Money fix: 3 college financial survival tips

As parents beging the countdown to send their children to college for the first time, it's important to pack some financial knowledge with the clothes and bedding. Parents are wise to discuss spending, credit card use and other money-management subjects, says Bill Hardekopf, chief executive of LowCards.com, a credit card comparison site.  Here are three topics that are must-discuss before students crack the first book.

1. Basic banking. Address the basics of managing bank accounts with a focus on monitoring balances and avoiding insufficient funds. David Berke, 54, of Bay Shore, says that before two of his children left for college -- one's in school in Alfred upstate, the other in Lynchburg, Va. -- he took each to his bank to open savings and debit card accounts in his and their names, turning down the option for overdraft protection. This encourages them "to be aware of their own finances and live within their means," he says.

2. Jobs at school.  While dorm rooms might be the focus of drop-off day or earlier campus visits, it's never too early for freshmen to seek out on- or off-campus part-time jobs, says Bill Worth, a financial representative in Hauppauge whose daughter goes to school in Smithfield, R.I. "Good jobs go fast," he says, and even a few hours of work a week can limit those "please send me a check" phone calls.

3. Credit. Yes, there's plenty of credit card management advice to share, but here's a dose-of-reality tip from Hardekopf: Show your kids a copy of your own credit report -- missteps and all -- so they can see how their actions can be documented and follow them for years. Point out, too, lenders, landlords, insurers and employers can all use credit scores in making decisions.

A version of this column appeared in Newsday, Aug. 1, 2011.