It’s the summer before college and you watch your student spend money like a maniac. You feel like an ATM and you wonder how on earth she will ever manage her money in college. Will she accept multiple credit card offers and charge pizza and Starbucks daily? Will she spend all her work study money on entertainment? Will she call you weekly and ask for more money to be deposited to her account?

The best way you can teach your student about money management is to implement budgeting tactics the summer before college. And since they are “all about the apps” for every task from shopping to communicating to entertainment, why not add a budgeting app to their smartphone?

According to the creators of Bapp (a budgeting app for students):

It is also a growing problem for students to spend more than they anticipated on basic wants and needs, also known as discretionary spending. We’ve learned that college students’ annual variable expenses like coffee, snacks, meals, travel, entertainment, clothing, and online shopping have been steadily rising each year. Due to the extensive time spent on social media, advertisements continue to grab the attention of smartphone users and encourage more spending. Powerful marketing campaigns are targeting college students more than ever because of their impetuous and increasing spending power. Cumulative student discretionary spending is expected to reach half a trillion dollars.

With their app, students can:

• Set and track your variable and fixed expenses each month
• Quick view of how much money you have to spend for a specific category
• Establish a budget for basic monthly necessities
• Curb bad spending habits
• Monitor and set a plan to eliminate your debt
• Keep track of spending trends
• Set up a savings goal for yourself
• Get on the fast track to building wealth

Each week on Tuesday, I’m going to highlight a “must-have” app for your students. From studying, to safety, to budgeting, to organization. Stay tuned for more great apps to pass along to you student.