Despite all the classes offered by universities, College Budgeting 101 is rarely part of the curriculum. This is unfortunate for a few reasons, not the least of which is how expensive college is these days. Student borrowers among the class of 2016 owed an average of $27,975 each, according to the latest data from LendEDU, a marketplace for student loans.

While managing money requires discipline, it's not as difficult as it might seem. In fact, college is the perfect time to learn how to live within limited means, so you'll know how best to use your money when you have more of it. Whether you're just starting your college career or you're returning for another semester, follow these tips to create a budget that will serve you beyond your life on campus.

[See: Basic Money Lessons You (Probably) Missed in High School .]

Identify a budgeting tool. Before you can create a budget, you need to find a tool to help track your income and expenses. Effective budgeting tools include free programs such as spreadsheets through Excel or Google Docs or apps such as Mint that make it easy to see where your money is going and how much you have at any given time. The most important part of this process is to select the method that works best for you. Budgeting can be overwhelming, and the tools you use should make the task easier, not more complicated.

Get a job. The best way to get ahead financially when you're in college is to have some source of income. An on-campus job is ideal since the university will be flexible with your school schedule. Otherwise, look for part-time retail, restaurant or tutoring gigs to increase your cash flow.

[See: 12 Best Part-Time Jobs to Pay the Bills .]

Estimate high on expenses. Overestimate your expenses and underestimate your income while you're budgeting. This strategy ensures that you have a reserve should the unexpected happen and also guards against spending every last penny on social pursuits. Better yet, set aside 10 percent of your income as a cushion to cover unexpected expenses or expenses that are higher than you budgeted for. That way, a surprise departure from a roommate or a pricey car repair won't be nearly as stressful.

Find low-cost living. Rent is likely your biggest expense while attending college, so finding housing that's affordable should be a top priority. Ideally, no more than one-third of your income should go toward rent, which means you'll likely need to have roommates.

Budget for student loan interest payments. Don't put off student loan payments until after you graduate. Do your best to start paying them down now by incorporating payments into your budget. Even focusing your limited funds on interest payments is helpful in creating a habit of paying down loans while combating compound interest.

Withdraw cash for discretionary purchases. Factor fun into your budget by determining how much you can spend on dining out and entertainment, then withdraw this amount in cash. Use the cash specifically for discretionary spending and avoid pulling out your credit card when it's all gone. This strategy helps you be more thoughtful about your purchases and forces you to spend your limited funds on activities you truly enjoy.

Be careful with credit cards. Between on-campus representatives and mailed advertisements, college students are pitched credit cards regularly. Establishing credit at a young age can help your credit score in the long run, but that's only if you have a healthy history of paying off your balance. Stick to one credit card and commit to charging expenses you can afford to pay off immediately. Set up text alerts to get notified when your bill is due and plan to check your balance weekly. If possible, pay off your card several times during the month to stay on top of spending and avoid interest accrual.

Best Credit Cards for Students

Double or triple your credit card payments. If you do rack up a balance on your credit card, budget for double to triple the minimum payment to pay it down as quickly as possible. You should quit using the card until you can reduce the balance to $0, then only charge what you can afford to pay off each month. If an emergency occurs, and you must use the card, adjust your budget to pay down the balance as quickly as possible.

[See: What to Do If You've Fallen (Way) Behind on Your Credit Card Payments .]

Monitor and reduce expenses. When spending your money, either on discretionary purchases or monthly bills, always look for ways to reduce your costs. Compare costs between service providers on expenses such as mobile plans and automobile insurance and request lower rates when you find competitor deals. Always ask about student discounts as they extend beyond deals on food and clothing.

Take advantage of on-campus services. Colleges offer a multitude of on-campus services – including fitness programs, dental exams and cleanings, and preventive and diagnostic medical services – at rates far lower than community rates. Find out what on-campus services are available to you and take advantage of them as long as you can. Otherwise, Groupon offers discounts of 40 to 60 percent on select health services, including dental and vision.

Seek out savings. Those coupon books handed out to college students may seem like throwaways, but they're a good source for savings on a multitude of products and services. Coupons can easily persuade you to make purchases you hadn't planned, so use them thoughtfully.

Your student ID card is a gold mine of savings, too. From event tickets and auto insurance to electronics purchases, your status as a student can save you anywhere from 10 to 50 percent. Even if a store or service provider doesn't advertise a student discount or rate, ask anyway.

Find free events. College campuses often host free events ranging from live music to comedy shows to keynote speakers. Before you spend big bucks on your next experience, consult your campus calendar for a list of upcoming events.

25 Ways to Fix Your Finances Fast

25 Ways to Fix Your Finances Fast

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