While certain academic mistakes can be repaired after you find your focus and intellectually buckle down, repairing financial mishaps are not that easy. In fact, certain financial mistakes made during matriculation can take up to seven years to mend. So knowing your score and what’s in your credit report should be just as urgent to you as knowing the grade of that research paper you just submitted.

One of the most common mistakes college students make is misusing credit cards. Granted, it is hard to keep your head above financial waters while in college. And ascribing to the “buy now, pay later” adage is not a very hard sell. However, credit card companies know exactly how, when, and where to dangle reward offers that makes signing on the dotted line very appealing. So you shouldn’t be surprised to learn that in 2008, the average credit card debt of undergraduates exceeded $3,000, according to USA Today. The old adage applies: “If it sounds to go to be true, it is!” It’s best that you learn that one now!

Think of it like this: would you take really difficult classes that you hate? (You know the kind of classes I’m talking about….where your best would only get you a C.) Did I mention these classes wouldn’t even count towards your degree, so the blood, sweat, and tears would only be in vain! Let me guess, the answer would be an emphatic NO!!!!! So why would you use a credit card without really needing to, and without any understanding as to how a credit card really works?

Not using a credit card may be easier said than done. In the last decade the cost of attending four-year colleges has increased close to 50%, and during recessions, lenders tighten their purse strings. Using credit cards may sometimes be the only way students can live while they aspire to be the next Oprah, Dr. Oz, or Jack Dorsey. However, your credit report is going to be with you every step of the way. A credit report is not your Facebook or Twitter page; you cannot just sanitize its contents whenever you want.

Your credit report includes your personal information, financial history, employment history, notes from previous creditors and so much more. It contains so much information because it provides insight into your creditworthiness and your integrity. It would be in your financial interest to keep the GPA of your credit report on the Dean’s List.

It may be cliché, but knowledge is definitely power—especially—when it comes to your credit.

Carrie Davis is the lead columnist for SpendOnLife.com, an online resource dedicated to ensuring readers have the latest and most thorough information on credit scores, debt, and identity theft. She has a passion for educating others on how to achieve financial independence.

My niece recently reminded me of the first soup recipe I taught her to make.  It was my college go-to recipe for a delicious meal on a limited budget.  I lived on this soup during my college days at the University of Arizona.  Truth be told, I also made it frequently after college as young working gal. A large pot of soup could last for days – and was wonderful hot, warm or cold.

It still amazes me that these simple ingredients combine together to create a taste of Greece – making this meal not only simple and nutritious but also a respite during a busy week.  This recipe became my signature soup at dinner parties during those years and now my niece makes it as part of our family Thanksgiving dinner.

Soupa Avgolemono (Greek Lemon Soup)
A Greek classic.  This recipe makes rich, filling, comforting soup. The blend of flavors is intoxicating.  Enjoy the subtle melding of lemon, chicken, eggs and rice. Serves 4 -6 (can be doubled)

Ingredients

• 4 cups chicken stock
• 1/2  cup orzo, small pasta or rice
• 2 eggs
• Juice of 1 lemon (more or less depending on taste)
• Fresh ground black pepper

Preparation

• In a stockpot bring broth to a boil and add orzo, small pasta or rice and simmer on low until tender – about 20 minutes. As the pasta/rice is cooking, whisk the eggs in a medium bowl until well incorporated, beating continuously, add lemon juice, and mix until frothy. To temper the eggs before adding to the broth/rice mixture – ladle 1 cup of the broth in constant slow stream while continuing to beat rapidly so you do not curdle the eggs.
• Lower the heat on the stockpot. Slowly add the egg mixture back to remaining broth, stirring constantly. The soup will turn a cloudy white-yellow color. Stir for about two minutes. Do not re-boil; heat slowly until very warm or you may curdle the eggs. Serve.

Notes and suggestions:

• When you reheat the leftovers do not re-boil, gently reheat on low.
• For dinner parties garnish with parsley – for a festive look.
• If you have leftover chicken, shredded chicken makes a nice addition but it isn’t necessary.

It’s a vacation in a bowl – enjoy the memories.

Chef Bio: Lynn Epstein and Iris Feinberg, co-founders of Mama Says, recently introduced the No More Frozen Pizza! a recipe collection for recent college graduates, newlyweds and those finding their way in the kitchen.  The collection includes delicious and economical recipes for main dishes, sides and salads packaged in a retro pizza box.  It is available online at www.mamasays.us/.

Photo credit: SPOONS © Angela Luchianiuc | Dreamstime.com

Congratulations, you’ve been accepted to college! Apart from severe lack of sleep, an immense increase of alcohol intake, and the joys of sharing the shower with a total (and most likely hairy) stranger, you’ve started to notice that your wallet is becoming more of a pocket warmer than a resource. It’s no secret that the cost of college doesn’t stop at tuition; classes need supplies and your raging hormones need to be constantly entertained to balance work and play. What do both things have in common? Money. Here are some simple tips to help keep both you in college and the money in your wallet.

1.  Keep track of your funds. The biggest mistake college students make is spending superfluously. Cataloguing what you spend and what you earn is going to help you tremendously with knowing what parts of college are taking the most of your money. Not the spreadsheet guru? Mint.com is a great tool to keep track of your finances for you! The sign up takes less than five minutes, and it places your costs of attendance in a neat little pie chart for you simple, visual learners (and in college, that’s everyone).

2.  Do your research. Many students make the mistake of going straight to their school’s primary book store to buy their supplies. Don’t hesitate to look around! If you wanted to buy a car, would you go straight to the maker’s lot and buy the first one you saw? (If so, I don’t think this article applies to you). Textbooks are notorious for taking the biggest chunk out of your wallet – but that doesn’t have to be the case. Buying used books has been given a bad rap. If the book includes all of the pages and is at the most only minutely annotated? Get it! You’re sure to save at least 25% on book costs. There are also sites to help you find the best deal on books such as Half.com. Remember, college is all about getting the best deal – make it happen!

3.  Make lists. Apart from charting your finances, being prepared before going to the grocery store is going to keep the extraneous costs down. It’s kind of like getting food while you’re hungry – that cart is going to fill up quick with things you’d rather have in your belly at that moment! It sounds a bit “granny-ish”, but a grocery list is a necessity! Treat all shopping like a mission; you’ve got these things that you need right away, and that’s all you can allow yourself to buy. Get only the supplies you need for the week, and get out of the store before that jumbo pack of Crunchy Cheetos catches your eye!

4. Cheat the Laundromat. Everyone knows you can’t wash darks and lights together (although every once in a while you’re sure to come across Jimmy’s Fruit of the Looms as pink as a Panther on the laundry room floor). But it’s not rocket science to realize that separate colors can indeed be dried together – if the load isn’t too big. You’ll start to notice how easy – and free – washing clothes at home used to be. Laundry takes a big chunk out of everyone’s wallet (unless you’re not into being…clean…) so drying two small loads together saves you tons of money over time. Just make sure you don’t try to cram in two normal loads into one machine; sure you saved a dollar then but you’ll open the door to find your clothes still swamped in soapy water. Trust me, this is from experience.

5.  Share the wheels. You’re out of high school and you’re bringing your ride to the big U – now how are you going to pay to keep those wheels rollin’? If your college is an enclosed campus, you’re lucky to only have to use your car to run errands and go out (and hopefully go to work). But, if you have a campus dispersed throughout a city – or just a really really big campus – that gas gage is going to be your worst enemy. Carpooling with friends to class and everywhere else is the first easy solution to your tank dilemmas. Make sure it’s clear how much it’ll cost you to drive them to and from per week beforehand so that arguments are avoided. Giving more sporadic rides? Some students place a “money pot” in their car for occasional riders to donate into for helping them out. That way each person gives what they have and you’ll be surprised the profit you’ll make if you have a jam-packed car to that famous pizza joint!

Remember, college is all about a good time but it’s more importantly about having it for less! Keep conscious of your savings and you’ll spend less time worrying about cash and focusing more of your stress on the whole reason you hopefully went to school in the first place – a higher education!