by Pamela Baum

Created on: June 05, 2009

While college can be a wonderful experience, it can also bring financial challenges. It's vital to get a handle on money issues before they impact your academic success. If you are a struggling college student, use these ten smart money tips to reduce your financial stress:

1). Don't get caught up in the credit card trap.

When funds are limited, the temptation to use a credit card may be overwhelming. But don't allow yourself to be taken in by tantalizing ads or seemingly low interest rates. Using a credit card is like gambling with your future. Hidden fees and steeply rising interest rates may leave you owing much more than what you borrowed. Although in the current economy, you can't depend on a high-paying job after college, credit cards are certain to leave you buried in debt. Pay with cash, not credit, and skip the future heartache.

2). Be cautious about student loans.

In the same way that you should avoid credit card debt, be wary of borrowing the maximum amount of student loans for which you are eligible. Why? Simply because the money you borrow now must be paid back in the future. Making monthly student loan payments will impact your post-college life for years. Plus, there's no guarantee that your college education will lead to a well-paying career. So, even if you are eligible, if you can survive without a student loan, don't borrow it.

3). Take a cold hard look at your monthly budget.

Figure out what you spend your money on. Certain bills, like rent, cell phones, or car insurance, are considered "fixed expenses," which means you pay a regular amount every month. Slim down your fixed expenses by moving to a cheaper place, taking steps to lower phone or utility bills, or cutting out subscriptions. Doing what you can to reduce your fixed expenses will give your budget breathing room.

4). Don't try to keep up with people who are better off.

College brings the opportunity to meet other students of diverse backgrounds. But if you hang out with people who are big spenders due to their sloppy money habits or thanks to their family's wealth you may feel pressured to spend money at the same rate they do. For a person of modest resources, this can lead to financial disaster. Especially when you're with fast-spending friends, be aware of your own financial limits. Don't pretend you can afford to spend what you can't.

5). Learn to cook.

Too many restaurant meals will drain away your cash. But many useful things can be learned from books, including

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