Have a spending strategy.
When it comes to shopping, have a policy for how much you'll spend on certain categories (like movies, food, clothes, etc.) and where you'll do the majority of your shopping. One thing to try is avoid paying full-price for clothes; instead, choosing to shop during sales, at sample sales or thrift stores, Target, wherever...

Be wise with debt and use it strategically.
Debt comes in many forms. For example: student loans, car loans and credit cards. Debt is money that has been lent to you by your parents, a friend or a bank. In return for that privilege, you typically have to pay the money back with interest. When you borrow, aim for a low interest rate or annual percentage rate (APR), and never, ever get a store credit card--the interest is too high!

Credit Cards
Getting a credit card (like MasterCard, VISA or Discover) or charge card (American Express) late in high school or in college is a great way to learn how to manage credit and build a credit history.

The difference between a credit card and charge card is that with a credit card, you can carry balances over to the next month; with charge cards, you cannot--you are expected to pay in full whatever has been charged.

However, if ill managed, you can end up in a lot of financial and emotional trouble. (FYI: The highest number of bankruptcies now being filed are by those under the age of 25!) When you get a credit/charge card, make a commitment to pay your balance in full each month or at least twice the required minimum monthly payment.

Your Credit Report
Before you open a credit or charge card, check your credit report. You can do this for free once a year at annualcreditreport.com. In fact, you should probably make it a habit to check your credit report each year (January is a good month) to make sure that the information captured by the three credit reporting agencies (Equifax, TransUnion and Experian) is accurate.

Lenders (credit card companies, banks) base the decision to lend or not lend you money on the information reflected in your credit report. This is how they "interview" you to get a sense of your character.

They are looking for traits like: do you honor your word (pay what you owe), are you consistent (do you pay on time) and are you pro-active (if you get into trouble, do you handle the matter head on)?