Since the 1980s, the price of attending college from tuition alone has increased more than 130% when adjusted for inflation. Other indirect costs of attending college have increased, too. Preparing financially for college, given the upward trend in college prices requires a firm commitment to starting early.

If college costs continue to increase at this rate, and there is substantial and creditable evidence to support this rate as a minimum, by the time a child born in 2007 is ready to go to college, college itself will likely cost 260% as much as back in the 80s. As a result, preparation and budgeting are key ingredients. Keep in mind, that while there is a wide range in college costs, and in general, private four-year colleges have exceeded the general trend in college attendance costs.

Money financial planning for college students is the hardest course during an undergraduate degree. It is often overlooked, as there is no classroom cap, and no GPA on your transcripts.

However, unless you want to be asking people to send you your latest eBay purchase using Ramen Noodles as packaging material, budgeting your limited cash flow is essential. College can be an time of extraordinary debt accumulation, thanks to easy-credit, government backed loans, expensive textbooks, and of course, for some partakers, BEER.

The following tips offer college students some practical financial planning advice.