$ Lessons To Learn Before College

Students have a lot to learn before heading off to college. How to handle finances should be at the top of the list.

Mark Byelich offered some important money lessons Thursday on "Good Day." It's beneficial to instill the importance of saving early. Byelich said "just like anything else you need to plan." Byelich suggests giving kids a bonus for saving money. "You save $100 we're going to give you an extra $100."

Learning how to budget is important too. Byelich suggested the website mint.com. The site gives good advice about saving and managing money. The bottom line to learning to budget is "practice, practice, practice."

Avoiding credit cards is also smart. "Debt is the enemy of any plan, of any successful savings plan." Byelich said any kind of debt is going to put you in the hole.

And if your student needs to take out a student loan, make them sign for the loan as well. It will give them some accountability. "You want them to have some skin in the game."