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Attending college is one of the most expensive investments that you and your parents will make. When planning for college, students should include such things as tuition, books, and supply costs in their spending budget. These costs are usually to be expected. What is often overlooked are the hidden expenses of college. These hidden expenses include such things as eating out, trips to the hairdresser, coin laundry and laundry supplies, phone bills, toiletries, and money spent on recreational activities or going away for spring break. The amount of money each student spends per week varies greatly depending upon the student's interests and habits as well as the cost of living at each particular institution.

Establishing a realistic monthly budget is essential to financial health whether you are in college or out on your own. It is in college when many students open their first checking account and some also open their first credit card accounts. These activities often establish the beginning of your credit history and may impact your ability to secure loans and additional credit later in life. So beware of offers too good to be true. Avoid the temptation to use credit cards to purchase items you are unable to afford right now. And, become a wise consumer in selecting financial institutions.

As you progress through your collegiate career, you will have the opportunity to see firsthand the students who failed to recognize the dangers of financial independence. These are usually the students who must juggle one or more jobs on top of their academic responsibilities just to cover their financial expenses. Be smart! Learn from others' mistakes and start out on solid financial ground.