The new-found independence of a college student in their first year is a great rush of good feelings and pride. With it, though, comes a huge financial burden. In the midst of moving to a new place, meeting new people, and establishing a routine of class time and study time, the new student is also going to be bombarded with new concepts in terms of budgeting and spending. Help them start off in a positive way by offering them a few tips before they go.

Parents, realize that you really do know your student. Consider the good qualities they have demonstrated throughout their high school years, and base your approach on those key things. For example, does your student always turn in their homework on time? Then link examples to that process when you discuss finances and school.

They always turn in their homework on time. That takes study time, supplies, and accountability to be present in class and turn it in to the teacher. Finances and school need similar things. Study the numbers. What kind of loans and funding will there be? Will it cover tuition only, or will there be some left over for supplies? What income will there be from a part-time job? What amount of money can parents contribute each week/month?

Then look to the “supplies” of finances and school. They need cash, checking accounts, and either checks or a debit card. Teach your student to start by determining what HAS TO be paid, and what a ‘want’ is in terms of expenses. If YOU acknowledge the need to also consider some fun things, they will not necessarily need to rebel and drain money from elsewhere.

Finally, relate to their accountability. This means to impress upon them the importance of paying bills on time or early. This also means to be present in class every day. They are squarely in control of their futures, yet physiologically incapable of understanding the permanence of the decisions they are making each day. Remember that as a side note, and find ways to keep each other accountable. Parents, consider finding ways they can remind you of responsibilities as well, and that will encourage them to keep up on their own accounts.

Finances and school do not have to be combustible when put together. Use your already secure sense of budgeting, and your child’s demonstrated habits to put together a plan that will not only decrease the stress levels of all involved, but also a plan that will NOT decrease everyone’s bank accounts more quickly than they are filled!