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Caroline

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When it comes to your non-school expenses, who is paying them — you or your parents?

As you head off to college this fall, it might be a good idea to talk it over with your parents and make sure you're on the same page about which bills you'll pay and which bills they'll pay.

If you're just starting to take on some responsibility for your finances, it will be an eye-opener to learn just what it costs to keep you afloat. You may not have any idea about all the costs included in owning a car or renting an apartment. Your parents will definitely appreciate your asking about it!

Here are some of the biggies to think about:

• Cell phone : Are you still on your parents' plan or will you be getting your own plan? If you're on a "family plan" with your parents and siblings, take some time to look over the bill and maybe talk with a representative to make sure you've got the most cost-effective features. And think about the future: Will you be using more minutes/texting once you're away at school? Don't wait for a big bill to get things organized.
• Rent/utilities: Rent might be something you can pay on your own. But if your parents are shouldering your share, maybe you can afford to take on some of your utilities. Once you split these among your roommates, they usually aren't too bad. Plus it will be good training for the future — you might start thinking of ways to save energy  if you're facing the bill each month.
• Car expenses: Even if your car is paid for, there are still plenty of expenses that go along with it outside of gas — insurance for one. If your parents are paying your car insurance, you can help them out by getting good grades. Insurance companies sometimes give a "good student" discount , so have your parents look into it. Don't forget about oil changes, registration fees and general repairs. Even if you can't afford to help pay for all these things, you should know what they cost — someday all these expenses will be yours.
• Personal items/expenses (food, clothing, haircuts): Again, if you're just starting to pick up some of your own expenses, this might be a good place to start. Most of your personal expenses are things you can control, so it will help you learn to discipline your spending — you'll be more inclined to shop for bargains  or eat within your meal plan when the cost is coming out of your own pocket.

When it comes to your college expenses, what things are you paying for?

Caroline

If you're starting grad school  this fall, you probably have a million things on your mind, but I'm guessing health insurance isn't one of them — that is, unless you're studying public policy and have been following the health care reform debate  in Washington!

If you've been covered under your parents' health insurance policy while you were an undergrad, be sure to have them send in the proper paperwork to ensure that you're still covered this fall.

My stepdaughter is starting graduate school in a few weeks, and my health insurance company needs a fall transcript to keep her on our policy. You definitely don't want that to lapse!

As I mentioned in an earlier post, most insurance companies like to be reminded every semester that you're still in school. I'll be sending in transcripts every August and January for the next couple years — so remind your parents to do the same.

Delenie

I'm a college student, and I think it's never too early to start establishing your credit. In fact, it is key to build a good credit history in preparation for the future when you are looking to take out a loan to finance a car or a home. Employers may check your credit rating to get a sense of what kind of person they are hiring, so a good rating could project a positive image and take you a long way.

As for college students who are constantly looking for an apartment to rent, landlords may favor you because it shows that you will be more likely to pay your rent on time.

Recently, we received a comment from reader Jeff on guest blogger Chelsea's post about debit cards:

Our son is off to college this fall, and he's never had a credit card. Would you suggest that we help him apply for a credit card in his name and a small ($500) credit limit, or should we give him our credit card to use?

This was a particularly timely question, as I've just taken off my own credit card training wheels. 

See, for the last six months, I've had a joint credit card account with my mom to build my credit history. To avoid overspending and to prove to my mom that I was an accountable adult, we agreed that I would only use the credit card on big-ticket items since I already had a debit card for everyday purchases.

Another ground rule we set was that I would pay off the balance in full each month. This reassured her and gave me the opportunity to familiarize myself with the billing cycle and payment process.

Plus, I've learned a lot about credit and financial literacy while interning here at Wells Fargo this summer. That, combined with my mom's guidance, gave me the confidence to take off my training wheels and fly solo. I did some research on which credit card was right for me, applied, and qualified on my own! Now I just need to make sure I continue applying what I've learned over the last six months to build my credit responsibly.

What do you think of this training wheels approach to getting your first credit card? Would it work for you?

Staci

This week Wells Fargo announced the results of a recent survey, which shows that parents and their 18 to 22-year-old children don't always see eye to eye when it comes to managing personal finances.

I'm not surprised by this. When I was between the ages of 18 and 22, I didn't agree with my parents about personal finances, either. They wanted me to save more and to be less reliant on them for funds. I liked my allowance and wanted to spend it on ridiculous 90s fashion trends. 

According to the survey, here are parents' top three personal finance priorities for their children:

1. Find a job
2. Pay off student loans
3. Pay off credit cards and debt

Sounds pretty sensible to me, but the young adults surveyed had other ideas. Here are their personal finance priorities:

1. Buy a car
2. Find a job
3. Buy a home

Well, at least "find a job" was on both lists.

Tell me: When it comes to money, are you and your parents on the same page?

Caroline

As you might have noticed by now, I listen to a lot of National Public Radio.  And I recently heard yet another really interesting story  for college students.

Check out the link above for details — apparently lots of college students are paying for health insurance through their college or university, even if they are already covered under their parents' private health insurance.

The costs are often wrapped into the overall university bill, and aren't always easy to spot. The parent in the story found out health insurance through her son's college was costing over $1,000 per semester, and she didn't even realize she was paying for it.

This isn't true of all colleges. I quickly glanced at the Web site for the university my stepdaughter attends, and it appears that health insurance can be purchased through the college, but it is not automatically billed. It also appears that they will file to private insurance any claims not covered by the discounted Student Health Services.

Good news for me. But it's definitely something worth looking into for you and your parents, if you're not sure of your school's policy.

Caroline

If you're a high school senior, all the realities of college are probably getting more real by the day. Specifically, the reality of how much college costs.  Starting now, you've got just a few short months to pull together the financing for your first year.

That doesn't mean it's time to panic. It's time to get to a Financial Aid Night, if you haven't already attended one.

What's a Financial Aid Night? It's an evening dedicated to providing information and answering your questions about getting financial aid for college. Typically your school will host it with help from a bank or other lending institution.

It's a great time to go with your parents (yes, be sure to bring them) and get a good understanding of the financial aid process. You also learn more about grants and scholarships that are available. The knowledge you'll gain will help you move forward confidently to get money for college.

How does it work? There will probably be a presentation about the financial aid process and the opportunity to pick up brochures and information about loans and scholarships. You might also have a chance to visit with a banker to learn more.

If you haven't seen notices for a Financial Aid Night at your school, check in with your guidance counselor about when one might be scheduled. If you're really in the dark about financial aid, it's important that you attend sooner than later — deadlines rule when it comes to getting money for college.

If you've already attended a Financial Aid Night, let us know how it went. Did you find it useful?

Editor's note: Over the next few months, The Student LoanDown will be running a series of posts focused especially on high school seniors. We'll be attempting to cover lots of topics of special interest to this group as they count down to graduation and get ready to head off to college.

Caroline

In a year when nearly everyone is looking for ways to pinch pennies, be sure you don't overlook opportunities to save at tax time.

There are several valuable tax credits and deductions available to college students and their parents. We've put together an online guide to give you a brief overview of what's out there. Be sure to check it out to see if you qualify.

If you've got questions about filing taxes, check out this article.  It's got some great tips and advice — like to coordinate with your parents on filing to ensure your family maximizes its opportunities.

Of course, remember that we are not tax advisors, so be sure to check with your personal tax advisor with specific questions about your situation.

Caroline

I don't mean for my post title to sound negative. Most students and parents actually look forward to winter break  – especially that first year. Students want to eat some home cooking, sleep in their own room, and catch up with old friends. Parents can't wait to hang out with their kid and appreciate how he or she has grown up after a semester away.

But let's be honest — it's hard for college students and parents to live together again.

College students are notorious for staying out late, sleeping in, and leaving piles of dirty towels on the bathroom floor. Parents are notorious for thinking college kids should act like adults, but still have a curfew.

Eventually, it becomes a problem.

The fact is, you both have to grin and bear some things. Parents, you're not going to re-set your college kid's clock. She's up late, she sleeps late, that's the way it goes. Students, your parents are wired to worry about you. Respect that, and agree to some kind of curfew or calling system. 

And parents, about those dirty towels? Don't fight it and don't bother washing — just smile, re-fold and put them back in the linen closet. (A sense of humor goes a long way over a month's break!)

What do you think? Are there better ways for students and parents to get along over breaks from school?

Editor's note: The Student LoanDown team is taking a short winter break of its own, albeit with clean towels! We wish you all very Happy Holidays and will be back the week of January 5.

Staci

Now that Thanksgiving is over, the holiday shopping season is in full swing.

I love to give. A Leo  by birth, I've always been a generous soul. So throughout the year I listen for cues from my family and friends about their wants and interests, find the perfect gifts, wrap them beautifully, and enjoy everyone's reactions at opening time.

Usually, I go a little, well, overboard.

This year is different. I've moved into a new home but haven't yet sold the other. And with two mortgages and two sets of utility bills to pay, my usual gift-giving practices won't be possible. Reluctantly I've had to adjust both my spending habits and my own expectations.

However, I didn't want to give up gifts entirely. After frank discussions with my family members, we agreed on a gift exchange compromise — a Yankee Swap.  We've done this for a number of years at our office holiday gathering with great success.

Our family has set a $25 limit for the swap. My mom is really getting into it, trying to think of gifts that we would all want to steal from each other, because that's where the real fun is. My younger sister, who won't be able to come home for Christmas this year, is mad that she's going to miss it.

"Can't I participate by phone?" she whined at Thanksgiving.

Anyway, it's not buy nothing, and it's somewhat frugal, but I think it's going to work out just fine. We might even start a new family holiday tradition!

If you're a conflicted giver like me, how are you adjusting your holiday gift plans this year?

Barbara

I've got to be honest with you: I don't really give gifts. Sure, I generally find something for my niece and nephews and do help Santa fill my sister's stocking with some practical items she needs (think socks and Chapstick®).  But that concludes my shopping list. In our family, Christmas isn't a huge gift-giving ordeal.

For me, the holidays are much more about experiences rather than things. I'd much rather spend my time watching my father cry at It's A Wonderful Life ,all the while claiming he just has a cold (his excuse every year), than watch him open a gift that I stressed out to find and that won't last like the memories will. Cliché as it is, it's more about presence than presents. (Yeah, I'm groaning, too.)

Given the current economy, a lot more people are cutting back holiday spending. Some are even getting close to a no-spend holiday. But you still want to let folks you care about know that you're thinking of them during the holidays. Here are a couple ideas that can help do just that:

1. Send a note. A quick ecard can let someone know they are on your mind — I'm fond of the wittiness some ecards  provide. Or you can send a special note to tell them you'd like to give them something more meaningful  as an alternative.
2. Give a virtual gift. It's no secret that I'm slightly obsessed with Facebook. And during this season, I love the holiday applications. Particularly, My Christmas Tree , which lets you wrap and send virtual gifts to your friends who use the site.

I'm curious: How comfortable are you not giving gifts during the holiday?

Now, if you're set on giving things this holiday, check out Caroline's advice later this week for some inexpensive gift ideas that can help your budget!