Venturing off to college can be a rewarding and liberating experience. You're finally out of the nest and broken free from the oppressive clutches of your parental units. No more chores, no more lectures and definitely no more curfews.

However, while venturing off to greener pastures, there are several financial traps that college students can easily fall into that will affect them long after graduation.

1. Keeping up with the Joneses. The concept of delayed gratification will become more familiar to you than ramen noodles and Easy Mac®. Your dorm mate may be talking on his new iPhone and sporting the latest gear, but no two financial situations are alike. Learn to be content with what you have and focus on the bigger picture. After you graduate and land your dream job, you can buy all the iTunes your salary allows.

2. No Budget. During your collegiate years, it can feel like money is harder to come by than cancelled classes. But, if you make a few adjustments to your spending, you'll find your money stretching further than you thought possible. Bypass vending machines, plan your shopping trips and avoid impulse shopping. Sitting down to figure out where your money is going is the first step to financial freedom.

3. Eating Out. With your busy schedule, finding time to plan a meal and pack a lunch can be a daunting task, resulting in your becoming a resident of Fast-Food Nation. Pack snacks to hold you over until you can make it home. Making your food stretch also helps your money stretch.

4. No Savings Plan. No matter your age, no matter your income, everyone should have a savings plan. Of course, you're not going to be able to contribute as much as you could if you had a full-time job. But, if you practice paying yourself first now, it will become second nature to you.

Credit Card Debt. The biggest mistake college students make is accumulating credit card debt. Mounting debt will cause your FICO score to fall faster than your GPA after a failed class. Negative credit scores can affect your purchasing a car and even future employment. The average credit card debt for students is $2,200. However, if you have to resort to a credit card, make sure every payment is on time every time. - adam jones

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