Money smarts an education for the college-bound

If you have a senior in high school who will go off to college in the fall, arranging for tuition isn’t all you need to do. Your senior needs to know how to handle money.

A Harris Interactive survey of college students revealed that 32 percent felt unprepared to handle finances when they went off to college, and 40 percent said they had to skip meals when they ran out of money. Ten percent said they’d pawned or sold possessions.

While you likely can’t protect your student from all the potential pitfalls of handling money, it will help if your senior understands a few basics.

“Look for a bank that doesn’t charge fees for ATM use at other banks.

“Establish a budget and stick to it.

“Stay organized. Track spending by keeping and filing all purchase and ATM receipts. Record all expenses and balance the checkbook each month. Read every bill and statement that comes in.

“Look for cheap entertainment. College towns are generally full of museums, low-cost shows and coffeehouses.

“If you work part-time in food service, some of your meals may be free.

“Ask professors what textbooks are absolutely required. Some might not be.

“If you don’t have the money, or if it’s not in the budget, don’t buy it.

Young adults are more likely to listen to their peers, however. What advice did those polled students have for incoming freshmen?

Forty-four percent advised only using a credit card for emergencies. Other advice included: buy used textbooks if possible, avoid fast food, only use a credit card if the balance can be paid off each month, and limit cell-phone usage.