Experts share financial tips for young adults heading to college or the workforce

NEW YORK (CBS, KYMA/KECY) - If you have a recent high school grad about to head off to college or enter the workforce for the very first time, it's important to provide them with a strong financial foundation.

For parents, the first step often involves discussing who pays for items like rent, textbooks, meals, entertainment, or even contributions to household expenses.

CBC News business analyst Jill Schlesinger has some other tips on how to set them up for success.

"What you want to do is really have the kids start to say - what's all the income that is coming in. I have a work study if I'm in college, maybe I have part time income. If I've got my first job out there in the labor force - how much am I earning and track what you are spending. That is a habit that is adaptable and can really change as you get older. Once you have that down, you have the young adult responsible for the money coming in and the money going out."

Jill Schlesinger, CBS News business analyst

There are a variety of apps and programs that can help you track your spending, including Rocket Money and others.

Experts say you can also use a spreadsheet for expenses.