If you're the parent of a soon-to-be high school graduate who is charting a course to college, congratulations are in order.

While your teen was busy senior year with entrance exams and application essays, you made sure all the financial pieces were in place. You managed the financial-aid forms, weighed the loan and scholarship offers, eyeballed the returns on the 529 college savings plan, and even hit the deadline for writing the first of many checks to State U.

Time to give yourself a big pat on the back and take a breather?

Not so fast.

Here's your next assignment: Over the next 60 to 90 days, tackle the myriad money management issues that will affect your teen as he or she prepares to leave for that idyllic tree-lined campus that costs a small fortune.

I've shipped off two children to college, so I've experienced firsthand many financial issues that seem to crop up faster than it takes to load the minivan for the inaugural dorm drop-off.

Here are some of my recommended topics to cover, along with input from Tom Wertz, another experienced parent with a college student. I recently teamed with Wertz for two presentations to parents and their high school seniors about money management issues facing the college-bound.

Even if your high school senior is going directly into the workforce or striking out in another direction, the following financial tips could be valuable.

— Set up your banking.

Given the need to regularly transfer money to your college student, I'd also suggest setting up an online banking account. Many banks have special student accounts that also give parents access to the banking information.

Whatever you choose, check on all the provisions, especially check-bouncing charges, and fees for using a debit or credit card at an ATM that is not part of your bank's network.

— Beware of credit card pitches. I call this the great T-shirt giveaway. During the first few days of school on many campuses, credit card issuers are on the scene pushing plastic. In exchange for the shirt or other freebie, the bank gets your student's valuable personal information on a credit card application. Even if your freshman doesn't accept the plastic, the bank still has the information.

While I don't think most college students need a credit card at least until they prove they can manage cash responsibly, they still need to know what they may be getting into. That includes monthly fees, charges for late payments, credit limits (no more than $500, in my opinion), introductory rates, and cash advances. "Read the fine print," warned Wertz. "Remember, it's your money, and the credit card people want as much out of you as they can get."

— Protect your privacy and valuables. While a computer, MP3 player, and a mini-refrigerator may be on your student's list of dorm essentials, a document shredder and a small safe are on mine. Protect banking statements, PIN numbers and other sensitive data.

If your first-year student is equipped with a laptop, make sure it doesn't walk out the door; a sturdy locking clip should work. Likewise, those with a car on campus should consider an alarm system. Portable Global Positioning Systems have become hot items for thieves, so keep them out of sight when not in use.

— Check your insurance policies. Many homeowners' policies extend protection to your college student's possessions on campus, so you might not need a separate renter's policy. Check with your agent.

If your teen will have a car, your rates might change. Students driving in an urban area may pay more for insurance than those drivers attending school in a smaller community or rural setting. But if your teen will not have wheels, you will probably be eligible for a premium discount. In my case, this discount knocked about $120 off my bill for the year.

Assuming your high schooler is still facing finals, remind him about the financial consequences of slacking off. Bad grades could mean the loss of the "good-student" driving discount.

As for health insurance, Wertz recommends running the numbers on school-provided policies. That's what he did, and the school policy turned out to be a better deal than his own plan.

— Figure out fun money. The College Board estimates budgeting about $3,700 for the school year for pizza, entertainment and personal expenses. That's about $350 a month. However, the figure I most often hear from parents is to budget $200 a month for incidentals. That's a good baseline to start with, and you and your freshman will both need to track the spending closely the first semester.

Finally, don't let your new college student leave home without first discussing what will happen if — or should I say, when — the money runs out before the end of the month. Determine the limits on parental monetary support, and make clear what bills and expenses will be the responsibility of Mom and Dad, and what will be covered on your student's dime.

Look at it this way — wouldn't it be better to offer a little parental financial advice on some lazy summer day rather than in the middle of a first-semester money meltdown? The time is now.