Here’s a great article for parents interested in discussing finance with their children. Read the whole article at AZCentral.com:

10 financial tips to make it through the college year

Anne Ryman
The Arizona Republic
Aug. 25, 2007 10:40 PM

You’ve figured out a way to pay for college tuition.

Now the real test begins. You still need to deal with all the expenses that crop up during the college year. Textbooks, food, transportation and going out can add up quickly. Parents need to decide what they will, and won’t, pay for and make this clear.

We asked three experts to give their best tips to make it through the year with minimal financial stress.

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1. Give students responsibility. Parents may be tempted to pay the bills, but they should take a collaborative approach and involve the student, Elley said. She is a big advocate of having students contribute some money toward their expenses, although it’s a fine line with freshmen who need time to adjust to college life.

2. To work or not to work? The answer to this depends on the family’s financial situation and the student’s level of responsibility, Elley said. Some students may have no choice. If at all possible, students should not work their freshman year, she said, so they can get used to college life and balancing responsibilities.

The first year is so important, she said. If they mess up, they can spend the next three years trying to dig their way out of poor grade point averages.

3. Cost of expenses. Most colleges and universities have budgeting Web sites that can help predict what the expenses will be during a typical year. Use this as a starting point, Elley said. The Web site estimates are often conservative.

4. Level of responsibility. How responsible the student is determines how much leeway you can give with spending money. If you are giving them spending money, Elley recommends a monthly allotment in the form of a pre-paid credit card.

5. Who pays? Discuss who will pay for what expenses. Some parents, for instance, pay for tuition, room and board, but not for incidentals like entertainment, gas and car payments. Have the discussion early to eliminate any unpleasant surprises.

6. Expect the unexpected. If your child has a car, determine early on who will be responsible if there is an unexpected repair bill. Elley recommends parents have the equivalent of one month’s expenses easily accessible in a savings account. They also should have four to six months expenses in an accessible form, such as a home-equity line of credit.

7. Create a budget. As boring as this may sound, a budget is essential for college students. Create a spreadsheet showing expenses, and the money flowing in from all sources: parents, work, financial aid. Students who get credit cards should use them with caution. “Just because you have a credit card, doesn’t mean you can buy everything you see,” said Baer, the 2004 college graduate.

8. Get organized. Track your expenses. Don’t randomly buy things. Keep track of bills and statements, Baer said. If you’re going to an out-of-state college, set up an account at the local bank. Keep track of deadline dates for when a bill is due or when you need to apply for financial aid, said Edwards, NAU’s director of student financial aid. The Free Application for Federal Student Aid, or FAFSA, has to be filled out every year. “It is critical to remember to do that,” he said.

9. Be prepared to underestimate. Students are often shocked to find out how much textbooks cost or how quickly basic expenses such toilet paper, shampoo and soap add up.

“When you’re at home, these are all under the sink,” Baer said. He recommends making a list of household items you need then stock up at a wholesale club and split the cost with roommates.

10. Check out financial workshops. An increasing number of colleges and universities offer free workshops designed to make students more financially savvy. The University of Arizona has the Credit-Wise Cats Program, a team of students trained in personal finance who give workshops on everything from banking to home buying and retirement. For more information, see the Web site at: www.ag.arizona. edu/fcs/clubs/cwc/.

NAU plans to start financial workshops in the spring.

“If they just come in and listen and get one little thing out of the workshop, I think it’s served it’s purpose,” Edwards said.