What should you teach your children about money before they go to college?

Financial basis: parents who send their youngsters to the university in September have to arm them with money lessons

For many young people, the start of the university is the first step towards financial freedom, because they gain control over their expenditures, bills and budgets.

This can be a daunting prospect for students, who are already acclimatizing in a new environment, are worried about making friends and come to the top of their studies.

While the first week is fast approaching, parents still have time to lay the foundation for good money management.

To help, we have listed the four essential lessons to teach your children before they fly the nest, from bank accounts to budgeting.

Financial basis: parents who send their youngsters to the university in September have to arm them with money lessons

Financial basis: parents who send their youngsters to the university in September have to arm them with money lessons

Get a decent bank account

Banks know that if they get students through the door, they will probably be customers for awhile due to slowness – if not for life.

For years they hang seductive & freebies & # 39; to entice the new clientele.

They are not free CDs or cinema tickets, banks wind millennials with Amazon vouchers, tastecards for discounts on eating out and free train tickets.

But a decent bank debt is worth much more, because the costs of a bad bill quickly outweigh any freebies.

Despite the best of intentions, two-thirds of the young people live in their red, according to the new Nationwide Building Society data.

If that was not enough motivation to help them choose the right account – 44 percent of the parents eventually take the bill for borrowing, so point them in the right direction.

You can read our full tour for more top student accounts and the small print to be careful when choosing.

But our favorites include Nationwide and HSBC for their £ 3,000 debit balance in the bumper and Santander for his four-year train ticket.

The greater the interest-free limit, the lower the chance that students will turn to a credit card and buy up expensive debts.

Then learn about setting up a budget

As many as 85 percent of the students rely on additional sources of income for their student loans – according to research, 46 percent comes from family and parents.

Make sure they start off well by sitting down and making a realistic budget.

This informs them at least of what their expenses are before their student loans expire and they go straight out and blow the whole lot.

We have a handy student budget calculator to help you on your way.

The table below, of average study costs compiled by MoneySupermarket as part of the student expenses report, can also be a useful starting point.

Source: Moneysupermarket

Source: Moneysupermarket

Source: Moneysupermarket

Check if they need insurance?

Once you take into account laptops, expensive smartphones, headphones, smart watches, game consoles and tablets, the value of the belongings of young people quickly reaches thousands.

Thieves are wise about this and often focus on students during the first week of refreshment.

If their valued laptop, mobile or other belongings are stolen, they will not only be very upset, but will depress their finances by replacing the items.

Making sure that their belongings are well protected by insurance if they are lost or stolen is therefore one real long-term savings for parents, which would otherwise probably be the first to wait for the bill.

Before you start sprinting to take out a new policy, first check your home insurance documents.

Up to 80 percent of students could be covered by their parents' insurance as their coverage will be expand to student excavations during the term, but make sure you first inform them.

You may also want to check whether you should also accidentally damage.

If non-insurers such as Endsleigh, recommended by NUS, specialize in student insurance. You could also consider a gadget insurance policy that protects the most expensive items to replace – phones and laptops.

Help with budget-friendly recipes

And finally you take the time to teach them a few budget-friendly, simple recipes.

Every year surveys about student expenses reveal revealing figures for the amount students spend on convenience foods and takeaways.

If you give your child a few easy-to-follow recipes, this can benefit both the bank balance and the health of your child.

Ideally this is a combination of things.

First, learn how to make your own favorite favorites. They know this and are probably willing to try them out.

Secondly, they learn a few things to cook that are relatively simple and inexpensive, but can be shared with friends or guests.

Finally, you can find a number of simple and quick recipes that can be solved after a night out – avoiding the time that you have the best collection time.

For some inspiration the student section of BBC Goodfood is a good starting point.

If healthy meals are something that you want to ensure that your child can always afford, you can also consider a student meal ticket.

Some supermarkets, such as Sainsbury & # 39; s and Asda, offer parents special gift cards that can be given to children and that are regularly refilled by them.