This season of change presents an ideal opportunity to review your financial strategy. You’re not just a CEO, a founder, or a leader, you’re the household CFO, too. While you’re getting back into the hectic school and activity routine, here are a few financial considerations to help with the transition to a new school year.

1. Re-evaluate your budget for your home 

The start of a new school year can be a major budget disruptor. Whether your little one is starting kindergarten or your teen is heading to post-secondary, these life events impact your family’s finances. Are there new childcare costs? Extracurricular fees? 

This is a great time to be proactive. A simple budget worksheet can help you see where every dollar is going and identify any new or overlooked line items. 

For older children who may have earned income over the summer, this is a perfect teaching moment. Involve them in budgeting a portion of their pay cheque to cover their own school-related costs. This empowers them with financial literacy and helps them understand the value of a dollar. 

2. Think about their future (and yours!) 

As a business owner, you’re constantly planning for the future of your company. This same foresight applies to your family. With school starting, it’s a great time to check in on your education savings plan. A Registered Education Savings Plan (RESP) is one of the 

most powerful tools for a Canadian parent. 

Even if post-secondary seems a lifetime away, the power of government grants and tax-deferred growth means that starting early is the smartest strategy. If you have younger kids, consider investing a portion of your monthly Canada Child Benefit payments directly into an RESP. It’s a simple strategy that can build a substantial nest egg over time. 

For those with a student heading to college or university this fall, make sure you’re ready to “turn on the tap” of your RESP. Take the time to understand the withdrawal process with your financial institution and ensure your investment portfolio’s risk level is appropriate for a short-term need like tuition.

3. Explore smart financial strategies for your business 

While you’re managing the family’s finances, also review your business budget and cash flow. This can be a game changer for entrepreneurs. This could include revisiting your compensation to ensure it is still appropriate for your business and your personal financial needs. 

And while you’re thinking about payroll, consider whether you have an older child who can legitimately assist with your business. Payment of a reasonable salary for the work performed could be a win-win for both of you, providing a tax-efficient way for your child to contribute to their education or personal expenses. 

Balancing a business and a family is no small feat. The new school year doesn’t have to be a source of financial stress – it can be an opportunity to fine-tune your financial plan and set your family up for a prosperous future. 

For a deeper dive into financial planning strategies, reach out to our Kelowna ATB Wealth team who understands the unique challenges and opportunities for women in business.

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