As families across the United States send teenagers off to college, parents have a prime opportunity to teach basic money skills that will serve their children for a lifetime. A recent study by the Certified Financial Planner Board found that two‑thirds of Gen Z college students want more personal‑finance education, and 83 % say financial well‑being is key to their happiness.

1. Separate Checking and Savings Accounts

Financial advisor Jeff Judge recommends keeping everyday spending money in a checking account and saving for future goals in a separate savings account, preferably at different institutions. This reduces the temptation to dip into savings for routine purchases. Look for accounts with no minimum‑balance fees, a wide network of fee‑free ATMs and no overdraft charges.

2. Use Bi‑weekly Transfers for Budget Discipline

Jorie Johnson, founder of Financial Futures, suggests parents send smaller sums every two weeks rather than a lump sum each month. This mimics a regular paycheck and helps students practice budgeting.

3. Freeze Credit to Guard Against Identity Theft

Freshmen are frequent targets for fraud because their credit histories are often untapped. A credit freeze with Equifax, Experian and TransUnion can block unauthorized access. Remember to lift the freeze temporarily when a legitimate credit check is needed, such as for a rental application.

4. Build Credit Wisely

Opening a credit card can establish a credit score, which later translates into lower loan rates and more housing options. Use the card for a small, recurring expense—like a streaming service—and pay the balance in full each month. For extra safety, consider a secured charge card that limits spending to the amount deposited in the account.

5. Prepare Health‑Care Power of Attorney

In case of injury or illness, a health‑care power of attorney signed in the state where the college resides allows parents to access medical information and make decisions. Adding parents to HIPAA disclosures and medical forms ensures they are listed as approved contacts.

By establishing these habits early—separating accounts, budgeting with bi‑weekly transfers, protecting credit, using credit responsibly and securing health‑care authority—students lay a solid financial foundation for future goals such as home ownership, entrepreneurship and retirement.

Original reporting: KTVZ (Central Oregon) — read the source article.