Living away from home is a personal and financial turning point for many young people. But the feeling of freedom can quickly give way to anxiety. The financial pressures can be daunting -- many students work during the academic year or have to stretch income from summer jobs.

Know Your Money Personality

Understanding your money type, or the feelings you have about money, can help you better manage your resources and ward off future money problems. Brennan cites the following "money types" from "Money Harmony," a book by Olivia Mellan:

• SPENDERS have a hard time delaying gratification and can always think of something to spend their money on right now.

• HOARDERS love to hold on to money, enjoy checking account balances, and feel uncomfortable spending money on immediate pleasures.

• AVOIDERS tend to live in a financial fog, procrastinating or avoiding money maintenance chores such as checkbook balancing, bill paying, saving or keeping track of income and debts.

• AMASSERS spend a great deal of time and energy trying to accumulate large amounts of money to spend, save and invest. Their main goal is making money grow.

• MONEY MONKS think that too much money will corrupt them politically or spiritually and feel superior to those who focus their attention on earning or amassing a lot of it.

Plastic: Handle With Care

Credit cards bring freedom and flexibility when you're away at college, but they can quickly become a trap for the unwary. Credit card offers made to college students are inviting, but should be carefully scrutinized.

·  Shop around for the lowest interest rates on credit cards and read the fine print on any offer before signing up. Be wary of cards with low introductory rates that jump up after a set period. Skip cards with annual fees.

·  Charge only as much as you can afford to pay every month.

·  Avoid using the card for impulse purchases, meals in restaurants or gifts that you otherwise couldn't afford.

Plan for Emergencies

·  Save a little, regularly. If you work during the academic year, set aside something from each paycheck. Treat this savings like a bill. If most of your annual income comes from a summer job, set aside a portion in a separate account. This will cover those expenses you couldn't anticipate: a lost book or wallet, or expensive car repairs.

Set Goals

·  If you can be realistic about your financial goals and priorities, you have a much greater chance of achieving them.

·  Write down your goal.

·  Put a price tag on it and the date you wish to reach it.

·  Divide and conquer. Take the total dollar amount needed and divide by the number of weeks/paychecks until the target date.

Know Your Cash -- and Where it's Going

·  Having a spending plan is crucial to managing your day-to-day finances at school. Getting a handle on your cash flow is an important part of developing a spending plan because it is difficult to "plug the leaks" if you don't know where your money goes.

·  A cash flow statement need not be elaborate. To get started, keep careful track of your expenses during a typical day, week or month, then evaluate which expenses mean a lot and which could be cut without significant impact on your life.

·  Include a reasonable amount for fun, too, such as a present for a friend's birthday or dinner out with friends.

Know What You've Got Covered (By Insurance)

When you go away to college, your insurance coverage may change.

·  Check whether you are still covered under your family homeowners or auto policies. If not, make sure you have adequate coverage through a separate policy.

·  Don't buy more insurance than you need, and don't go for the small deductible; policies with small deductibles cost more.

·  You can probably skip some types of insurance, such as extended warranty, credit life, daily hospitalization, collision damage waiver (CDW) on auto rentals, and flight insurance.