Use credit cards wisely because this is a chance to establish a solid credit history. Watch the interest rates. Don't be suckered by low introductory rates. Expect the interest rate, or annual percentage rate (APR), to climb above 20% in three to six months. Don't use the card for routine living expenses or a night on the town.

Shop around before opening a chequing account. Compare fees. Ask if there's a fee for dealing with a teller, including deposits or withdrawals. Ask if there's a fee to use a debit card. Ask about ATM fees. Ask if overdraft protection is part of the student package. If not, ask about linking such coverage to a bank-issued credit card.

Save some money

Open a savings account. Establish a savings plan and kick in a little money each week. Stick with it. Compound interest is a wonderful thing and it's always wise to have a little extra tucked away.

Keep track of your spending

Use cash whenever possible because counting out the bills underscores the connection between the purchased item and money leaving your wallet. Use a debit card before a credit card for the same reason. Keep track of spending because a budget means nothing without accurate accounting.

Set a limit on Entertainment

Mad money should be sane and sober. Set a limit for walking-around money and stick to it. Hitting up the ATM for another fistful of crisp twenties is easy--and guaranteed to deplete your bank account.

Keep an eye out for free money

Apply for scholarships. This requires digging and persistence. See what's available. Don't be bashful. If you have a shot, apply. If it's a long shot, how can you go wrong for the price of a stamp?

Get a part time job with tips!

Check out college work-study programs. A few jobs may be related to your studies. Otherwise, look for a job with tips such as waiting tables, parking cars or delivering pizza. If you hustle, tips will exceed the hourly wage. Summer work is a necessity for many students, but don't overlook internships--they're a good way to get a taste of what you may make a career and establish contacts in the field.

Take a bus, Gus!

Leave the car at home. The insurance, maintenance and gas will eat you alive. Most university towns are compact and everything you need will be within walking distance of campus. If some of your friends have a car, great--let them cover the expense.

Avoid the ‘stupidity’ tax!

Avoid unnecessary expenses at all costs. Parking fines are a tax on stupidity or laziness. Read the signs and follow the rules. This goes for little things like returning library books or videos. Pay your bills on time or you'll get stuck with a late fee.

Look for student discounts

Clip coupons. Many businesses give students discounts in an effort to establish a relationship that will continue when they enter the real world and start earning a paycheck. Take advantage of the perks. Be on the lookout for deals on plane tickets, pizza, books, clothes--everything. The student newspaper is a good place to start. The Internet can be a gold mine of discounts.

Stop the fast food frenzy!

Pack a lunch. This will save you big bucks. Don't eat regularly at fast-food restaurants because it will reduce your bank account while bloating your belly. At the supermarket, buy the house brand and increase your savings. Never shop on an empty stomach.