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Money management is perhaps the toughest challenges that college students going to traditional colleges and online universities face. Sure, the coursework is more intense and the social scene is completely new to you – but you’ve made friends and passed tests before. Money management is  the one thing that most students living under their parents’ roof never had to deal with. Ironically, money management is also the one thing that may make or break you in your first few years of college. If you flunk Sociology 101, you can take it again next semester. If you bomb on money management, though, you may be packing your bags for home. In fact, just as many students drop out of college because of debt as they do for grades.

Money management is a unique challenge because it demands that you resist your newfound freedom. With ample opportunities to eat out, party and spend freely without the disapproving glares of your parental units, thinking about money management seems like a downer. That is until sophomore year rolls around and you realize you don’t have enough money for books, beer or rent.

Too many college students wait until the coffers are empty to start thinking about money management. At this point, it’s often too late. Instead of struggling to make ends meet when times are desperate, begin now.

You can find numerous online budget planners that will help you create a money management plan for each semester. As a college student, your expenses and income should be fairly predictable. Tally up your college savings, loans, financial aid and any income you can count on from your parents and then nail down how much you’ll need to spend on tuition, rent, meal plans and other fixed costs. If you have any money leftover, budget it carefully, allowing yourself a set amount of discretionary spending for social activities and entertainment so you’ll still have some money for next semester.

Another money management mistake you should avoid in college: banking on your future job. Too many students rack up tons of credit card debt in college on the assumption that they’ll be high paid professionals once they graduate. While this is the ideal scenario, it doesn’t work out that way for a great number of students. Don’t base your money management on the best case scenario – otherwise you’ll be out of luck once the bills come due and you’re still trolling the job forums for leads.

Money management in college is a great place to learn about personal finances. True, you are there to study, but it’s also a somewhat safer haven to familiarize yourself with the basics of money management. You may need to take on a part time job or stay in a couple nights – but by making these sacrifices now, you’ll be better prepared to handle the financial responsibilities of adulthood, including retirement planning, mortgages and other costs. Money management isn’t part of the formal coursework in college – but if you plan on surviving all four years, you’ll have to learn how to budget and organize your finances.