If you have ever tried to build a budget between making lunches, booking child-care, juggling work, and remembering who needs to be where and when—you’re not alone. Many of us at U of T who balance work, school, caregiving, and everything in between often feel like “financial planning” is something we’ll get to someday.
Financial wellbeing doesn’t require big, dramatic shifts. It could be about small, steady choices that help your family feel more secure today and more prepared for tomorrow. Caring for children, supporting aging parents, planning for the future, and maintaining your own well-being all come with financial considerations. With practical tools and some planning, families can build financial confidence and reduce stress.
This post highlights helpful steps and resources — including several available through the University of Toronto — to support your family’s financial well-being.
Why Family-Focused Financial Planning Matters
Financial stress impacts our sleep, relationships, and overall well-being. Taking small steps to organize your finances can:
- Reduce day-to-day stress
- Support family decision-making
- Build safety nets for unexpected events
- Help you save toward meaningful goals
Your financial well-being is connected to your personal and family well-being, and the earlier you start, the more empowered you will feel.
1. Make a Family Budget (That Actually Works)
Budgeting is most successful when it reflects your family’s real needs and values. Whether your household includes young children, adult dependents, or extended family, try approaching your budget collaboratively. Writing down all your expenses – even the little snack runs can be helpful. Seeing everything in one place can be grounding, and it’s exactly where financial planning begins.
Getting Started
- Set shared goals that reflect what matters most to your family.
- Track your expenses for at least a month to get an honest picture of your spending.
- Identify needs vs. wants to help prioritize.
- Use a supportive tool, such as:
Consider Budgeting Apps
Budgeting apps can be especially helpful for busy families juggling multiple expenses. This guide highlights features, pros, and limitations to help you choose the right app for your household.
2. Strengthen Your Financial Well-Being
Canada offers a wide range of evidence-based tools to help households improve their financial stability:
These resources include worksheets, self-assessments, and planning guides to help with budgeting, saving, and managing debt.
3. Use U of T Supports Designed to Help You Save
One of the best ways to start saving is by identifying small opportunities rather than aiming for large, rigid savings goals right away.
If you work at U of T, the U of T Work Perks – Retail Discounts page is an easy way to stretch your dollars on things you already buy—from clothing to tech to family outings. These tiny savings can add up faster than you think.
And don’t forget that many household expenses can be adjusted over time. Regular check-ins with your budget help you stay aligned with your family’s needs as they change.
Support When You Need It: Tools Through EFAP / TELUS Health One
Financial stress doesn’t just affect the numbers—it affects your energy, sleep, relationships, and sense of stability. If you or your family are feeling overwhelmed, U of T’s Employee & Family Assistance Program offers supportive tools.
Here are three that many find helpful:
- Achieving Financial Well-being – CareNow Program (log-in required): A self-paced online program that helps you understand your financial habits and build healthier ones.
- Money Management – Library – Telus Health One (log-in required): Short articles, tools, and videos designed for real-life budgeting, debt management, and goal setting.
- Work-Life Services – Finances (log-in required): Access to guidance from financial experts and coaches who can help you make decisions for your family with more clarity.
You can also speak directly with a financial counsellor—sometimes a single conversation can help you map out next steps. Call 1-855-597-2110 to book an appointment.
4. Plan for Long-Term Family Security
As your family grows and changes, so will your financial needs. Consider focusing on:
Building an Emergency Fund
Guidance from Making a Budget – Canada.ca suggests aiming for 3–6 months of essential expenses.
Setting Meaningful Savings Goals
Your goals may include:
- Family activities
- RESP contributions
- Education or skills training
- Down payments or home upgrades
- Retirement savings
Preparing Legal Documents
Wills and powers of attorney ensure your family is protected if unexpected events arise.
Final Thoughts
Financial planning isn’t about perfection; it’s about building a sense of stability for your family that grows over time, even if you’re starting small. Whether you’re downloading your first budgeting app, exploring Work Perks, or booking an appointment with a financial counsellor, each step counts.
And remember, you don’t need to navigate this alone. The Family Care Office can connect you to resources that can support you and your family.
