Live within your means - don't take on too much debt. It may seem like something you'll have to take care of in the distant future, but reality sets in quickly after graduation. Exhaust every other avenue. Example: Trading services, you help me with building my fence and I'll help you fix your computer.  Do without a cell phone, downsize your living expenses, or cut down on smoking.

Define your terms of success - does having a lot of new stuff right away, and being in excessive debt, equate success to you? Or does waiting and saving up, and not having to worry about being one step away from bankruptcy, month after month, equate success to you?

Use your resources effectively - do you live in town? Get a bus pass or a bike; it's so much cheaper than gas, car repairs, etc. If you live out of town, you could carpool with someone. Saving half your cost of gas a week would add up really quickly. Don't forget about your public library, it's full of free resources and computers to use!

Keep a monthly record - unless you see it organized down on paper, you will not really be able to know just where you stand, in your finances. If you keep a record you will be able to pick up your budget and know how much you owe, or have available, and when. As well, be aware your records will constantly be evolving as new situations arise which is normal; your budget will never be the same all the time.

Realize how much you are really spending - the small 5 or 10 dollars you spend every day on coffee or lunch ADD UP. It would be cheaper to buy a cookbook and Tupperware and plan your meals for the week for lunches, or to buy a traveler's mug, a decent coffee maker and some quality coffee and bring it daily. Say you buy your lunch for 5 dollars every school day, and coffee and a muffin, at 3 dollars a day. In a year, you would have spent 2,088 dollars. Think of how many pairs of shoes that would buy, or school books, or put towards a loan. It's a significant amount!

Be aware of what the bank is charging you every month - it pays to figure out approximately how many transactions you may make in a month, and get a bank account accordingly, as bank transactions can be as high as a dollar-fifty each time. There are no-fee bank accounts out now at places such as PC Financial or ING Direct.

If you find yourself in trouble - seek help. Talk to your bank or lending institution, they don’t want you to claim bankruptcy and not pay off your loan which means they may be willing to assist you.