NEW YORK (CBSNewYork) – For college freshmen, the fall means a new lifestyle and new budget.

Roy Paul, executive director of Cents Ability, offers some lessons on money management.

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Roy Paul, executive director of Cents Ability, offers some lessons on money management. (CBS2)

First and foremost, distinguish between wants and needs.

When it comes to credit cards, build up your credit but do so wisely. Never spend more than you can pay off, and pay it off in full, on time, every month.

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To save money on campus, look into work-study opportunities, buy or rent used text books and sell yours back after the semester, don’t purchase the most expensive meal plan, figure out which one works best for you.

Shop at stores that offer student discounts, take advantage of the campus gym, and consider making food with friends or splitting groceries.

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High school students should complete a FAFSA, or Free Application for Financial Aid, application and talk to their school counselors about their financial aid options. Lastly, research possible career paths online, including the salary range and average pay for college degrees.