Just last year an est. 21 million American students left home for college, that number is set to rise in the upcoming weeks. Parents, before you let your teen out the door make sure you teach them the fundamentals of money, now that they are on their own.

Unfortunately, only a handful of states require financial education prior to high school graduation. Unless the student is going to major in a field that will focus on finances, chances are they won’t have much interaction with proper money management.

“College is the beginning of a transition from a sheltered existence to the real world,” said Mark Kantrowitz, senior vice president and publisher of Edvisors.com, a website about planning and paying for college. Talking with teens about money before they leave for university can have a substantial effect on their financial well-being for decades.

Here are the 6 main areas you’ll want to discuss with your children before they leave the house:

  1. How to manage your money.
  2. How to properly handle credit.
  3. The real impact of your student loans.
  4. The real net price of their chosen university.
  5. How to find scholarships, to assist with tuition.
  6. Get a part time job, to help reduce debt.

For more information on the Forbes article, simply click below:

6 money lessons to teach your kids before they leave for college