College is a great place to learn some basic financial skills. This transitional time gives you the freedom to make purchases on your own while enjoying some provided necessities and, if you're lucky, a safety net. Take this time to learn how to live within your means -- it'll keep you out of financial trouble in college and build sound skills for the rest of your life.

1. List your expenses.

Here is a partial list of expenses you can expect to have:

• Meals. If you're living in the dorms, your board may be covered. But you'll still want to eat meals out. If you'll be living in an apartment, determine what 30 days of meals might cost.
• Books and supplies. You'll have to buy books for your classes every semester. You can save money by buying used copies, often offered at school bookstores, or by searching for the same books online. (Be sure to get the edition listed in the class syllabus, and check delivery dates.) You'll also need pens, pencils, notebooks, folders, printer paper, folders, and a good book bag.
• Computer. If you don't already have a computer or if you need to upgrade, you might be able to get a discounted student rate if you buy one through your school. You can also get a good computer at a low rate by buying it used, locally, or through the online classifieds.
• Printer. It's not hard to find low-cost printers, but remember to include costs for ink cartridges.
• Clothes and bedding. Remember to factor in additional costs if you will move to a  region with a climate very different from the one where you currently live. As for linens, your current bedding may not fit your dorm-room bed, which may be an extra-long single.
• Furniture. If you're not living in a dorm, you may need to buy some simple furniture -- a futon couch, for example, or a desk and chair.
• Entertainment. Include costs for your extracurricular activities -- eating in restaurants, seeing movies and plays, or going to the occasional concert.
• Travel. How often will you return home, and who will cover those costs? Will you want to visit friends at other schools?
• Phone. If you have a cell phone, your minutes are likely to increase, since you'll be away from your family and your friends. Consider changing your plan to accommodate your changing needs -- and remember to incorporate this change in your budget. If you don't have a cell phone, this might be the time to get one. If you prefer not to, consider a prepaid long-distance calling card.
• Other. Some other expenses: laundry, hair cuts, athletic gear, medicines, toiletries, and batteries.

2. Sit down with your parents and discuss money.

Ask your parents to be very clear about what they'll pay for and what they won't. Discuss what to do in a financial emergency -- some parents give their kids a credit card to be used in emergencies only.

3. Make a budget.

Decide how much money you'll need. Some of the costs (computer, printer, furniture) are one-time outlays; separate these from ongoing costs. Allocate a certain amount of money for each category every month.

4. List your income.

What are your sources of income? Will you receive any financial aid, scholarship money, or loans? How much money will your parents give you, and what will you have to earn on your own? This will help you determine whether you need a part-time job and how much money you need to make at that job.

5. Open a checking account.

If you already have a checking account, make sure your bank has a branch in your college town, and give them your new address. If not, open a new account near your college, and get checks and a debit card.

6. Consider a credit card -- or not.

You may want to avoid getting a credit card, because it's easy to wrack up debt. If you do get a credit card, get one with a low spending limit, and use it only for items you know you can afford.

With just these few simple precautions, you can get your finances in good working order -- which will relieve stress and give you more time to concentrate on the truly important stuff, like learning and having fun.

For more information budgeting, see  How to Make a Budget and Stick to It. 

If you do get into financial trouble, or just want to educate yourself so you don't run into problems, read Robin Leonard's  Solve Your Money Troubles: Get Debt Collectors Off Your Back & Regain Financial Freedom  (Nolo).