,200.<\/li><li>Through the <strong>Canada Learning Bond (CLB)<\/strong> program, children from low-income families will get up to $2,000 in RESP contributions from the federal government. This is not a matching program; no personal contributions are necessary to get the CLB.<\/li><\/ul><p>RESPs aren\u2019t just for tuition. Funds can be used for housing, books, laptops, transportation, meal plans and more. You can open more than one RESP account for a child, but he or she can only receive up to $50,000 from all RESPs combined.<\/p><ul class=\"luna-accordionGroup accordionGroup\"><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000000\" data-toggle=\"collapse\" data-target=\"#accordion0000000000\">\n        <span class=\"luna-accordion__title\">What you should know about RESP withdrawals<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000000\" data-accordion=\"details\">\n    <div class=\"accordionContent\">Withdrawals from an RESP for educational purposes are called educational assistance payments (EAPs) and count as part of the student\u2019s annual taxable income. Unused funds can be returned to contributors without additional taxation. If the RESP doesn\u2019t end up being used, you have several options:<ul><li>Close the RESP, and pay capital gains tax on the money earned from investments.<\/li><li>Transfer the amount to you or your spouse\u2019s RRSP (if the contribution limit hasn\u2019t been reached yet)<\/li><li>Transfer the amount to another child under the age of 21. If the child is over 21, you may have to pay taxes as well as return the CESG and CLB contributions to the account.<\/li><li>Donate the amount to a college or university tax-free. You may be able to get a tax-deductible receipt if the school is registered.<\/li><\/ul><\/div>\n  <\/div>\n<\/li><\/ul><h3>Can I open a locked savings account?<\/h3><p>If the temptation of easy access to cash is hard to resist, you may want to look into a savings option that makes it more difficult for you to withdraw money (before meeting future financial goals, such as retirement or paying for post-secondary education). That\u2019s because traditional savings accounts in Canada, provide relatively easy ways to withdraw or transfer funds out of the account. However, other types of savings plans can help put a temporary block on getting access to your money \u2014 preventing you from spending it. Here are the best (temporary) locked savings accounts in Canada:<\/p><h4><strong>Guaranteed Investment Certificates (GICs)<\/strong><\/h4><p>A guaranteed investment certificate (GIC) locks your money away usually from one month up to 10 years, while it earns interest based on a fixed or variable interest rate.<\/p><p>GICs are more restrictive than a traditional savings account because you can\u2019t access your money until the term is finished (unless you have a cashable, redeemable GIC with no withdrawal restrictions). If you need to make a withdrawal, you\u2019ll need to provide notification to your financial institution, forego expected earnings and pay a penalty.<\/p><p><a class=\"more-link-arrow\" href=\"https:\/\/www.finder.com\/ca\/gics\" target=\"_blank\" rel=\"noopener\">Best GIC rates in Canada<\/a><br><strong>Benefits of using GICs as locked savings accounts<\/strong><\/p><p>There are a couple of key benefits to using a GIC as a locked savings account. First, you can get the security of a fixed interest rate and a guaranteed return on your investment. If interest rates drop while your money is locked away, your savings won\u2019t be affected.<\/p><p>Second, these accounts are set up to discourage you from dipping into your savings balance. You typically can\u2019t access the funds immediately, so any money you deposit is safe from the risk of impulse buying and unnecessary spending.<\/p><p>On the other side of the coin, GICs are not all that convenient if you ever need access to your funds in an emergency, and you also won\u2019t benefit from any interest rate increases until your deposit matures.<\/p><article class=\"luna-card luna-card--shadow\"><div class=\"luna-card__block\"><h3>What to look for in a GIC-locked savings account<\/h3><p>Consider the following features when comparing the pros and cons of a GIC:<\/p><ul class=\"list-3\"><li><b>The interest rate.<\/b> <a href=\"https:\/\/www.finder.com\/ca\/savings-accounts\/savings-account-interest-rates\" target=\"_blank\" rel=\"noopener noreferrer\">Interest rates can vary greatly<\/a> between banks and the term you choose. Look around for the best interest rates \u2014 but make sure there are no unexpected fees attached.<\/li><li><b>How often interest is calculated.<\/b> Check to see whether interest is calculated on the account daily, monthly, quarterly or yearly. The more often interest is calculated, the more your balance grows.<\/li><li><b>Term length.<\/b> When comparing accounts, evaluate the features of accounts with the same term length. For example, only compare 3-year GICs with other 3-year GICs. If your bank doesn\u2019t offer the term you want, look elsewhere.<\/li><li><b>Fees for early withdrawal.<\/b> If you have a cashable GIC, it\u2019s worth checking what fee you\u2019ll incur if you need to withdraw your money before the term ends.<\/li><li><b>Where the interest is paid.<\/b> Is the interest you earn paid back into the same or different account? Do you need to open a linked account with the same financial institution to receive interest payments?<\/li><li><b>Loyalty bonuses.<\/b> If you want to reinvest your money into another GIC after your first deposit matures, will you be rewarded for your loyalty with a bonus interest rate?<\/li><\/ul><\/div><\/article><h4>Hard-to-access savings accounts<\/h4><p><a href=\"https:\/\/www.finder.com\/ca\/savings-accounts\" target=\"_blank\" rel=\"noopener noreferrer\">Savings accounts<\/a> offer the benefit of <a href=\"https:\/\/www.finder.com\/ca\/savings-accounts\/compound-interest-calculator\">compound interest<\/a>, and they charge minimal or no fees while giving you quick and easy access to your money. Savings accounts also allow you to continually add money to start building your nest egg. Scheduling an automatic transfer into your account each month can quickly build a sizable savings balance.<\/p><p>Some savings accounts offer features to keep you from falling prey to impulse buys. If you have trouble keeping your hands off your savings, consider getting an account without a debit card so that you can\u2019t make withdrawals outside of business hours. Getting an account that doesn\u2019t allow transfers is also a good idea.<\/p><p>As the name suggests, savings accounts are designed to help you save money, not spend it. If you want regular access to your money, use a <a href=\"https:\/\/www.finder.com\/ca\/chequing-accounts\" target=\"_blank\" rel=\"noopener noreferrer\">chequing account<\/a>.<\/p><article class=\"luna-card luna-card--shadow\"><div class=\"luna-card__block\"><h3>What to look for in a savings account<\/h3><p>Not all savings accounts are created equal. There are a few things to watch out for when signing up for a new account:<\/p><ul class=\"list-3\"><li><strong>How often interest is compounded?<\/strong> The more often interest is compounded, the more money you\u2019ll earn.<\/li><li><b>Minimum balance amount.<\/b> Banks often have a minimum amount required to open an account. Some banks even have a minimum balance requirement for the life of the account, and you can quickly accrue fees if your balance dips too low.<\/li><li><b>Linked account requirements.<\/b> Some banks will require you to also open a linked chequing account with them to open a savings account. If this is the case, make sure the chequing account is suited to your needs and doesn\u2019t have any hidden fees.<\/li><li><b>Hidden account fees.<\/b> Exorbitant bank fees can quickly defeat the purpose of any interest earned on an account, so read the fine print to make sure you\u2019re aware of any ongoing fees, withdrawal fees or other transaction charges.<\/li><li><b>Accessibility. <\/b>Check to see whether your account can only be managed online or whether you also have branch, mobile banking and phone banking access.<\/li><\/ul><\/div><\/article><h3>Retirement accounts<\/h3><p>If you\u2019re saving up for your retirement, <a href=\"https:\/\/www.finder.com\/ca\/savings-accounts\/rrsp\" target=\"_blank\" rel=\"noopener noreferrer\">a retirement savings account<\/a> \u2014 also known as a registered retirement savings plan (RRSP) \u2014 might be your best option. Any money contributed to an RRSP can only be withdrawn, without a penalty, once you reach retirement age. Early withdrawals will trigger fees and penalties as well as additional tax-owed on the sum.<\/p><h2>How to save for big purchases<\/h2><h3>How to save money for a house<\/h3><p>First-time home buyers are eligible for special mortgage rates and tax breaks.<\/p><p>New buyers can often borrow up to 90% or 95% of a home\u2019s value, which means you might only need 5% to 10% of the purchase price as a down payment. But if you borrow more than 80% of a home\u2019s value, you might need private mortgage insurance, which provides the lender protection should you default on your mortgage. Insurance premiums typically range from 0.60% to 4.50% of your mortgage.<\/p><p>The government has programs and tax breaks in place to make it easier to own a home.<\/p><h4>First-Time Home Buyer Incentive<\/h4><p>If you\u2019re a first-time buyer with a qualified annual income of $120,000 or less, you may be eligible for the <a href=\"https:\/\/www.cmhc-schl.gc.ca\/en\/nhs\/canada-first-time-home-buyer-incentive\" target=\"_blank\" rel=\"noopener noreferrer\">First-Time Home Buyer Incentive<\/a> offered by the government. The incentive is worth 5% to 10% of a newly built home or 5% of an existing home or mobile home \u2013 this can help lower the amount you need to borrow.<\/p><h4 id=\"hbp\">Home Buyers\u2019 Plan (HBP)<\/h4><p>Under the Home Buyer\u2019s Plan, first-time home buyers can withdraw up to $35,000 ($70,000 for couples) from their RRSPs to cover the down payment on a home. The withdrawals are tax-free as long as the money is repaid within 15 years, and you can pay the loan back at any time with no penalties.<\/p><h4>First-Time Home Buyers (FTHB) tax credit<\/h4><p>Claim up to $5,000 in tax credits on costs associated with purchasing your first home. Associated costs might include land transfer tax, legal fees or disbursements.<\/p><h4>GST\/HST New Housing Rebate<\/h4><p>You can qualify for a rebate to recover part of your GST or HST payments that you paid on the purchase price, on the cost of renovating or adding additions or on converting a non-residential property into a house.<\/p><h4>How much do I need to save for a house?<\/h4><p>According to the <a href=\"https:\/\/www.crea.ca\/housing-market-stats\/national-price-map\/\" target=\"_blank\" rel=\"noopener noreferrer\">Canadian Real Estate Association<\/a>, the average house price as of June 2026 was $696,078. But the price varies widely across Canada.<\/p><p>The biggest <a href=\"https:\/\/www.finder.com\/ca\/savings-accounts\/how-to-budget-for-a-house\">upfront cost of a home is the down payment<\/a>, the amount of which depends on the house price:<\/p><ul><li>For homes that cost $500,000 or less, the minimum down payment is 5%.<\/li><li>For homes that cost between $500,000 and $999,999.99, the down payment is 5% on the first $500,000 and 10% on the rest.<\/li><li>For homes that cost more than $1 million, the down payment must be 20%.<\/li><\/ul><p>For perspective, a 5% down payment on a $635,000 home is $31,750.<\/p><h3>How to save up for a car<\/h3><p>There are several ways you can save up for a car or vehicle, whether it\u2019s a new-to-you, used vehicle or a new make and model straight off the dealer lot. Here are two tips to help:<\/p><h4>#1: Reroute old payments<\/h4><p>If you have debts or bills that you\u2019ve paid off, consider rerouting the funds originally earmarked for debt repayment straight into your savings account.<\/p><h4>#2: Trade-in or sell<\/h4><p>If you already have a car, trading it in or selling it privately can help you get some extra cash that you can put towards the purchase of the next vehicle.<\/p><h4>How much do I need to save for a car?<\/h4><p>According to Auto Trader, the <a href=\"https:\/\/www.finder.com\/ca\/car-loans\/buying-a-car\/cost-of-car-ownership\">average price of a used vehicle<\/a> is $35,201, while a new vehicle costs around $63,439.<\/p><p>If you plan to finance your car, you\u2019ll only need to save for the down payment, which should be 10% to 20% of the purchase price.<\/p><p>Once you own a vehicle, be prepared for ongoing expenses like car insurance (third-party liability coverage is required in all provinces and territories), gas, maintenance, licensing and registration renewal fees. Altogether, these could cost hundreds of dollars each month.<\/p><p style=\"text-align: center;\"><a class=\"luna-button luna-button--success luna-button--large\" href=\"https:\/\/www.finder.com\/ca\/car-loans\">Car loans in Canada<\/a><\/p><h3>How to save money when planning a wedding<\/h3><p>Get one step closer to paying for your big day with these tips for cutting down the cost of a wedding.<\/p><ul><li><strong>Pick a less expensive month to get married.<\/strong> January, March, April and November are the cheapest months to get married. June and September tend to be the most popular and are therefore more expensive.<\/li><li><strong>Ask for discounts.<\/strong> Your venue or suppliers may allow you to shave savings off your costs depending on your total guests, weekday, start times and more.<\/li><li><strong>Use third-party vendors.<\/strong> Look for a venue that allows you to choose your service contractors, such as catering and decor. This will give you more control over quality and costs.<\/li><li><strong>Get creative with food.<\/strong> Hire a talented friend, make some of the food yourself or ask if your favourite restaurant is willing to take a large order.<\/li><li><strong>Stay local.<\/strong> Save money on transportation and accommodations by keeping your ceremony and reception in a convenient location.<\/li><li><strong>Consider a destination wedding. <\/strong>Destination weddings can be smaller than hometown ceremonies. Some people reduce costs even more by having guests pay their travel costs.<\/li><li><strong>Set up a registry.<\/strong> Your loved ones will want to celebrate by contributing to your new life together. Use your registry to offset the costs of items you know you\u2019ll purchase after the wedding, or look for a cash registry to fund wedding costs directly.<\/li><\/ul><h4>How much does a wedding cost?<\/h4><p>According to Your Wedding Atlas, the average cost of a wedding in Canada is $32,000, but you could end up spending thousands of dollars more on additional costs like bachelor and bachelorette parties, travel to and from your venues, a rehearsal dinner and \u2014 of course \u2014 the rings.<\/p><p>Additionally, some venues require wedding insurance, which protects you from financial loss due to wedding interferences like bad weather, property damage, injury and problems with venues or vendors. The cost of wedding insurance ranges from $200 to several thousand dollars.<\/p><h3>How to save for an engagement ring<\/h3><ul><li><strong>Start early.<\/strong> The sooner you start saving, the better. Open an account, and deposit funds whenever you can. Use automatic deposits to ensure you make regular contributions.<\/li><li><strong>Save in a joint account.<\/strong> For some couples, saving up for the ring isn\u2019t the responsibility of just one partner. See if your partner wants to contribute to an engagement ring, and consider opening a joint savings account.<\/li><li><strong>Save unexpected cash.<\/strong> If you receive a bonus, pay off a debt or cancel a bill, consider rerouting that money into your savings account.<\/li><li><strong>The $5 bill method.<\/strong> Consider paying for everyday expenses in cash, and stash away your $5 bills each time you get one. You\u2019d be surprised at how much you can save this way.<\/li><\/ul><p>It\u2019s less expensive to save up and pay cash for an engagement ring, but that may not be possible if you have other expenses or debts to deal with. You can usually finance an engagement ring, but it\u2019ll cost more due to interest.<\/p><h4>How much does an engagement ring cost?<\/h4><p>There\u2019s an old rule of thumb that says you should spend three months\u2019 worth of your salary on an engagement ring. In reality, many people spend less. In 2025, Bridebook Canada reported that the average cost of an engagement ring is $3,500 in Canada.<\/p><h3>How to save money for university or college<\/h3><p>Besides saving in an RESP and taking advantage of government matching, you can also get funds for school by withdrawing from an RRSP, <a href=\"https:\/\/www.finder.com\/ca\/savings-accounts\/in-trust-accounts\">saving in an in-trust account<\/a>, using the cash value of a whole life insurance policy, getting financial aid and applying for scholarships, grants and bursaries.<\/p><h4 id=\"llp\">Lifelong Learning Plan (LLP)<\/h4><p>Under the LLP, you can take up to a certain amount out of your RRSP yearly to pay for full-time training or education at a designated institution for yourself, your spouse or your common-law partner (not you or your partner\u2019s children). The maximum yearly withdrawal limit is $10,000 up to a total limit of $20,000. After this, you\u2019ll have to wait a while to withdraw again.<\/p><h4>In-trust accounts<\/h4><p>An in-trust account (also called an informal trust account) is an investment account opened by an adult for a minor. Once the in-trust account is set up, the minor becomes its sole owner. Unlike an RESP funds held in an in-trust account can be used for anything once the minor reaches the age of majority. Plus, there\u2019s no maximum contribution limit. In-trust accounts can be opened at a bank.<\/p><h4>Cash value from a whole life insurance policy<\/h4><p>Whole or permanent life insurance policies can protect you and your family, but they can also be used to pay for major expenses. Policies are broken down into two parts: A death benefit amount and a cash-value portion that\u2019s invested and grows over time. After you\u2019ve built up enough cash value, you can borrow from your policy. You aren\u2019t required to repay the loan, but your death benefit may be reduced if you don\u2019t.<\/p><h4>Financial aid<\/h4><p>Merit-based and entrance scholarships for students usually range from $1,000 to $5,000 per year. Government grants are often $2,000 to $8,000 annually. While some awards are one-offs, others require that students maintain a certain academic performance or continually demonstrate financial need to keep receiving funding. Speak to a financial aid advisor at your college or university to find out what you\u2019re eligible to receive.<\/p><h4>Scholarships, grants and bursaries<\/h4><p>Often, students assume they need very high grades or that they have to jump through an insane number of hoops to be awarded a scholarship. The majority of scholarships are not merit-based and may not take more than a few hours to apply for.<\/p><p>Several established companies produce robust online databases tracking scholarships and bursaries available in Canada including ScholarshipsCanada.com, Yconic.com, StudentAwards, and canadian-universities.net\/Scholarships.<\/p><h4>How much should I save for college or university?<\/h4><p>If you\u2019re saving in an RESP, a good rule of thumb is to save about $2,500 a year per student, or a little over $200 a month. This is based on the maximum annual contribution that the government will match by 20% under the Canada Education Savings Grant (CESG).<\/p><p>Here\u2019s a rough estimate of what you can expect to pay for one academic year at college and university. These figures are for public institutions. Private schools will cost more.<\/p><table class=\"luna-table luna-table--responsiveList\"><thead class=\"luna-table__header\"><tr><th><\/th><th>University (approx.)<\/th><th>Community college (approx.)<\/th><\/tr><\/thead><tbody class=\"luna-table__body\"><tr><td><strong>Tuition &amp; fees<\/strong><\/td><td>$7,500<\/td><td>$2,500<\/td><\/tr><tr><td><strong>Textbooks &amp; supplies<\/strong><\/td><td>$1,200 to $1,800<\/td><td>$1,200 to $1,800<\/td><\/tr><tr><td><strong>Transportation<\/strong><\/td><td>$1,100 (public transportation) to $7,000 (own your own vehicle)<\/td><td>$1,100 (public transportation) to $7,000 (own your own vehicle)<\/td><\/tr><tr><td><strong>Food &amp; housing<\/strong><\/td><td>$14,000 to $18,000<\/td><td>$14,000 to $18,000<\/td><\/tr><tr><td><strong>Miscellaneous<\/strong><\/td><td>$2,000 to $4,000<\/td><td>$2,000 to $4,000<\/td><\/tr><tr><td><strong>Total<\/strong><\/td><td><strong>$25,800 to $38,300<\/strong><\/td><td><strong>$20,800 to $33,300<\/strong><\/td><\/tr><\/tbody><\/table><p style=\"text-align: center;\"><a class=\"luna-button luna-button--success luna-button--large\" href=\"https:\/\/www.finder.com\/ca\/personal-loans\/student-loans\">How to get a student loan<\/a><\/p><h3>Bottom line<\/h3><p>Saving for a big purchase can seem intimidating. But you can get closer to your goals by looking realistically at your finances, carefully putting together a budget, cutting back unnecessary expenses, paying down your debt and contributing to a savings account.<\/p><p>Learn more in our detailed guide to <a href=\"https:\/\/www.finder.com\/ca\/savings-accounts\">savings accounts<\/a>. If you need a little extra help getting the funds you need, check out our guide on <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\">getting a personal loan<\/a>.<\/p><h3>Frequently asked questions<\/h3><ul class=\"luna-accordionGroup accordionGroup\">\n\t<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000000\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000000\">\n                <span class=\"luna-accordion__title\">What are the best Canadian savings accounts?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000000\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>Savings accounts that offer high-interest rates include the hybrid savings\/chequing EQ Bank Personal Account (up to 2.75%) and the Neo Savings Account (). Other banks occasionally offer promotional rates that are even higher. Compare options in our list of the <a href=\"https:\/\/www.finder.com\/ca\/savings-accounts\/best-high-interest-savings-accounts\">best Canadian savings accounts<\/a>.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000001\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000001\">\n                <span class=\"luna-accordion__title\">How much should I save for a down payment for a house?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000001\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>You should aim to make a down payment worth 20% of the value of the home you want to buy. Any less than this may put you at risk of being considered a \"high-ratio mortgage,\" which means you'll have to pay for mortgage loan insurance.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000002\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000002\">\n                <span class=\"luna-accordion__title\">What's the lowest down payment required to buy a house?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000002\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>The lowest down payment permitted is 5.00%. However, a down payment of anything less than 20.00% requires you to purchase mortgage loan insurance as well.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000003\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000003\">\n                <span class=\"luna-accordion__title\">How much should I save for a car down payment?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000003\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>Generally, you should try to save 10% to 20% of the purchase price of the car you want to buy. The more you pay upfront, the less you have to finance, which means you pay less interest for your car loan.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000004\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000004\">\n                <span class=\"luna-accordion__title\">How much can I afford to spend on a new car?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000004\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>Some suggest that 10% to 15% of your income should go towards car expenses including monthly payments, insurance, gas and maintenance. The 20\/4\/10 rule suggests you should make a 20% down payment, get a 4-year car loan term and spend no more than 10% of your monthly pre-tax income on all car-related expenses.<article class=\"luna-card luna-card--primary luna-card--border\">\n  <div class=\"luna-card__block\" style=\"padding:0.7em\">\n<span style=\"font-size:0.9em; font-weight: 800; font-style: italic; text-transform: uppercase;\">Dive deeper: <\/span><a href=\"https:\/\/www.finder.com\/ca\/car-loans\/buying-a-car\/car-loan-affordability\" style=\"text-decoration:underline; font-size:0.9em;\">How much car can I afford?<\/a>\n<\/div>\n<\/article><\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000005\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000005\">\n                <span class=\"luna-accordion__title\">What's the difference between a loan and a grant or bursary?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000005\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>Loans have to be paid back, but grants and bursaries don't. A loan is usually paid back with interest. Grants and bursaries are free money \u2014 you get to keep the funds without any fees and without having to pay anything back.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n\n<\/ul>\n<div id=\"sources\" style=\"position: relative;\"><h3 style=\"position: absolute; width: 1px; height: 1px; padding: 0; margin: -1px; overflow: hidden; clip: rect(0,0,0,0); white-space: nowrap; border: 0;\">Sources<\/h3>\n<div id=\"lazy0000000006\"><\/div>\n<script type=\"application\/json\" id=\"lazyloaded-assets-json-lazy0000000006\" class=\"lazyloaded-assets-json\">{\"critical-scripts\":[],\"scripts\":[\"https:\\\/\\\/www.finder.com\\\/parent-theme\\\/shortcodes\\\/article-source\\\/prod\\\/article-source.de087a0da9824e407767.js\"],\"styles\":[\"https:\\\/\\\/www.finder.com\\\/parent-theme\\\/shortcodes\\\/article-source\\\/prod\\\/article-source.87684078d471e76125dd.css\"]}<\/script><\/div>\n<div class=\"contentFeed contentFeed--relatedPosts\">\n            <h3 class=\"contentFeed__title\">More banking guides from our experts<\/h3>\n        <div class=\"contentFeed__carousel\" data-post-count=\"6\">\n                                    <div class=\"fin-carousels fin-carousels--multiple-items-in-view\" id=\"fin-carousel0000000000\" data-items-in-view=\"3\" style=\"--items-in-view: 3\">\n    <div class=\"fin-carousels__container\">\n        <div class=\"fin-carousels__slides\">\n                                <div class=\"fin-carousel-item\">\n                <article class=\"luna-card luna-card--stretch\">        <figure class=\"luna-card__figure\">        <a href=\"https:\/\/www.finder.com\/ca\/banking\/banking-statistics\">            <picture>                <source type=\"image\/webp\" data-srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2025\/03\/Bank-Canada_Finder_450x250.jpg?fit=180&amp;webp=1 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2025\/03\/Bank-Canada_Finder_450x250.jpg?fit=360&amp;webp=1 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2025\/03\/Bank-Canada_Finder_450x250.jpg?fit=450&amp;webp=1 450w\" data-sizes=\"(max-width: 600px) 100vw, 35vw\"><\/source>                <img decoding=\"async\" class=\"luna-image\" src=\"data:image\/svg+xml;base64,PHN2ZyB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciIHdpZHRoPSI5IiBoZWlnaHQ9IjUiIHN0eWxlPSJiYWNrZ3JvdW5kLWNvbG9yOiAjRjVGNkY3OyIvPg==\" data-src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2025\/03\/Bank-Canada_Finder_450x250.jpg\" data-srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2025\/03\/Bank-Canada_Finder_450x250.jpg?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2025\/03\/Bank-Canada_Finder_450x250.jpg?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2025\/03\/Bank-Canada_Finder_450x250.jpg?fit=450 450w\" data-sizes=\"(max-width: 600px) 100vw, 35vw\" alt=\"\" loading=\"lazy\">            <\/picture>        <\/a>    <\/figure>        <div class=\"luna-card__block\">                            <div class=\"contentFeed__pills\">                                                    <span class=\"contentFeed__pill contentFeed__pill--category\">Banking<\/span>                            <\/div>                        <header>            <p class=\"luna-card__title luna-card__title--small\">                <a href=\"https:\/\/www.finder.com\/ca\/banking\/banking-statistics\">Banking statistics and trends in Canada for 2025<\/a>            <\/p>        <\/header>        <p>Explore key banking statistics and figures from the Finder: Consumer Sentiment Survey January 2025.<\/p>                    <\/div>        <\/article>            \n<\/div>\n                    <div class=\"fin-carousel-item\">\n                <article class=\"luna-card luna-card--stretch\">        <figure class=\"luna-card__figure\">        <a href=\"https:\/\/www.finder.com\/ca\/chequing-accounts\/best-no-fee-chequing-accounts\">            <picture>                <source type=\"image\/webp\" data-srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/04\/Best-No-Fee-Chequing-Accounts-4_Finder_450x250.jpg?fit=180&amp;webp=1 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/04\/Best-No-Fee-Chequing-Accounts-4_Finder_450x250.jpg?fit=360&amp;webp=1 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/04\/Best-No-Fee-Chequing-Accounts-4_Finder_450x250.jpg?fit=450&amp;webp=1 450w\" data-sizes=\"(max-width: 600px) 100vw, 35vw\"><\/source>                <img decoding=\"async\" class=\"luna-image\" src=\"data:image\/svg+xml;base64,PHN2ZyB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciIHdpZHRoPSI5IiBoZWlnaHQ9IjUiIHN0eWxlPSJiYWNrZ3JvdW5kLWNvbG9yOiAjRjVGNkY3OyIvPg==\" data-src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/04\/Best-No-Fee-Chequing-Accounts-4_Finder_450x250.jpg\" data-srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/04\/Best-No-Fee-Chequing-Accounts-4_Finder_450x250.jpg?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/04\/Best-No-Fee-Chequing-Accounts-4_Finder_450x250.jpg?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/04\/Best-No-Fee-Chequing-Accounts-4_Finder_450x250.jpg?fit=450 450w\" data-sizes=\"(max-width: 600px) 100vw, 35vw\" alt=\"\" loading=\"lazy\">            <\/picture>        <\/a>    <\/figure>        <div class=\"luna-card__block\">                            <div class=\"contentFeed__pills\">                                                    <span class=\"contentFeed__pill contentFeed__pill--category\">Chequing Accounts<\/span>                            <\/div>                        <header>            <p class=\"luna-card__title luna-card__title--small\">                <a href=\"https:\/\/www.finder.com\/ca\/chequing-accounts\/best-no-fee-chequing-accounts\">Best free (no-fee) chequing accounts in Canada for 2026<\/a>            <\/p>        <\/header>        <p>Compare the features of 8 of the best no-fee chequing accounts in Canada, and find out how to avoid transaction fees.<\/p>                    <\/div>        <\/article>            \n<\/div>\n                    <div class=\"fin-carousel-item\">\n                <article class=\"luna-card luna-card--stretch\">        <figure class=\"luna-card__figure\">        <a href=\"https:\/\/www.finder.com\/ca\/banking\/new-bank-account-offers\">            <picture>                <source type=\"image\/webp\" data-srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2023\/03\/Bestnewbankaccountoffers2_Supplied_450x250.jpg?fit=180&amp;webp=1 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2023\/03\/Bestnewbankaccountoffers2_Supplied_450x250.jpg?fit=360&amp;webp=1 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2023\/03\/Bestnewbankaccountoffers2_Supplied_450x250.jpg?fit=450&amp;webp=1 450w\" data-sizes=\"(max-width: 600px) 100vw, 35vw\"><\/source>                <img decoding=\"async\" class=\"luna-image\" src=\"data:image\/svg+xml;base64,PHN2ZyB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciIHdpZHRoPSI5IiBoZWlnaHQ9IjUiIHN0eWxlPSJiYWNrZ3JvdW5kLWNvbG9yOiAjRjVGNkY3OyIvPg==\" data-src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2023\/03\/Bestnewbankaccountoffers2_Supplied_450x250.jpg\" data-srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2023\/03\/Bestnewbankaccountoffers2_Supplied_450x250.jpg?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2023\/03\/Bestnewbankaccountoffers2_Supplied_450x250.jpg?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2023\/03\/Bestnewbankaccountoffers2_Supplied_450x250.jpg?fit=450 450w\" data-sizes=\"(max-width: 600px) 100vw, 35vw\" alt=\"\" loading=\"lazy\">            <\/picture>        <\/a>    <\/figure>        <div class=\"luna-card__block\">                            <div class=\"contentFeed__pills\">                                                    <span class=\"contentFeed__pill contentFeed__pill--category\">Banking<\/span>                            <\/div>                        <header>            <p class=\"luna-card__title luna-card__title--small\">                <a href=\"https:\/\/www.finder.com\/ca\/banking\/new-bank-account-offers\">15 best new bank account offers for August 2026<\/a>            <\/p>        <\/header>        <p>Earn cash, rewards points, bonus interest rates and more with these new bank account offers and promotions.<\/p>                    <\/div>        <\/article>            \n<\/div>\n                    <div class=\"fin-carousel-item\">\n                <article class=\"luna-card luna-card--stretch\">        <figure class=\"luna-card__figure\">        <a href=\"https:\/\/www.finder.com\/ca\/banking\/kids-banking\/best-bank-account-for-teens\">            <picture>                <source type=\"image\/webp\" data-srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2020\/12\/Teen-Kid-Holding-Piggy-Bank_Supplied_450x250.jpg?fit=180&amp;webp=1 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2020\/12\/Teen-Kid-Holding-Piggy-Bank_Supplied_450x250.jpg?fit=360&amp;webp=1 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2020\/12\/Teen-Kid-Holding-Piggy-Bank_Supplied_450x250.jpg?fit=450&amp;webp=1 450w\" data-sizes=\"(max-width: 600px) 100vw, 35vw\"><\/source>                <img decoding=\"async\" class=\"luna-image\" src=\"data:image\/svg+xml;base64,PHN2ZyB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciIHdpZHRoPSI5IiBoZWlnaHQ9IjUiIHN0eWxlPSJiYWNrZ3JvdW5kLWNvbG9yOiAjRjVGNkY3OyIvPg==\" data-src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2020\/12\/Teen-Kid-Holding-Piggy-Bank_Supplied_450x250.jpg\" data-srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2020\/12\/Teen-Kid-Holding-Piggy-Bank_Supplied_450x250.jpg?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2020\/12\/Teen-Kid-Holding-Piggy-Bank_Supplied_450x250.jpg?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2020\/12\/Teen-Kid-Holding-Piggy-Bank_Supplied_450x250.jpg?fit=450 450w\" data-sizes=\"(max-width: 600px) 100vw, 35vw\" alt=\"\" loading=\"lazy\">            <\/picture>        <\/a>    <\/figure>        <div class=\"luna-card__block\">                            <div class=\"contentFeed__pills\">                                                    <span class=\"contentFeed__pill contentFeed__pill--category\">Kids Banking<\/span>                            <\/div>                        <header>            <p class=\"luna-card__title luna-card__title--small\">                <a href=\"https:\/\/www.finder.com\/ca\/banking\/kids-banking\/best-bank-account-for-teens\">Best youth bank accounts in Canada<\/a>            <\/p>        <\/header>        <p>Learn about the different types of bank accounts for your teenager and how to choose the right one.<\/p>                    <\/div>        <\/article>            \n<\/div>\n                    <div class=\"fin-carousel-item\">\n                <article class=\"luna-card luna-card--stretch\">        <figure class=\"luna-card__figure\">        <a href=\"https:\/\/www.finder.com\/ca\/chequing-accounts\/best-chequing-accounts\">            <picture>                <source type=\"image\/webp\" data-srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2020\/07\/Best-Chequing-Accounts-Canada-2_Finder_450x250.jpg?fit=180&amp;webp=1 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2020\/07\/Best-Chequing-Accounts-Canada-2_Finder_450x250.jpg?fit=360&amp;webp=1 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2020\/07\/Best-Chequing-Accounts-Canada-2_Finder_450x250.jpg?fit=450&amp;webp=1 450w\" data-sizes=\"(max-width: 600px) 100vw, 35vw\"><\/source>                <img decoding=\"async\" class=\"luna-image\" src=\"data:image\/svg+xml;base64,PHN2ZyB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciIHdpZHRoPSI5IiBoZWlnaHQ9IjUiIHN0eWxlPSJiYWNrZ3JvdW5kLWNvbG9yOiAjRjVGNkY3OyIvPg==\" data-src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2020\/07\/Best-Chequing-Accounts-Canada-2_Finder_450x250.jpg\" data-srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2020\/07\/Best-Chequing-Accounts-Canada-2_Finder_450x250.jpg?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2020\/07\/Best-Chequing-Accounts-Canada-2_Finder_450x250.jpg?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2020\/07\/Best-Chequing-Accounts-Canada-2_Finder_450x250.jpg?fit=450 450w\" data-sizes=\"(max-width: 600px) 100vw, 35vw\" alt=\"\" loading=\"lazy\">            <\/picture>        <\/a>    <\/figure>        <div class=\"luna-card__block\">                            <div class=\"contentFeed__pills\">                                                    <span class=\"contentFeed__pill contentFeed__pill--category\">Chequing Accounts<\/span>                            <\/div>                        <header>            <p class=\"luna-card__title luna-card__title--small\">                <a href=\"https:\/\/www.finder.com\/ca\/chequing-accounts\/best-chequing-accounts\">Best chequing accounts in Canada for 2026<\/a>            <\/p>        <\/header>        <p>Compare chequing accounts and learn about our top picks. Compare different features and see which one is right for you.<\/p>                    <\/div>        <\/article>            \n<\/div>\n                    <div class=\"fin-carousel-item\">\n                <article class=\"luna-card luna-card--stretch\">        <figure class=\"luna-card__figure\">        <a href=\"https:\/\/www.finder.com\/ca\/banking\/open-bank-account-online\">            <picture>                <source type=\"image\/webp\" data-srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/12\/Typing-On-Laptop_Supplied_Canva_450x250.jpg?fit=180&amp;webp=1 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/12\/Typing-On-Laptop_Supplied_Canva_450x250.jpg?fit=360&amp;webp=1 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/12\/Typing-On-Laptop_Supplied_Canva_450x250.jpg?fit=450&amp;webp=1 450w\" data-sizes=\"(max-width: 600px) 100vw, 35vw\"><\/source>                <img decoding=\"async\" class=\"luna-image\" src=\"data:image\/svg+xml;base64,PHN2ZyB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciIHdpZHRoPSI5IiBoZWlnaHQ9IjUiIHN0eWxlPSJiYWNrZ3JvdW5kLWNvbG9yOiAjRjVGNkY3OyIvPg==\" data-src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/12\/Typing-On-Laptop_Supplied_Canva_450x250.jpg\" data-srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/12\/Typing-On-Laptop_Supplied_Canva_450x250.jpg?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/12\/Typing-On-Laptop_Supplied_Canva_450x250.jpg?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/12\/Typing-On-Laptop_Supplied_Canva_450x250.jpg?fit=450 450w\" data-sizes=\"(max-width: 600px) 100vw, 35vw\" alt=\"\" loading=\"lazy\">            <\/picture>        <\/a>    <\/figure>        <div class=\"luna-card__block\">                            <div class=\"contentFeed__pills\">                                                    <span class=\"contentFeed__pill contentFeed__pill--category\">Banking<\/span>                            <\/div>                        <header>            <p class=\"luna-card__title luna-card__title--small\">                <a href=\"https:\/\/www.finder.com\/ca\/banking\/open-bank-account-online\">Open a bank account online in Canada in 5 easy steps<\/a>            <\/p>        <\/header>        <p>Compare and open a bank account online in Canada in as little as 5 minutes. Learn what you need to apply and how to get started today. <\/p>                    <\/div>        <\/article>            \n<\/div>\n                \n        <\/div>\n    <\/div>\n    <div class=\"fin-carousels__controls\">\n        <button class=\"fin-carousels__nav fin-carousels__nav--prev fin-carousels__nav--disabled\" aria-label=\"Previous slide\">\n            <svg class=\"luna-icon\" style=\"--fill: var(--color-background-main)\">\n                <use href=\"#chevron-left\"><\/use>\n            <\/svg>\n        <\/button>\n        <button class=\"fin-carousels__nav fin-carousels__nav--next fin-carousels__nav--disabled\" aria-label=\"Next slide\">\n            <svg class=\"luna-icon\" style=\"--fill: var(--color-background-main)\">\n                <use href=\"#chevron-right\"><\/use>\n            <\/svg>\n        <\/button>\n    <\/div>\n\n    <div class=\"fin-carousels__dots\" role=\"tablist\" aria-label=\"Carousel navigation\"><!-- Dots will be generated by JavaScript -->\n    <\/div>\n<\/div>\n\n    <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>A step-by-step guide to saving up for big-ticket items like a home, car, wedding, school and more.<\/p>\n","protected":false},"author":471,"featured_media":1058284,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_focuskw":"how to save for a big purchase","_yoast_wpseo_title":"How to Save for a Big Purchase | Finder Canada","_yoast_wpseo_metadesc":"Find out how to pay for a home, car, wedding, school and more in this step-by-step guide on how to save for a big purchase.","_yoast_wpseo_meta-robots-noindex":"","_yoast_wpseo_meta-robots-nofollow":"","_yoast_wpseo_canonical":"","_yoast_wpseo_opengraph-title":"How to Save for a Big Purchase: 6 Steps | Finder 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