Sending your child off to college is one of those moments you know is coming, but it still seems to arrive too quickly. You are proud, excited, nervous, and probably wondering whether you have taught them everything they need to know. Between buying bedding, packing clothes, and trying not to forget the phone charger, money may not be the first thing anyone wants to talk about. Still, a few honest conversations now can make things much easier later.
Be Clear About Who Is Paying for What
Before move-in day, talk about what you plan to cover and what your child will be responsible for. Will you pay for books, groceries, gas, or the phone bill? Will they need to cover eating out, entertainment, coffee runs, or extra shopping?
There is no right answer. Every family handles this differently. What matters most is that everyone understands the plan before the first “Can you send me some money?” text arrives.
Make a Simple Budget Together
College students can spend money surprisingly fast. A few meals out, a late-night food delivery, and a quick trip to the store can add up before they realize it.
Sit down together and create a simple monthly budget. It does not need to involve a complicated spreadsheet. Just help them think through how much money is coming in, what has to be paid, and how much is left for fun.
They may not follow it perfectly, but having a plan gives them somewhere to start.
Talk About Credit Cards Before One Shows Up
Credit card offers may start arriving once your child is in college, and they can sound very tempting. Make sure they understand that a credit limit is not extra income.
A few small purchases can turn into a balance that hangs around for months, especially once interest is added.
It may help to talk about what a credit card should be used for. Some families prefer emergencies only. Others allow regular purchases as long as the balance is paid in full each month.
The important thing is making sure your child understands the responsibility that comes with it.
Help Them Get Comfortable With Their Bank Account
Before they leave, make sure they know how to check their balance, understand pending transactions, and avoid overdraft fees. Setting up low-balance and transaction alerts can be a big help.
This is also a good time to remind them about scams. They should never share passwords, banking information, or verification codes, even when a call or text looks convincing.
Plan for the Things No One Plans For
Something unexpected will probably happen. A laptop may stop working, the car may need repairs, or they may need to make an unplanned trip home.
Even a small emergency fund can make those moments less stressful. It may not cover the entire expense, but it can keep every surprise from turning into a bigger problem.
Make Sure They Understand Student Loans
Student loans can feel like something to worry about years from now, but it is important for students to understand what they are borrowing today.
A refund check can look like extra spending money, but it may be money they will eventually repay with interest.
Encourage them to borrow only what they truly need and to keep track of how much they are taking out each year.
Keep the Conversation Open
Your child may make a few money mistakes. Most of us did when we first started managing money on our own. Try to keep the conversation open without making every check-in feel like a lecture.
Ask how things are going. Listen before jumping in with advice. Remind them that it is always better to ask for help early than to hide a problem and hope it goes away.
Sending a child off to college is a big step for them, but it is a big step for us as parents too. We cannot prepare them for every situation, no matter how much we would like to.
We can give them a strong starting point, stay available when they need us, and trust that they will keep learning along the way.
Written by
Lisa Ohnemus
Director and Certified Credit Counselor
Consumer Credit of Des Moines