When Robert Weagley and Pam Norum talk about preparing students for college and their first taste of financial independence, they speak from experience, professional and personal.

They have three children ranging in age from 16 to 22. The eldest is heading to graduate school and true financial independence. Their daughter, 19, is a college sophomore who still gets an allowance from home. The youngest is a junior in high school.

"The youngest knows his money stuff better than the others," Weagley said. "The others aren't necessarily bad (at managing money), it's just that he's outstanding."

Weagley is a professor of financial planning at the University of Missouri-Columbia. Norum, his wife, is an associate professor in textile and apparel management who has studied college students' use of credit.

Weagley says children should learn to handle money long before they leave home. Parents should have talked about budgeting, not spending everything they have and the responsible use of credit.

"This stuff doesn't just automatically happen," Weagley said. "Their habits have to be observed and learned."

Susan Coleman, a finance professor who advises The Hartford on its Playbook for Life series of financial guides for young adults, agrees that parents need to start teaching their children about money while they're young. However, the start of college is a good time to review lessons learned and set some ground rules.

Coleman said helping students understand long- and short-term goals is a good place to start.

"Your goals really dictate your financial decisions and your financial behavior," she said. A short-term goal could be selecting a major, for example. A long-term one could be graduating or getting a job.

Budgeting is key to surviving college. Students need to understand the difference between needs and wants and how to allocate money between the two.

"When you go away for college, there are all sorts of temptations for things to do: ordering out for pizza, going shopping or taking a trip at spring break," Coleman said.

Ideally, a budget should cover the entire academic year, but it also helps to break it down weekly and monthly, with estimates of how much has to be spent on books and supplies versus extras like entertainment, snacks, shopping or trips.

Parents need to be clear about what they're willing to pay for and what they can't pay for, as well as how much the student is expected to contribute, whether it's from a summer job, savings or loans.

If a child is always running out of money, a parent can ask him or her to write down everything spent for a week, then review it together. That way, they can sort out where the money is going and whether there's a true need for the parent to chip in more — or for the student to cut expenses or find a part-time job.

Coleman said parents should point out the many opportunities students have for free or low-cost entertainment and recreation on campus. Most colleges provide free access to athletic facilities and a wealth of free or low-cost lectures, movies, music, plays and art exhibits.

"It's great entertainment, and it's a way to meet people and establish friendships," she said.

Credit and debit cards are another important topic.

"Debt can be a good thing" if it helps you achieve goals like going to college, Coleman said. However, running up big credit card debts can destroy your credit rating and could hamper your ability to get a job, buy a car or get a mortgage later in life. For most students, credit cards should be reserved for true emergencies.

Debit cards are popular and convenient, but students need to be aware of their account balances and any fees for spending money they don't have.

"They might make an $8 purchase and get charged $25 for an overdraft," Weagley said.

Norum said it's also important for parents to remind their children that outward appearances don't always reflect a family's financial well-being. Some may appear better off than they are because they've borrowed to finance a cushier lifestyle.

For her daughter, the college sophomore, the lesson about appearances was especially important because she chose to join a sorority, Norum said. In addition to the normal college expenses, the Greek system can entail gifts to designated charities or sponsors plus clothing for special events.

Joining a fraternity or sorority "can put some strains on the budget from the get-go," Norum said.

Finally, parents and students need to stay in touch. That way, if financial problems develop, they can be addressed before they get too far out of line. "The lines of communication have to be open," Weagley said. "The parent has to be willing to hear as well as to talk."