Money Fix: Joint effort on monthly college expenses

As they're renting U-Hauls and buying mini refrigerators for college-bound freshmen, parents should also plan how they'll share the reins of managing monthly expenses.

While some young people are skilled at this, most are going to need a helping hand and a watchful eye, says Roberta Schroder, chair of the economics and finance department at Nassau Community College, who has sent two of her own children off to school.

Accounts: Schroder suggests going mostly the "joint" route, at least early on, so your child can ease into the process. That means a joint checking account at a bank with branches convenient to parent and child, as well as a joint credit card in both names, but for the child's use only. This way you can monitor transactions online. But, as a credit score enhancer, have your child set up his or her own cell phone and/or auto insurance accounts, if applicable, she says.

Ritual: Establish one day a month for you both to review statements, and avoid a judgmental tone, Schroder says. Focus on accuracy, questionable transactions and coaching in how your child can make those sometimes uncomfortable calls to a financial institution to get information or report a problem. Of course, if your child is coming up short, you certainly could point to some nonessentials to cut, she suggests.

Framing: Take the "do or die" approach, saying, "If you want to go to school, this is what we're going to do each month." Or the collaborative, "This is my credit score and anything you do affects me . . . It's only fair you and I work together." The worst approach is to stay out of the picture, as, Schroder says, "finances can go south very easily."