(WTNH) – As interest accrues and students get ready to pack back their loans, We are Stretching Your Dollar with important financial conversations that can happen at home to set your child up for success.

Credit cards, student loans and debt are major challenges for college students. Parents can help them avoid financial ruin by having these ket conversations.

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

“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,” Alok Deshpande from SmartPath Financial said.

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

“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 fifty-thousand dollars or one hundred thousand dollars,” Deshpande said.

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

ALOK DESHPANDE, SMARTPATH FINANCIAL:

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

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