(CNN) — Credit cards, student loans, and debt are all major challenges for college students but parents can help them avoid financial ruin by having these key conversations.

First, financial experts recommend talking to them about spending and figuring out where they can make cuts to save more.

Alok Deshpande from Smartpath Financial says, “What gets measured gets improved. Even if you have caviar taste, as long as you’re tracking it, you will get the information to make adjustments yourself.”

Second, experts say teach them how to invest money early.

Deshpande advises, “You can start at twenty-one even contributing to the match in your retirement plan, ten years later you’ll look and say oh my goodness I’ve got $50,000 or $100,000.”

And third, emphasize the importance of managing student loans and controlling their credit use.

Says Deshpande, “When the bank allows you to have credit, the lesser you use, the higher the credit score. It looks like you’re more responsible with it.”

Finally, discuss how to negotiate.

Experts say if the art of deal-making is nurtured early it can translate to future financial success.

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