One rule of thumb is 'don't spend what you don't have,' says Dana Kelly, vice president of professional development and institutional compliance at the National Association of Student Financial Aid Administrators. She advises students to avoid using a credit card while in college.

'That's where budgeting really comes into play because if you're sticking to your budget, then you're working with the cash that you have,' she says. Students who decide to use a credit card in college should be clear on what the interest rates are, what a credit score is and how to make payments on time, Kelly adds.

If you have money left over for the month, Janssen recommends dividing it into thirds. One-third can be used for something fun as a reward. The next third is to pay off any debts while the remaining funds can be invested or saved.

Develop an early habit of saving, if possible, Kelly says.

'Even if you start putting away even small amounts, you are fostering a really good habit there,' she adds. 'And then as you get through college and you move into that first apartment, you then have something to put away and potentially can look at other investment options and growing that savings.'"

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