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Apr 20, 2017 11:01 AM EDT

College is the time when students get to be independent and live on their own. While this is exciting, it can also be daunting for those who are not equipped with the basic adult skills like financial management.

It was previously reported that knowing how to handle money is one of the most important skills that college students should learn. However, some universities and colleges appear to be lacking in equipping their students with this knowledge.

For students who are studying in schools that do not have a money management class, there are a lot of resources online for self-study. Huffington Post shared practical tips that every college student should know as they navigate through their years in higher education.

Understanding financial aid

Financial aid is the best tool to help pay for one's college education. It is important that students understand the different types of aid and the benefits that accompany it before they apply. It's important that students do their research well especially when it comes to the financial aspects of their higher education by understanding the terms and thinking ahead of just one year.

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Budget

Students should have a plan to make sure that they know where their money is going and how much is coming in. Making a list of the necessary payments can help. Social media and instant messaging has also helped millennials keep their spending on track. Young students can share their budget with their friends for accountability.

Use the envelope system

One way to make sure that students can stay within their budget is through the envelope system. This is when they set a budget for the week, month or next pay period. They put money inside envelopes marked with the necessities such as "groceries" and "gas." The catch is to only pay for specific expenses out of their respective envelopes. Once the money runs out on one envelope, there will be no more buying or paying for it until the next week, month or pay period.

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