Parents who want to ensure that their child has enough money each month may want to consider setting up a joint bank account for depositing an allowance, says Linda Descano, president and CEO of Citi's Women & Co. (C - Get Report). "Consider contributing to the account every three months rather than weekly," Descano advises parents. "If the money has to last for three months, your child will likely be more compelled to budget wisely." 2. Create a sample summer budget and practice setting goals. "Students should create a budget reflecting summer expenses, then live by it. This will be a good money-management exercise for handling the college expenses," Cunningham says. Try the budget out during the summer, and by your first semester you should be ready to put it into action, Behnam says.
"Your first semester may be difficult, since you are still trying to learn what it's like to be in college, but with your second semester, this exercise should be easy. Don't forget to include things like books, utilities, play time, etc.," Behnam says. "Make sure to review your budget once every six months or with a major change like moving from dorms to your own apartment."