Talking to Kids About Money Before College

Sending a teen off to college can feel like a whirlwind of checklists—dorm supplies, class schedules, and financial aid forms. But amid the chaos, one of the most important items often gets overlooked: a conversation about money.

For many young adults, their freshman year of college is the first time they’ll be managing their own finances, and the learning curve can be steep. According to National Debt Relief, the average college student carries more than $3,200 in credit card debt, and without a solid understanding of budgeting and saving, it’s easy for them to slip into bad habits that follow them for years.

That’s where parents come in. Even if your teen rolls their eyes at the idea of a "money talk," research shows that how parents discuss and model financial decisions can leave a lasting impression. Kids can carry their emotional associations with money—whether it’s stress, security or spending guilt—into adulthood. And much of that starts at home.

The key is to focus your conversations on what matters most right now: the essential financial skills your soon-to-be college student will need to navigate this next chapter of their lives with confidence.

Decide What You Want to Talk About

When it comes to conversations about money, most kids aren’t the ones starting them. That means it’s up to you to take the lead—thoughtfully and with a game plan.

Begin by identifying the most important topics you want to cover. Are you expecting your teen to pay for more things on their own when they’re away at college? Are you concerned about their understanding of how credit cards work? Is it time for them to open their first student checking account? Make a list of the core lessons you’d like them to walk away with. You can base your list, in part, on the kinds of financial responsibilities you want them to take on when they head off to school.

Next, think about what your teen already knows. Have they used a debit card before? Do they know how to set a budget? Skip the stuff they’ve already mastered and focus on the gaps. It can also help to reflect on your own experiences at that age—and what you wish someone had told you about money.

When to Start the Conversation

Once you have your talking points, plan how and when to bring them up. This doesn’t need to be a highly formatted sit-down at the dinner table (unless that works for your family). Sometimes, a relaxed setting—like a walk around the neighborhood or a drive to the store—can make it easier for your teen to engage without feeling like they’re being lectured.

Here are a few tips for setting the tone:

• Keep it collaborative. Frame it as a conversation, not a list of demands. Ask them what specific financial tasks they think they’ll be handling, what they are most nervous about and top concerns they have about managing money.
• Use real examples. Bring up situations they’ll likely face soon—splitting bills with roommates, managing late-night pizza runs, and the unforeseen headache of losing a credit card.
• Be ready to listen. Your teen might have more questions or insights than you expect. Creating an open-door dynamic makes it more likely they’ll come to you later when something comes up.

And remember, this doesn’t have to be a one-and-done conversation. In fact, it shouldn’t be. Treat it like an ongoing dialogue that evolves as your child’s financial experiences—and responsibilities—grow. Starting the conversation early just gives you more time to build their confidence and trust.

Cover Some Budgeting Basics

No matter how the conversation unfolds, some topics are too important to skip—like budgeting and saving. Even if your kid had a part-time job in high school and dabbled in budgeting, college life brings a whole new set of financial responsibilities. Help them think through how their expenses are about to shift and how to build and stick to a budget that reflects their new reality.

Start with what Mom and Dad will continue paying for, and what your teen is now expected to be in charge of. Maybe you still plan on covering their cellphone bill but want them to be on the hook for their streaming accounts, snacks and textbooks. This will give them a clear sense of how much money they need to come up with on their own per week or month—and how their spending and savings habits will need to adjust accordingly.

Part of this should involve reviewing their new "needs." Will they have a meal plan? Will they need a car, or can they rely on campus transportation? Are housing costs covered by financial aid or loans? Go line by line, estimate ongoing expenses together and decide what your teen needs to tackle on their own. (A budget calculator can be a great tool here.)

Then move on to "want"—think dining out, takeout, concert tickets, rideshares, movies, clothing and beauty products. Encourage your teen to track how often these expenses pop up and how to determine when it’s OK to splurge and when to hold off.

A student-friendly checking account can help make budgeting easier to manage. Fifth Third has options that are simple and secure, like the Fifth Third Momentum^® Savings Account, which is designed for student banking. This account lets your student be in control of their money while focusing on what matters most: their education. It has no monthly service charge, no minimum balance requirement and full access to mobile banking. That means they can check their balance, transfer funds and even set up alerts right from their phone—giving them visibility over their spending in real time.

Start Saving

Once you’ve outlined where money is going, shift the conversation toward saving. Many teens think of saving as something you do "when you have extra"—but the truth is, consistent saving starts with a plan, not just what’s leftover. You might talk about:

• Opening a dedicated savings account. If your teen doesn’t already have one, set up a no-fee, no-minimum savings account, like Fifth Third Momentum^® Savings, which offers tools to automate transfers and track savings goals. Discuss how they should keep this account separate from everyday spending money.
• Setting a monthly savings target. Even if it’s just $10 or $20, the habit is more important than the amount. Help your teen pick a realistic savings goal and automate transfers, so they’re paying themselves first each month.
• Creating specific savings goals. To help motivate your teen, it may help to give their savings a purpose—like building a "spring break" or "next semester books" fund.
• Planning for emergencies. College comes with unexpected expenses, such as travel, medical costs and laptop repairs. Help your teen understand the value of building a small emergency cushion so they’re not relying on credit or asking you for help every time disaster strikes.

Set Them Up to Earn and Learn

Budgeting and saving are vital, but those efforts only go so far without income to support them. Whether your teen already has a part-time job or plans to start one once school begins, it’s worth having an open conversation about their plan for earning money in college.

Start by asking what they expect their income to look like. Will they continue working the same job from high school during breaks or holidays? Do they plan to apply for on-campus jobs, such as working in the student center or library?

College campuses are full of flexible job opportunities that are tailored to student schedules. These are also great ways to boost funds in your student’s college checking account.

• Work-study programs, which provide part-time jobs to eligible students, often in campus departments or community service roles.
• Campus-based jobs, like being a resident assistant, peer tutor, lab assistant or tour guide.
• Local part-time jobs, such as working at a nearby cafe or bookstore, or driving for a rideshare platform.
• Remote freelance or gig work, which can be especially appealing for students with specific skills, like graphic design, writing or social media.

It’s also worth discussing the non-monetary benefits of part-time work. Holding a job in college can build valuable real-world skills—like time management, communication and responsibility—and add meaningful experience to a resume, which will give them a leg up when applying for full-time roles down the road.

Once you’ve talked through their earning potential, help them think about how to fit that income into their budget. How much of their paycheck will go toward daily expenses versus savings? Can they set aside money for long-term goals?

Don’t Forget the Big Picture

Speaking of long-term goals, it’s now time to zoom out and help your teen connect their budgeting, plan to earn money and short-term habits to their long-term financial future.

This can be a challenging concept for young adults, especially when they’re more focused on next week’s expenses than what life might look like in five or 10 years. But even a little forward-thinking can help shape healthier habits.

Some topics to consider?

• Credit and borrowing. Talk about the importance of building credit—and what can damage it. Missing payments, maxing out cards or applying for too many credit lines can all affect their credit score, which plays a role in everything from renting an apartment to getting approved for a car loan.
• Student loans. If your student is using any loans to help pay for college, now is a good time to review how much they’ve borrowed and what repayment might look like after graduation. Tools like the loan simulator from the U.S. Department of Education can help estimate monthly payments.
• General financial literacy. Consider sharing what you’ve learned about taxes, insurance and retirement accounts. These might not be immediate concerns, but planting the seed now can help your teen feel more prepared when those topics come up in the future.

You don’t have to cover everything at once. The goal is to simply start a conversation that helps them connect today’s choices to tomorrow’s opportunities.

What To Do Next

1. Learn more about talking to your kids about money and banking.
2. Open a 529 college savings plan and Fifth Third Momentum^® Savings Account to help pay for college expenses.