Credit Cards

• Credit card companies come lurking once a teen reaches the age of 18. Be wary of accepting a credit card with a limit higher than the amount you currently have saved. Credit card limits can stretch into the thousands for college students even though they are unemployed and living off little money. If you do decide to obtain a credit card, use your savings to secure the card. Secured credit cards allow you to build your credit history without spending more than you can afford.
  
  

Create a Budget

• Creating a monthly budget can help you learn how to control the money you make and spend. Creating budget is simple. Use spreadsheet software on your computer or a pencil and paper to tally up each dollar you spend and earn. Divide the data between two columns. Seeing where you spend your money can help you change habits that prevent you from saving each month. For example, if you notice you spend large amounts of money on gas, perhaps finding more activities on campus or catching public transportation is a viable alternative to creating an opportunity to save each month.
  
  

Need vs. Want

• Retailers are in business to make money. Making a need-based purchase can save you money if it is mandatory, such as car insurance or groceries for your apartment. However, spending money on something you want never saves you money no matter what the retailer tells you. Practice making comparing prices on your needs and spending on wants only after you set aside your savings each month. Comparative shopping helps you to save whenever possible. Avoiding spending on wants first will help prepare you for the responsibilities you will face after college.
  
  

Share Your Things

• Sharing expenses with a roommate can help you cut back on your expenses each month. No matter whether you live in a dorm or an apartment, your roommate's contributions to household expenses can dramatically reduce living costs. Contact your roommate prior to moving in to determine how you can divide your expenses. When you are planning to live with a stranger, you may be apprehensive about making financial arrangements, but showing up with duplicates of everything you need for your home makes little financial sense.
  
  

Prepare for Uncle Sam

• Unfortunately, ignorance of the law excuses no man. Learning about taxes early can help you avoid financial trouble in the future. "Of...college students surveyed, only a third had prepared their own taxes...[and] a mere 39 percent knew that interest earned from a savings account is taxable," reports MSN Money. Failure to pay taxes owed can result in penalties from the IRS if you are ever audited. Practice filing your tax returns while in college to get the process correct before you begin making large sums of money. Once your salary increases, so does your tax liability.