It’s the heart of summer and most students would rather poke themselves with a sharp stick than think about going back to school. But for students who are embarking on post-secondary studies this fall, it’s time to study for the subject that every student needs to pass: Not Running Out of Money 101.

Here are five pieces of money management wisdom for college and university students to study before heading to class.

Plan a manageable budget that also gives you a little money for fun. This means calculating your “needs” expenses like tuition, housing, books, utilities, phone, laundry, groceries and transportation, and estimating your “want” expenses including entertainment, travel, dining out, new clothing, gifts, etc. Next, calculate your funds from all sources of income, such as scholarships/bursaries, student loans, savings, work and parental contributions. Subtract your total estimated expenses from this planned income and determine if you need to cut expenses to make ends meet.

It sounds obvious, but if your income doesn’t look like it will cover your expenses, make sure you look to the “wants” column to scale back. Things like extra cell phone plan features, eating out and transportation can make the expenses column add up quickly.

If you’re starting the school year with a lump sum of money from student loans, bursaries or savings, deposit all these funds in a separate savings account. Then, once a month, pay yourself what you’ve budgeted for your monthly expenses. This will help you manage your budget so that you don’t run out of money towards the end of the year.

Avoid credit that you can’t afford. It’s tempting to go into debt when you’re strapped for cash, but it can definitely bite you after the fact. Small items purchased on credit can add up really quickly and the compound interest can build a financial burden you might not be able to manage.

If you don't have to work your way through school, thank your lucky stars. You’re one of the fortunate few. If you do need to carry a part time job while you study, you can make things easier on yourself by figuring out when and how much you can feasibly work before applying for jobs. When you apply for work, be sure that your employer is aware of this schedule so that you’re not signing up for more work than you bargained for. If you really want an employer who understands student life, apply for jobs on campus. You’ll also save time and money on transportation.