Schedule a time to sit down with the college student to evaluate his current financial situation. Ask him if he is taking out school loans and if he's able to pay all of his monthly expenses without putting everything on credit cards.
Total up her monthly income and expenses. Remember to include any money she receives from her parents as income.
Ask him which of his expenses are needs and which of them are wants. Suggest that he eliminate some of his unnecessary expenses so that he'll have more money to save for his future financial goals.
Make a list of short-term and long-term financial goals with the student. Short-term goals may include paying bills on time each month while having a certain amount of money left over to save and to use for activities and social events. Long-term goals may include saving enough money so that she can put a deposit down on her own apartment and begin paying off her school loans after she graduates.
Suggest that the student participate in a work-study program throughout college and work full-time in the summers, even if his parents are giving him spending money each month. Making extra money will ensure that he can sustain his current lifestyle and save money for his future.
Check in with the student periodically to remind her of her financial goals and to make sure that she is on track. Tell her that being financially smart now will ultimately help her to be financially successful after she graduates.