Spelman College (Twitter Photo)

Spelman College (Twitter Photo)

About 20 million students attended U.S. colleges and universities last year, according to the National Center for Education Statistics. These students may have spent years preparing academically for higher education, but they may not feel completely ready to handle their finances. The Pennsylvania Institute of Certified Public Accountants  offers five tips for students who want to get high marks in managing their money.

Take charge with a budget

Have you been responsible for your own monthly budget in the past, or are you new to being responsible for what you spend on food, rent, and other expenses? Either way, your first step should be creating a budget that will serve as a roadmap for your spending. It will also help you time your expenditures so you can avoid running short on funds at the end of the month. Be sure you include all monthly expenses. For any yearly expenses, divide the total by 12 and start saving a little each month for that big annual bill.

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