College is when young adults take true responsibility for the first time. They’re away from the security of mom and dad and learning how to manage money for the first time. Encourage them to create a budget based on the money they will be receiving each month from sources like student loans, part-time jobs, an allowance from parents, etc. Make sure they learn how to give themselves an allowance for fun items so they don’t feel deprived. Help them set up a free checking account at a reliable bank nearby with an ATM near campus.
Contributor: Justin Lavelle, Chief Communications Director for people looker