College can be an exciting part of your life. You're having all kinds of new experiences and you're also taking on new responsibilities. Your new found independence isn't all fun and games. You have to learn how to live your life on your own and college is the perfect time to learn a lot of life lessons. One of these lessons is learning how to manage your money. Learning how to create and stick to a budget is nothing short of challenging for most people and you might appreciate a little guidance.

The first step is to plan out and write down your budget. Using a money management program or spreadsheet on your computer can be a helpful tool as well. First, figure out how much income you have coming in. Count allowance from your parents, student loan or financial aid money, as well as your regular income from your job. Deduct your major expenses first, such as tuition, books, room and board, power and water bills, phone bills and any other regular expense that you have leaving each month. Some people stop here and end up running out of money anyway. This is because they didn't take it that one step further and figure out where else their money goes.

There is a lot more that you need money for than just bills. First is food and gas. Figure out what you'll need each month to eat and get to and from work and school. Figure out the things that you periodically need and set aside money in a savings account for these purposes. Oil changes, trips home, Christmas expenses, unusually high summer or winter power bills, whatever has come up before that you weren't prepared for. Estimate what these things cost you yearly and divide it by twelve months. This should give you and amount to save monthly so that these irregular expenses don't surprise you and get you off track. When you don't prepare for the inevitable, then you'll inevitably end up in debt or in some other serious financial trouble.

Preparing for every little emergency and eventuality may sound good in theory, by it is actually hard for a lot of people to stick to their budgets consistently. It takes practice and college students are just starting out. You may find it difficult at first, but consider your budget one of your classes. You're learning as you go and you're not expected to do it perfect on your first try. You will find yourself adding expenses and taking others away, your income and bills will change and you'll need to constantly adjust your budget.

Take notes each month, whether it's in a notebook or on the computer, so that when you plan the next month's or year's budget you'll be able to review what problems you ran into before. You may decide to save more for December because last year you ended up buying more last minute gifts than you expected, ended up going to more parties than you planned and spent way more than you originally budgeted for yourself. If you have big emergencies or just don't make enough money to get through your college years, then you might consider taking out student loans or private student loans, which have special rates and qualifications for students.

About the Author: Evelyn Saunders, a retired teacher, is the editor for student-loans.net, a provider of student loans and information on how to get private student loans as well as consolidation. For more information, please visit http://www.student-loans.net.