Helping your child with finances
Helping your son or daughter embark on a university education is exciting, but how can you prepare them for the financial costs?
- Be involved, but let your son or daughter take ownership of the planning for their education. Students need to be aware of (and plan for) costs and deadlines that they will encounter throughout the academic year.
- Have an honest discussion with your son or daughter about what financial contribution your family can make toward post-secondary study and additional funding sources that might be available.
- Explore all funding options, including RESPs, student loans, scholarships, bursaries, part-time student work, and lines of credit.
- Get a realistic picture of the costs of university and discuss these with your son or daughter. Access the Cost Calculator to estimate program and housing costs. Don’t forget about other costs including sports/gym, socializing, phone bills, travel, laptop, and household/dorm room items.
- Help your son or daughter create a spending plan for the school year to estimate costs and resources and keep track of important deadlines. To get started, download the Student Spending Plan Template (14KB XLS). Start the process early to help plan ahead for any financial shortfall apparent in estimates for the school year.
- Encourage your son or daughter to plan ahead for unexpected costs and emergencies.
- Ask for help! If you are not sure where to begin, contact Student Financial Assistance & Awards. Your son or daughter can also meet with an advisor to help plan ahead for the upcoming school year.
