Back to School - Financial Planning Checklist for Parents and Tips for Students

Toronto, ON - August 14, 2007 It's that time of year again when parents and students will soon be strapping up the knapsacks, packing their lunches (and maybe even their suitcases) to get ready for another school year. How ready will they (your readers) be for the financial challenges and adjustments that lie ahead?

Here's a checklist for parents and some tips for students to consider as they prepare for another school year. These are offered courtesy of FPSC on behalf of the community of CFP® (CERTIFIED FINANCIAL PLANNER®) professionals in Canada who work with families on these and other important financial planning matters.

For Parents

Have you budgeted for the back-to-school expenses - they add up (books, clothes, computers, etc.)

Have you started to plan for your children's post-secondary education? Have you explored your options - do you understand the distinctions, pros and cons of RESPs and other savings and investment strategies?

Beyond tuition, are you aware of and factoring in the various additional costs - such as those associated with out-of-town living expenses if your kids go to school away from home?

Beyond the "how much" cost factor, have you sorted out the logistics of how to assist with your children's out- of-town living expenses (e.g. lines of credit, credit cards, cash, other) - which makes the most sense for your family's situation?

Have you included your children in the financial planning process by delegating some of the financial responsibility to them to teach them valuable lifelong lessons in managing their finances? Do you know how best to do this?

Have you integrated the financial planning for your children's education into the bigger picture of your family's own evolving and multifaceted financial planning considerations? How does this impact your retirement planning? Your tax obligations? Your vacation budget? Your overall family goals?

Tips for Students

First time away from school?
Don't let this new freedom cost you your education. Learn to budget and handle the financial responsibilities early on or you'll find yourself back at home faster than you can say "outta money!"

Planning to go out of town for your university education?
Start planning early and learn about the costs of going away to school. It's not just the tuition and books; there's entertainment; food; travel; laundry; and other living costs.

Got a loan?
Learn the financial planning implications of student debt, and learn how to become debt-free faster.

GOT A QUESTION about these or any other financial planning related matters? Get in touch with us and we'll do our best to put you in touch with the right CFP professional who can provide the expertise you are looking for.

About Financial Planners Standards Council
(FPSC) is a not-for-profit organization established in 1995 to lead the development of the financial planning profession. FPSC develops and enforces the highest standards in financial planning competency and ethics for individuals who hold CFP® (CERTIFIED FINANCIAL PLANNER®) certification in Canada. There are currently more than 17,000 CFP professionals in Canada and more than 100,000 individuals who have earned CFP certification in 20 countries around the world. See www.fpsccanada.org for more information.

NOTE TO EDITORS
For further information on FPSC and the CFP designation, please visit our online media kit at http://www.fpsccanada.org/media/fpsc_media_kit.

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MEDIA CONTACTS
Eileen Chadnick/Chadnick Communications for FPSC at 416.631.7437 or e-mail eileen@chadnick.com

Heather Mills/FPSC at 416.593.8587 ext. 235 or e-mail hmills@fpsccanada.org.