BENGALURU: Colleges teach us many things, but rarely do they teach us about how to handle money responsibly. Remember playing the game of business as a kid? Money on credit was easily available for the players. Well, the reality is not too different today, according to rediff.com.

Create A Budget:

This is incredibly important. List monthly income sources, including savings, wages and parental allowances, and then write down estimated expenses for the month. It isn't easy to identify college living expenses in advance, but you should try. Take costs such as school supplies, food outside your meal plan, personal care items and laundry into account. Then, try managing your budget and tracking expenses using an online personal finance management tool, which helps you easily create and stick to a budget.

Use, But Don’t Abuse Credit Cards:

In 2012, 70 percent of undergraduate students had at least one credit card, according to the International Journal of Business and Social Science. College is a great time to start building credit (which is crucial for leasing an apartment, purchasing a vehicle and even landing a job post-graduation), but it's easy for many to amass a large amount of debt while in school. It's important to understand the difference between credit building and overextending.

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