Students who are away at college, far from even the expanded reach of their parents, often face a dilemma when it comes to money: they don’t have enough of it on hand or it isn’t readily available to them when they need it. Thankfully, cash on hand is no longer the only way that students can have access to funds which is actually good, but for another reason: carrying around a lot of money can be risky from a safety and security standpoint.

If your student is in need of access to money, the following are some ways for you ensure that they are never quite broke:

Joint Checking Account – Why not open up a joint checking account with your son or daughter, allowing parents and child to make deposits and withdrawals? Supply your student with a debit card to allow him or her to withdraw funds as needed or make purchases which will instantly deduct these funds from the account. Give joint secured online access to the account to allow both you and your child to review statements.

Store Card – If your student enjoys visiting a favorite coffee or sandwich shop, you can give him or her a Starbucks or Panera Bread card which is treated just like cash. Choose those cards without an expiration date (hint: avoid most gift cards) and with no fees attached.

College Credit – Some schools allow parents to deposit funds into a reserve fund for their children, an account that is managed by the school. If they get in a bind, your son or daughter can access these funds to cover expenses or to help out in an emergency. Funds may only be available during business hours so don’t rely upon this method exclusively.

Credit Card – Cash or a debit card may not do if your son is stranded and he needs a tow. Some tow operators will only deal with a credit card, so why not co-sign a student credit card and allow him to access these funds in an emergency? You can place a limit on the credit line, say $500 which will cover most emergencies while keeping your child from going overboard.

Paper Money – No student should be without actual money, but they tend to burn right through it if it is in their wallet. You cannot lord yourself over your grown children, but you can urge them to keep cash on hand limited and use bills no larger than a twenty dollar bills in the event that a wallet or purse is stolen.

You’ll also want to make sure that your son or daughter carries around with them a health insurance card, personal identification, and even a AAA or other motorist club card. You can’t and shouldn’t monitor your child’s every move, but you can help them learn how to respond to a problem or an emergency by equipping them with the resources they need to succeed including cash access.

Adv. — Smart planning guides and other helpful tools can be found on OffToCollege.com, your resource to help you prepare for and succeed in college. Learn all about credit and how to manage money while away from home.

Tags: ATM, automatic teller machine, cash card, college funds, credit card, debit card, manage money, money, store card

You’ve seen them in the student center, you’ve come across them on the way to the library, your dorm, even on campus billboards. What am I talking about? Credit card applications!

Yes, credit card issuers would love to have your business even now when you probably have the least amount of money to your name. If you aren’t careful, credit card debt can mushroom rapidly, adding one more burden you’ll have to shoulder once you graduate college. Trust me, you’ll have your hands full if you took on a lot of student loan debt!

Oddly, learning how to handle money isn’t something typically taught in school. You could graduate with a B.S. in Business Administration and be terrible with managing your money. The following are some tips to help you keep your financial picture clear while enrolled in college:

Get Your Free Checking — Plenty of banks offer free checking, especially to college students. Some require that a small balance ($100, for example) be maintained to avoid fees, but many banks will waive these charges. After all, they want your business for many years to come!

Control Your Credit Cards — Do not use your credit card to make everyday purchases. If you do, then you may quickly find yourself overwhelmed by debt, unable to keep up with payments. Use credit cards for emergencies only. Avoid all cards that charge an annual fee.

Make Payments On Time — Even while in school, your credit record is taking shape. By the time you graduate college, you’ll have built up a rather robust credit history. Pay all of your bills on time and your credit rating will be good.

Set Aside Some Cash — When you don’t have a whole lot of money coming in, setting aside some cash for the future doesn’t seem to make sense. However, even a small stash of cash can be useful to cover expenses and emergencies, a much better idea than going into debt.

The financial habits you create, especially good ones, can serve you well for many years to come. Develop a disciplined financial strategy now and you’ll save yourself from many headaches later on.

Tags: college funds, credit cards, free checking, money tips, student debt, Student Loans