Congratulations on another successful school year! In addition to having a great summer, here are some things to help you plan for your college finances.

Juniors
This summer and next fall will continue to be exciting as you visit schools and find the college that is just right for you. In the meantime, here are some things that you can do to improve your financial IQ.

1. When you are purchasing things, ask yourself whether you really need them or just want them. In stores, observe the spending habits of your family, friends and even strangers. Are they purchasing items they need or just want? Can they really afford what they are buying? Understanding your needs versus your wants will help you make good spending decisions throughout your life.

2. Be aware of all the things your family is doing and buying for you now that you will have to pay for yourself in college. Now when you want a late-night snack, you just go to the kitchen and it’s there. At college, you’re going to have to pay for it, and you may not be able to afford a late-night snack every evening.

3. Be honest with yourself. Do you buy or do things just to “keep up” with your friends? We live in a competitive consumptive society, so the temptation to do that is always there. When you get to college and meet new, wealthier friends from other parts of the country, keeping up with them might be something that you can’t afford to do. You may be tempted to go into debt to do what they do and have what they have. But going into debt is the worst thing you can do, so resist the temptation.

4. If you haven’t already done so, start a dialogue with your parents about finances so that you can work together to improve your financial IQ. Once you open that dialogue, you might suggest that your parents join you in visiting financial information Web sites. That way, you will be prepared to meet the many financial challenges you will face as a college student and throughout the rest of your life.

Seniors
1. Make as much money as you can at your summer job. That way, you will have more spending options available to you at college, as well as savings for emergencies. Consider a part-time job at college for the same reasons.

2. Go to the CARE Program Web site, www.careprogram.us, and download the article “Creating a Realistic College Budget That You Can Stick To.” Sit down with your parents to prepare your college budget.

3. Open a checking or savings account at a bank that has a branch convenient to the college you will be attending. Have a debit card tied to the account, and use it. When you use your debit card, make sure you make a ledger entry so you can see your balance decreasing as you spend money. This will help you make better spending decisions than if you just use your debit card on “automatic pilot.”

4. Get used to using cash whenever possible, especially to make purchases of $10 or less and for things that you can eat or drink. If you use cash, you will make better spending decisions. Remember how many hours you had to work at your summer job to earn the money you are spending!

5. Discuss with your parents whether you will have a credit card in your first years at college. If there is enough money in your savings or checking account, your debit card is all you will really need, especially as a freshman. However, you should consider having a credit card when you are an upperclassman. If you use it wisely and pay the balance off every month, it will help your credit rating for when you graduate.

Hon. John C. Ninfo is a chief U.S. Bankruptcy Court judge. Check out his credit-abuse prevention program at www.careprogram.us.