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?