Relatively few students are lucky enough to attend college on the all-expenses-paid plan. For most, higher education involves mastering a subject that doesn’t appear on their academic schedules -- Basic Money Management. If you are one of them, you have probably already discovered it can be one of your hardest challenges.

Record an educated guess. Begin by writing down what you think you have been spending. Estimate both fixed and flexible costs, and include living expenses as well as those related to your studies.

Keep a spending diary. For the next month, keep track of everything you spend -- probably the toughest part of this exercise. Ask for a receipt wherever you can; otherwise, jot down your expenditures in a notebook. Know how much money you have in your wallet in the morning and be sure you can account for where it went at the end of every day.

Look for patterns. Soon after you begin keeping track, you will probably notice patterns of spending that surprise you. For instance, those frequent cups of “designer” coffee, or the paperback books you buy that you could probably get for nothing at the public library. Small amounts, usually, but they can really add up over a month’s time.

Fill in your real-life numbers. At the end of your record-keeping month, fill in the actual amount you spent for each item next to your original estimate. Once you have added up the major categories, compare your spending to the budget guidelines developed by the National Foundation for Consumer Credit. This could help you discover new and better ways to allocate your resources.

Make a plan. Now, determine a new target for each spending category that seems seriously out of line, write it down and begin seeking ways to achieve it. Use simple budgeting tools, such as envelopes to categorize receipts, a pencil instead of a pen when you keep records, and an accordion file with pockets for bills. Or, invest in some financial software and let your computer crunch the numbers for you.