Along with the personal items that teens need for college, a financial checklist can also help them prepare for life away from home. Take the time to review the following items with your children:

1. Does your teen have a checking account?
2. Does your teen's bank have ATMs on campus? (If not, your teen might want to change to a bank with on-campus ATMs to avoid fees.)
3. Does your teen have a credit card? Either way, be sure to warn her about on-campus credit card offers that may seem enticing but can lead straight to debt.
4. Set clear expectations. It will help to list what you will be paying for vs. what your child is expected to pay for.
5. How will your teen get “income” each month?
   • Will she be expected to work part-time? If so, look into work-study programs, in which jobs are often tied to the school's schedule and enable the student to study during downtime.
   • Will you send money? If you’re providing assistance, will you deposit money into your child's account, or will you send checks on a regular basis?
   • If your teen is receiving loans, be sure to make a budget so that the money lasts.
6. Talk with your teen about dealing with emergencies. Is he or she an authorized user on your credit card, just in case? Again, be sure to set up a budget to avoid financial emergencies.

Working out these details and expectations beforehand can make saying goodbye a little easier when your teen heads off to college.

The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The type of savings and investment strategies mentioned may not be suitable for everyone. Each investor needs to review a security transaction or strategy for his or her own particular situation. The examples mentioned are for informational purposes only and are not intended to represent results you should expect in the future. Data contained here is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.