As millions of parents prepare to send their kids off to college, it is critical that they communicate about safety, hygiene and of course study habits. But it is also important that they discuss money and communicate to their kids that they are responsible for their finances and should act accordingly. Here are the introductory topics to cover: Money Management 101: Each family will create a different system for managing money, but in my experience, the most successful plans start with the creation of a realistic budget. You will then need to discuss what the parental contribution (if any) will be. From that point, parents may choose to provide the student with a lump sum for the semester, though I recommend a monthly allotment, which should help young adults get used to managing finances in the same that they will do so after college.
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