ollege can be a great money management experience for both student and parents. It may be the first time that kids are truly on their own and handling money without parental supervision. But how much money will they really need? How can they economize and develop a spending style that keeps them worry free for the next four years?

You can start by recognizing that college costs - like many types of expenses - fall into two basic categories: fixed and flexible.

Try to pre-pay the fixed expenses. Then develop the right spending habits to manage what's flexible. If expenses are well thought out, students won't have to take a loan from the Bank of Mommy & Daddy.

For most of our adult lives we manage inflow and outflow of cash, and it's tough. Only in the "Laboratory of College Spending" do students have the opportunity to concentrate on their spending habits alone.

If you're a student, take 20 minutes to mentally walk through your college day. Will you use the meal plan for breakfast? Will you buy snacks? Will free periods involve any expenses? What are your typical weekend plans? What might they cost?

Columbia University students can sightsee endlessly around Manhattan for free. Or they can hop a cab to the new Sony Imax. Total cost for a movie, snack and transportation: $25.00.

Here are a few of the non-tuition expenses that you as a parent and/or student should keep in mind as you prepare for college this year. By considering all of these potential expenses, you can put your student on a reasonable budget. You can also make your child better understand costs if he or she is involved in preparing this budget:

In the movie "Scent of a Woman," a college student on financial aid couldn't attend the soirees of richer fellow students. The result was social pressure and separation from "the pack."

How would that make you feel? If spending means fitting in, will you spend or be independent? Parents should help students be realistic about social spending needs.

You can do this by asking your student to follow this series of financial exercises to learn his or her spending habits. While these are suggested for students, parents would benefit from doing them in their own lives.

Record your money habits for three days. Write down every penny you spend. See how much goes to newspapers you never read, candy you never eat and cigarettes you shouldn't smoke. How much goes for meals out when you have a pre-paid student meal plan? How much money goes for convenience, such as cab rides, dry cleaners, or take-out food?

As a student, don't pre-judge your actions. Simply record what gave you satisfaction and what was a waste of money.

Make a budget expressed in percentages, not dollars. If you have $150 a week to spend and $50 is spent on food, that's one-third of your pie chart. (No pun intended.)

By visually calculating your spending, it typically has a profound psychological effect and leads to more savings with less frustration then counting pennies.

If, for example, your car takes up half your pie chart, you can begin to shift expenses away from other things to meet your auto expenses, or limit your car use if you conclude that it's just not worth it. The bottom line is that spending is discretionary. It's up to you to allocate and to do without if you are unrealistic.

As a parent, you can also take an active stance to curtail unneeded expenses and to avoid the usual student/parent money fights.

Here are 10 tips to avoid financial skirmishes: