Back-to-school season costs more than just tuition, a cart full of instant noodles, and a few textbooks. When a student heads off to college or university, the financial shift hits hard, and not just for them.  

With average debt hovering around $27,000 for a four-year degree—and climbing with interest—it’s no wonder families step in. But financial support doesn’t always mean financial strain. For parents and grandparents, the best thing you can do is help your student build good spending habits, avoid debt traps, and plan for the future. 

“Back-to-school is absolutely a great time to talk about money,” says Josephine Machira, a Vancity and Aviso Wealth Advisor. “These conversations help normalize money discussions and build financial confidence in young adults.” 

Budgeting 101: the most valuable lesson they’ll learn this year.

Student life is a balancing act. And one too many late-night takeout orders can tip the scale. Suddenly, rent’s due, and they’re calling the bank of mom and dad—or grandma and grandpa—for a withdrawal.  

You can help steady the stack. Walk them through how to build a budget they’ll actually use and stick to. Good habits are one of the most valuable things you can give them. 

“It’s not glamorous, but it is necessary to keep track of spending habits to create awareness and keep control for peace of mind,” says Josephine. “Reviewing their budget weekly to start, and then monthly over time, can allow students to establish the value of where their money’s going and save hundreds of dollars.” 

It doesn’t have to be hard. Josephine recommends keeping it simple with a basic spreadsheet or an app like You Need a Budget (YNAB). 

Good budgets don’t just happen. They’re built on habits like these: 

• Tracking every single dollar by week or month. This sets a foundation for the future, letting students better plan for the next school year.  

• Outlining needs versus wants. This gives students a better idea of what they want to prioritize, rather than spending without thinking.  

• Automating savings and bills. Set it and forget it! Saving and paying off bills on autopilot can make your life so much easier.  

• Setting weekly budget limits instead of monthly is much easier to manage and makes good financial habits sticky. 

Budgeting doesn’t mean zero fun.

Yes, to budgeting and financial responsibility, but also yes to joy. Help your student carve out a little space in their budget for affordable fun. 

“Entertainment at any stage of life is essential for mental health to avoid burnout and stay connected,” says Josephine. Students just have to work it into their financial plan and try to find cost-friendly entertainment. Encourage them to work a self-care or “fun money” line into their budget to enjoy themselves guilt-free. 

Cost-friendly student entertainment is out there, like:  

• Free events on campus. 

• Student discounts at museums, movies, and transit.  

• Student discounts on apps like Student Beans, SPC, or UNiDAYS. 

Vancity also offers a list of youth-centred and values-aligned clubs your student may want to join.  

Take advantage of student banking offers.

A student bank account is a milestone moment. And a chance to learn a few good habits. 

Many youth and student accounts skip the monthly fees, but Josephine recommends looking beyond that. “You can dig deeper by reviewing ATM limits, e-transfer and ATM fees, sign-up bonuses and mobile apps with budgeting tools.” 

Vancity’s Student Banking Bundle offers no-fee daily banking, perks and discounts from small business members and community partners, and the knowledge that your deposits fund local social and environmental projects. 

Encourage regular check-ins once they’re set up. This will help them avoid sneaky subscription costs, bounced payments, or forgotten fees. 

Teaching credit the smart way.

A first credit card can open doors—or dig a hole. Help your student pick one that builds credit the smart way, with limits and guardrails that make sense. 

Walk your student through their options, so they build good habits from the start and avoid costly missteps later. Josephine says to consider:  

• Secured credit cards: A credit card backed by a cash deposit and locked by your financial institution. 

• Prepaid credit cards: This card functions like a gift card.  

• Low-interest, no-fee, cash-back cards like Vancity’s enviro™ Visa* Classic. Not only does it help students stretch their dollars with rewards and low fees, but it also supports environmental and social initiatives, as every purchase contributes to a more sustainable future through the Vancity enviroFund™. 
• Credit cards with rewards related to student-specific costs. These could be points for using local transit, groceries, and flight benefits for those who go to school out of province. 

Food hacks and habits that go beyond instant noodles.

Living on your own means figuring out food. Even though eating “struggle meals” might sound like a rite of passage, your student deserves better. You can help them get smart about it without breaking the bank or blowing their sodium levels. 

“Set calendar reminders to grocery shop around their school schedule,” Josephine suggests. “And take advantage of apps that offer delivery deals, list saving, and rewards.” 

Other tips from Josephine: 

• Use grocery rewards apps or cards (like PC Optimum). 

• Use grocery shopping apps, some let you save or track your favourite items. 

• Buy in bulk (especially non-perishables like detergent or canned goods). 

• Use price-match tools like Flipp. 

• Meal prep on weekends. 

• Shop and cook with roommates or friends. 

• Limit takeout to a treat, not a routine. 

Peace of mind should be part of the plan.

The new routine, new pressures, and new surroundings of post-secondary life can take a toll. Mental health care matters, and it doesn’t always have to be expensive. Some of the most powerful habits, like sleep, movement, and social connection, are free.  

“Take advantage of free or low-cost counselling through student services early as waitlists grow fast,” says Josephine. “You can also use mental health apps like MindShift or Calm. Some schools and service providers offer free trial subscriptions.” 

If your student is working, encourage them to explore any employer-provided mental health benefits. Or provincial mental health benefit programs, like BC Mental Health and Substance Use Services. 

Tips for parents and grandparents helping out.

There’s a fine line between supporting your student and shouldering too much. With a few smart strategies, you can offer help and model healthy financial habits. 

Josephine says to consider partnering with them to build healthy financial habits by: 

• Building a budget together. Share your own lived experiences to help them plan for the school year ahead. 

• Giving within your means. Financial help is generous and showing you have your own limits can be just as valuable.  

• Offering a match. Encourage saving with a contribution challenge: “If you save $500, I’ll match it.” It builds discipline and makes the payoff feel earned. 

• Checking in and cheering them on. Acknowledge progress, offer constructive feedback, and keep the conversation going. 

“Work together to reward good behaviour,” says Josephine. She recently worked with a Vancity family saving for their son’s education. They were using a Registered Education Savings Plan (RESP) and wanted to help him budget for university this September. One big-ticket school item he was saving for was a MacBook Pro^®.  

“They challenged him to find a way to save toward it,” Josephine says. Their son organized the entire family to volunteer for the 2025 federal election. He saved $1,500 on his own, and his parents covered the rest. 

“They carry it as a fond family memory. And they were proud of him for finding a meaningful, values-aligned way to reach his goal.” 

If you’re unsure of the best way you can offer support to your student, reach out to a Vancity wealth advisor to talk it through.  

Back-to-school’s bottom line.

You don’t have to cover every cost or have all the answers. But a bit of guidance—budgeting support, financial wisdom, and a reminder that they’re not alone—can go a long way. You can also bring your student into Vancity to speak to a wealth advisor like Josephine.  

Find more tools and resources for Vancity students here.  

Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. The information contained in this article is from sources believed to be reliable; however, we cannot guarantee that it is accurate or complete. This material is not intended to be investment, tax or other advice and should not be relied on without seeking the guidance of a professional to ensure your circumstances are properly considered. Please see our Terms of Use.    

* Trademark of Visa Int. Used under license.