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For most young adults, college is the first time in their lives that they will be responsible for their own finances. This means that college is a perfect time for students to start establishing good spending habits. The best way for college students to start monitoring their finances is by creating a detailed budget.

No matter how much money a student has saved up before college, he or she should limit frivolous spending. As this video explains, there are helpful websites that college students can use to measure where their money is going each month. With this information, students can learn how much money should be allocated to education, living expenses, and entertainment.