Is Your Daughter or Son off to University/College this Fall?

September will soon be upon us and with ‘back to school’, your daughter or son may be entering their first year of university/college.  Often, this transition is full of angst for both young adults and parents alike particularly if the student will attend an out-of-town university.  The move includes living in a dorm, making new friends, adjusting to their new studies and most importantly— it may be their first experience of living away from home.

When my son was embarking on his first year, we found it useful to come up with a checklist of what he may need there.  Areas we covered included taking personal items from home, getting him signed up for his own bank account and debit card, and getting him his own credit card. It was useful to go into the bank with my son while letting him converse and arrange this himself with the bank. 

The first credit card is a huge step to developing financial independence and an opportunity for them to learn firsthand on how to manage credit responsibly.

For those of you who have an RESP set up for your son or daughter, you may wish to consider depositing the appropriate funds into their bank account. This includes tuition, books, residence fees and incidentals. You don’t need a receipt for these items in order to withdraw funds from the RESP but you’ll have to provide proof of enrolment in an eligible school/program.

I regularly meet with my younger clients and their parents to go over all this together. If you have not yet done so, certainly do contact your Financial Advisor for assistance.

On another note, did you know that ‘Bed, Bath, and Beyond’ is an ideal place to go with your soon-to-be university student to get the various things they will need in their dorm? They specialize in having specific lists of what each university has already and allows students to bring with them. We found it a valuable resource. We mention this as a brand new store will soon open just across from our office, you may want to check it out next time you visit us.