1. Track Your Spending

Track your spending for two to four weeks to find out where your money is going. Is four trips to Starbucks each week really necessary?

Just by tracking expenses, you can start to curb expenses.

The Latte Factor

Caffeine can be addictive, but here’s something to consider:

If you buy a latte every day on the way to class at $3.75 each, by the end of the school year, you will have spent more than $600.

2. Get a Plan

The best way to manage your money over the course of a semester is to sit down and map out a budget. List sources of income such as scholarships, loans, money from summer jobs and cash from your parents as well as expenses such as tuition, books and groceries.

3. Factor in Fun Money

If you know you need to buy a new CD or go to concert or a party every week, make room for that in your budget.

4. Pace Yourself

If you spend, spend, spend at the beginning of the semester, you could be tapped out later. Give yourself a spending limit for each week. Stick to it and you won't have to eat macaroni and cheese, ramen noodles or from the McDonald’s value menu every day in December.

5. Go Easy on Your Credit Cards

Use your credit cards sparingly. One quick way to spend beyond your means is to charge your purchases. Once you get into the habit of reaching for a Visa or MasterCard, it can be hard to stop.

Who wants to pay interest on a bag of Doritos or tacos from Taco Bell you bought during your freshman year, five years after you graduate?

Did You Know?
According to a recent study, 74% of undergraduates reported using credit cards for school supplies (paper, notebooks), the number one reported use of cards; second after supplies, undergraduates used their cards for textbooks and food, with 71% reporting these as charged expenses. Slightly less than 24% reported using credit cards for tuition.

6. Set Your Own Credit Line

Just because you have a credit card with a $2,000 credit line doesn't mean you have to spend $2,000. If you know you can only pay back $500, then only spend $500.

Afraid you'll spend as long as there's room on the card? Call your credit card company and request that your credit limit be lowered. Keep at it. Card companies will try boost up your credit lines so you spend more. Refuse their offers each time they try.

Did You Know?
According to a recent study, credit card usage swells as students progress through school. 91% of final-year students have a credit card compared to 42% of freshmen. 56% of final-year students carry four or more cards while only 15% of freshmen carry that many. Students in their last year of school carry an average balance of $2,864 while freshmen carry an average balance of $1,585.

7. Stuff Happens

If you bust your budget on something you really, really want to do this week, make up for it next week.

If you find that you must go out to dinner and a movie one week, spend the money and be satisfied with the decision. The following week, commit to staying in your dorm room, eating at the dining hall (if you're paying for a meal plan, use it) and avoiding other purchases.

8. Look Ahead

Whether it's a Spring Break trip with friends or an auto insurance bill, if you know a big expense is coming, start putting money aside to pay for it.

It's much easier to set aside $50 every month than to come up with $300 when the bill is due.

9. Spread it Out

Most big expenses are at the beginning of the school year. If you buy books as you need them, this will spread out expenses.

10. Ask for Help When Needed

It's very difficult to say 'I'm in trouble and I need $2,000.'

Mistakes happen. If they happen to you, gather your courage and call home. The longer you put it off, the worse things can get.

The information on this page is provided solely as a guideline and is not intended to serve as professional financial advising.