Keep your account information (paper statements, passwords, debit cards) in a safe, secure location. BBB surveys show that identity theft victims are more likely to be robbed by people they know (family members, friends, roommates), than a stranger. Do not leave account statements or computer passwords strewn about the dorm.

Realize the importance of regularly monitoring your financial accounts (checking, saving, credit). This is a quick way to determine if someone has stolen your password, Social Insurance Number or account number, and is accessing your funds. This is the best way to keep a handle on your financial status.

Following an organized budget will help you stay on track with spending and financial goals. Ask your parents to help you set up a semester budget. Begin with income. Calculate how much money will be available for you from a part-time job, financial aid, grants or loans, or other revenue sources. The CanLearn website (www.canlearn.ca) offers good advice and planning tools including a budget estimator and online budget planner.

Calculate what you will need during the semester for books, rent, food, entertainment and other expenses. It is a good idea for you to track expenses the first month and then determine if your income for the semester is likely to be sufficient. If expenses need to be cut, what is expendable?

Discuss what happens if there is a gap between your expenses for the month and available income. Will you live off your credit card (not a wise idea!)? Call home for more money? Take an advance off of next month's income? Obtain a part-time job?

It is not uncommon for college students to be inundated with offers for credit cards. Those students who succumb to the easy lure of "charging it" can wind up carrying hefty card balances. Understand that credit is not the same as cash and that interest rates, late fees and other charges will impact the amount you owe.

Even small purchases can add up over time, particularly if students are lax about making timely payments. If it makes sense for you to have a credit card for emergencies or important school-related expenses, do research to ensure you get a card that best suits your purposes. Ignore "free t-shirt" or tempting credit lines. Look at the annual fee, the interest rate, grace period, late fees and other charges.

Realize that a credit card is one small part of an overall financial plan. Possessing a credit card will not relieve you of the responsibility to set spending priorities, exercise fiscal restraint, and establish a good credit record.

Understand how important it is to pay off your debt in a timely and responsible fashion. Learn the basics of debt management: pay on time; pay more than the minimum payment due; and, avoid missed or late payments that result in costly late fees, higher interest rates and negative marks on your credit report.

It's okay to ask for advice. From your parents, a professional credit counsellor or from sources of financial assistance the college or university may offer.

Do not succumb to a "too good to be true" solution. It is a sad fact of life that scam artists are always willing to prey on those who feel caught in a financial bind. Students are not immune from tempting "make hundreds of dollars, no experience necessary" employment schemes; enticing "guaranteed" loan offers; or unsolicited e-mails promising to reduce or eliminate burdensome debt.

"Check all suspicious offers from unknown businesses or individuals with the Better Business Bureau (www.bbbvan.org). Before spending any money or signing on the dotted line, it's always best to check it out with the BBB," Charneski recommended.

"Good financial planning and fiscal responsibility are two of the best skills you can learn in school," she said. "After graduation, you may be thousands of dollars in debt from student loans. This will affect your quality of life - everything from what kind of job you can afford to take to where you can live to whether you will be able to buy and maintain a car.

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