It might not be a class you take, but one of the most important things you can learn in college is managing money.

That’s because many students don’t earn much while in school and have to live off their student loans and whatever money they can make from a job. It’s not easy, but it’s a lesson you can rely on for the rest of your life.

Consider the costs: Tuition, books, a place to live, utilities, entertainment and more.

Maybe you’ve never created a budget before, but there’s no better time to start than today. How much money will you spend each month, and how much do you currently have? What will it take to keep your finances afloat?

Tuition and housing costs vary depending on where you attend school. Maybe you took out student loans or decided to start at a community college to cut some of the costs. You should also check for scholarships and grants that significantly reduce education costs. Some employers even offer assistance with tuition costs. 

Then you must consider food, entertainment and other expenses that will surely pop up. You also may want to live in an apartment off-campus next year and need to weigh how much in rent you can afford on top of your other expenses.

Experts suggest opening an account at a financial institution to help you keep track of your money. A debit or credit card can replace carrying large amounts of cash, and with cards, you can see where you’re spending your money and how much you have left. Just be sure to spend less than you have and pay your bills on time.

You should check your accounts regularly using a mobile banking app or computer and online banking features. You can also set up alerts if balances drop below a certain level or a suspicious transaction occurs.

Learning how to manage your money now will help you avoid overdrafts or late fees and teach you the importance of living within your means when funds are tight.

Those are lessons that will pay off in the long run.