OMAHA, Neb.-College students are packing their bags and preparing to head home for the summer. For many, last year was the first time they managed their own laundry, classes and curfews, and their own bank accounts, without their parents.

This continues as a time of transition for many young adults and their parents. They will need a little help from you as they continue to grow in their new financial responsibilities and learn to enjoy a life of good money management.

Here are some tips from Manley to help talk to your college-age students before they return to campus next fall:

Help your student work with a budget. Budget goals and priorities change over time. If your child had a part-time job while in high school, building savings was probably the first priority. A college student’s top priority probably isn’t saving, but figuring out how to make the money saved last through the semester or into the summer. Parents can help a student itemize and prioritize all the things the student will need to buy, such as clothing and sundries, textbooks, the expense of a car or cell phone.

Plan for mistakes and let your student correct them. No matter how good a student’s budget is, mistakes are bound to happen. Some of them are minor, like when a student simply forgets to budget to work fewer hours at a part-time job during an exam week or having to take an unpaid sick day. If that happens, a little help from mom or dad may be in order. But sometimes mistakes are big, the result of overspending and low income, and the student runs out of money before the end of the first semester. In this case, as difficult as it may be, do not rescue your student. Help him find a way to fix the problem. If the student lives on campus and you paid for a meal plan, she’s not going to starve. She may have to find a way to work a few more hours or make sure she earns a few bucks over summer vacation.

Have THE TALK. More specifically, the talk about credit cards and how many credit card companies lure students into opening accounts. Show your student how long it will take her to pay off even a small amount of debt (here’s a handy calculator). Even a small balance of $3,000 can take up to 10 years to pay off, during which time the borrower would have paid more than $2,200 in interest alone. Student loans, because student loans and eventually mortgages are often considered good debt. But credit cards in the hands of inexperienced users can be disastrous.

Let the student know that you will be controlling. From time to time, check your student’s bank balance. Look at the expenses and deposits, and make sure she’s on her way to making money over the summer. As time goes by and the student gets better at managing money, she can let him manage it without her help.

College is a very exciting time, and a time when young adults learn not only academic lessons, but life lessons as well. They still need you to show them how to avoid making money mistakes and how to correct the mistakes they make along the way.

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About the Author: Through hard work, dedication, and passionate and professional attention to client needs, Manley and his small team at his Farmers Insurance agency in Omaha, Nebraska, have grown the agency into the agency of Largest Farmers Insurance in the state. His agency is also the second largest in the entire Farmers Insurance region. Manley’s service to the community includes support for Siena/Francis House, Restoration Exchange, Homeward Bound Animal Rescue, Ronald McDonald House, and The Stephen Center.