Going to college is a big step in a person’s life. For many, it is the first time away from home. And that means learning to do a lot of things that were not previously required.

Included in the list of new responsibilities one has when they go away to school is managing one’s finances. For parents, it is critical to discuss key financial matters with your children before they leave the nest.

Start with basic budgeting. The most common mistake that college students make when they are managing their money for the first time is overspending. Teaching them how to create and stick to a simple weekly or monthly budget will go a long way toward controlling their initial spending impulses.

Click here to read about a few other financial matters they should know.

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