Regardless of whether you live in a dorm or an apartment, or at home while you attend college, the picture has changed considerably. The bottom line is: You are on a college student on your own. Mom or dad or grandma or auntie is transitioning out of being in charge of your life.

That means you can do what want. But with privilege comes responsibility. If you haven't already, now is the time to learn proper money management. It means you must establish good bill-paying habits. Quite simply you need to pay your bills on time. Car payments, credit cards, loan payments, rent, gas cards...pay attention to the due date and pay before that so that your payment will be credited on a timely basis. If you make college tuition payments, do so before the due date. This is when you begin to create a favorable credit rating.

It's always tenuous to borrow money from friends but if you do, re-pay them promptly. Not only is it the right thing to do, it is important for you to set good bill paying habits right now.

Being on your own also means being a disciplined money saver and a savvy consumer. College years are a difficult time for saving but it is invaluable for your future. If possible, determine a certain percentage of money you will save every paycheck and bank it. Consider investing in the market or mutual funds. No matter what you purchase, whether groceries or electronics or automobiles, be careful how you spend your money. Pay attention to prices and sales. Aim for good value for your money.

Remember, as any adult will tell you, being grown-up is as much about responsibility as it is about freedom. Be responsible and establish strong money management skills.