Save, save, save
Many young adults immediately spend much of the money they earn.
Then come fall and winter, they have to use credit or borrow from their parents.
To prevent such a shortfall, students should save as much as they can
during the summer.

Stretch the earnings
Adopt smart financial habits. When you receive your paycheck, go directly
to the bank. In addition, if you get paid largely in cash, deposit your tips or
wages regularly in the bank. Spending cash is easy when it's in your pocket.
Also, avoid racking up debt on credit cards. Instead, use credit wisely. Pay off what
you charge each month without dipping into your savings.

• Develop a budget.  To create a plan, divide your monthly expenses
  into categories such as gas, insurance, car payments, food, and the
  like. Make sure to include the savings figure you calculated above. Then
  tally your expenses and compare with your income. If expenses exceed
  income, you may have to adjust your budget by cutting back on nonessential
  items such as entertainment, eating out, and clothing.
  
• Look for inexpensive activities.   You can have fun without spending a lot of
  money. Be creative: window-shop, visit state parks to hike or picnic, hang out
  at the pool, visit museums on discount days, rent videos, go to the dollar
  movie, or cook dinner with friends.
  
• Do a reality check.  After a few months, ask yourself how you are doing
  on your financial plan. Are you saving enough? Do your expenses add up
  to more than you originally thought? Based on your findings, you may need
  to adjust your budget.

The learning curve
For many students, college is the first time they are away from the constant
guidance of their parents. It’s a great opportunity for an important learning experience,
because many of them are forced, for the first time, to budget their money. The best
thing to do is stay out of debt in the first place. Don’t blindly sign that offer for a
pre-approved credit card. Talk it over with your parents, or with a counseling service
like CCCS. Personal finance and credit are an important part of the learning experience
for young adults. And in the long run, learning those lessons in college can prevent you
from digging out of a credit hole down the road.

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