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Ecology of Money

Must-Know Money Skills for New College Students

Openly discussing important money matters such as budgeting, borrowing, and spending wisely should be a family affair, says Morningstar contributor John Wasik.

It’s the time of year when new college students--and their parents--are anxiously preparing for the shift to campus life.

When it comes to personal finance, most college students need to be educated before they step foot in a dorm room. To avoid perennial money woes like overdrafts and running out of money, students need to understand the basics about budgeting, loans, ATMs, credit cards, and bank accounts.