Q: My husband is currently between jobs. Are there simple ways to cut back on spending during this period?

When my husband and I lost our jobs a few years ago—in the same year, no less!—we quickly became the king and queen of thrift. After we consolidated our credit-card debts into one bank loan payment, we cut out all unnecessary expenses. The first to go was my underutilized gym membership. We also switched to a basic cable package, ate all meals at home, and started shopping at discount food chains. The monthly savings of $85 for the gym, $25 for extra cable, $400-plus on lunches and suppers out for two, and $60 on groceries added up to $570 a month—or $6,840 a year!

Q: We plan to start having children soon. When should we set up a RESP?

With any savings plan, the sooner you start a disciplined habit, the better. In the Registered Education Savings Plan, contributions of up to $4,000 a year can be made for each child to a lifetime maximum of $42,000. As a tax sweetener—via the Canadian Education Savings Grant (CESG)—the federal government kicks in 20 percent, or $400, to the first $2,000 in contributions made into an RESP. An RESP is also a great gift idea: So to prepare your folks for their roles as the extra-doting grandparents, give them a nudge nudge to open a plan.

Q: Is there anything we can do to cut down on our weekly grocery bill?

1. Don’t shop when you’re hungry. You’ll end up with a supersized cart of snacks and impulse buys.
2. Try shopping at discount bag-it-yourself grocery chains. The difference in price from the full-service grocer can range from 50 cents to a buck per item.
3. Head for bulk-food stores. The mega savings on items such as coffee, spices and dried goods is worth the trip.
4. Stick to a weekly food budget. Use an envelope allotted for grocery money, and don’t spend beyond that.

Q: How do we go about teaching our kids the value of money?

This is an ongoing challenge for parents: One strategy that works for many families is to set up two different piggy banks for each child. Money received from allowance and gifts can be divided up into a spend-it-on-anything bank and a savings bank for something more expensive, like a new bicycle. For the longer-term money jar, discuss a percentage to sock away each time, and watch the money grow. The kids will make mistakes along the way, but they’ll learn important hands-on lessons.