College students typically have unique financial situations because more than half (nearly 70 percent for in-state U-M students) receive one or more forms of financial aid.

Take U-M student Joe Backpack, for example. His financial Aid for the term (after tuition is deducted) will be $3,600 which he will receive in the form of a financial aid refund. Other anticipated income for Joe (which could be from a job, savings or parent contributions) totals $2,800. That leaves him with a total income of $6,400 for the term.

Next, look at his known costs for Fall Term which total $4,800. It might seem like a large number, but it includes a number of things:

• $600 for books and course packs
• $80 for supplies/copies/fees
• $2,000 for housing
• $500 for utilities (heat/electric
• $200 for TV/internet service
• $220 for cell phone plan
• $200 for furnishings/electronics
• $200 in VISA charges
• $600 for travel to-and-from home and college and
• $200 for an emergency fund

Deducting those expenses from Joe's total income leaves Joe $1,600 in spending money for the Fall Term, or about $100 per week. Let's break it down further: That net amount must cover food, laundry, gas, gifts, clothing, sporting events and other entertainment such as Netflix, haircuts, iTunes among the many other choices.

If you do the basic math, it's really not complicated.

Personal finance experts suggest that you map out what you know. That includes your one-time income for the term and your known expenses. Pay mandatory costs as soon as you can (be sure to pay rent, for example, to keep a roof over your head).

Also, pay attention to the casual spending you do each day while on campus and in your off-study time. What you spend casually can be a significant factor in helping you stick to your budget. And making a plan to budget will help you stay on track. You can use an app or online tool such as Student Budget Planner, mint.com or money.strands.com. Keep your budget plan on your smartphone, download the information to a spreadsheet, write the basics in a notebook -- whatever works best for you.

Then stick with it. Your budget is a guidebook for living and will help you to keep your spending in line. Track your income and spending using one of several methods:

• Cash method: Carry only the cash you can spend for a particular event or trip.
• Envelope method: Track by keeping receipts in an envelope that you carry with you and review regularly.
• Checkbook register: Track using a traditional register that reduces your budget balance each time you make a purchase.
• Notebook method: Make consistent notes with each purchase and know its impact on your overall budget.

Whatever method you choose, make it your own and you will succeed in managing your money and controlling your spending during college.