(NC) Beginning university or college can be an exciting time, but it also comes with new financial responsibilities for your son or daughter. Teaching them how to manage money and debt wisely when they are young will help them reach their goals, both in education and life.

A good way to start is by making a budget. According to data from the most recent Canadian Financial Capability Survey, only a third of 18 to 24-year-olds has a budget. A budget — a map of income, expenses and savings — is an effective tool that can help young adults manage, save and spend money wisely. The simple act of creating a budget and sticking to it can help put them on a path toward greater financial well-being. A budget can also reduce stress, help avoid excessive student debt and save for the future.

When helping your child make a budget for student life, consider where the money will come from. Their income may come from personal savings or working while going to school. It's always worth considering how to supplement these sources with free money in the form of scholarships, bursaries and grants, which can come from the federal and provincial/territorial governments as well as colleges, universities and other institutions.

Don't know where to start? Explore the Canadian Financial Literacy Database for resources and events in your community or go online to access the Financial Consumer Agency of Canada's budgeting tools, tips and student budget worksheet. Find out more at canada.ca/it-pays-to-know.