As your child embarks on their college journey, they face many new experiences, challenges, and opportunities. One of the most crucial lessons they’ll need to master is financial literacy. Understanding how to manage money can set the foundation for a stable and successful future. Here are some essential tips and strategies to help teach your child about money as they enter college.

1. Budget. Budget. Budget
   Budgeting is the cornerstone of financial literacy. Teach your child how to create and stick to a budget. Start by listing all potential income sources, such as part-time jobs, allowances, and financial aid. Next, outline all possible expenses, including tuition, textbooks, housing, food, transportation, and entertainment. Encourage them to use budgeting apps or spreadsheets to track their spending and adjust their budget as needed.
2. Building Credit
   Credit cards can be both a useful tool and a potential pitfall for college students. Educate your child on the responsible use of credit. Discuss the importance of paying off the balance in full each month to avoid interest charges and build a good credit history. Explain how credit scores work and how they can impact future financial opportunities, such as renting an apartment or applying for a loan.
3. Automating Savings
   Help your child understand the benefits of setting a little aside each month. You’ll both be so much happier when graduation rolls around if they have a little nest egg. Make it really easy by helping them automate a monthly transfer into their savings account. The ideal amount is something big enough to accumulate, but small enough that it won’t be too great a pinch every month.
4. Student Loans
   Student loans are a great way to afford a college education, but they aren’t magic. When students graduate, they will likely have to start paying them back. Ensure they understand their loans and know all the payment scenarios, including consolidation and deferment.
5. Making Money
   It’s perfectly OK to focus on studying instead of getting a job. But summers are a different story. Relaxing in the sun and resting their brains is lovely, but their bank account and resume will need to be better off. A sound financial and professional choice is to start to fill out their resume. It will have the bonus of filling their bank accounts, too.

Reference
https://www.northwesternmutual.com/life-and-money/what-to-teach-your-child-about-money-as-they-enter-college/.