7 money moves every college student should make this fall

Heading off to college means taking on new adult responsibilities. That makes it a great time to start getting comfortable with credit, building healthy spending habits and learning how to manage money.

It's important for all students to build a solid foundation in managing their finances, said Sara Wilson, director of product innovation at Student Connections, an organization that helps students overcome financial barriers.

"You have to consider the financial decisions you make in college because they impact what your financial security is going to be once you enter your first job," Wilson said.

If you're starting college this fall or you're currently a student, here are some expert recommendations.

College is the perfect time to start building your credit score, said Courtney Alev, consumer financial advocate at Credit Karma. A credit score is a mathematical formula that helps lenders determine how likely you are to pay back a loan. Credit scores are based on your credit history and range from 300 to 850. A low credit score makes it more complicated or more expensive to obtain car loans, mortgages, credit cards, auto insurance, and other financial services.

"College is an ideal time to start building a credit report, because the earlier you start, the more time you have for that credit to build and then work in your favor when you eventually need it, whether it's for a loan or an apartment," Alev said.

Alev recommends starting your credit card journey with secured credit cards. These credit cards are opened with a one-time deposit that serves as collateral. This first deposit is usually returned when the user closes the account with zero balance or when they move to an unsecured credit card with the same bank. Another starting option is student credit cards, which are easier to qualify for and tend to come with lower credit limits.

Regardless of the type of credit card you open, the No. 1 goal is to only spend what you can afford to pay off each month, Alev said.

During college, you might have multiple sources of income, whether from a part-time job, a financial aid stipend or family support. Having multiple or irregular streams of income might make it difficult to manage your finances. Budgeting is still a crucial step toward achieving financial stability.

You can budget by using an app, creating a spreadsheet or simply writing your expenses down on paper. No matter the format, it's important for your budget to include your earnings and spending each month. Having a specific financial goal in mind can help you stay motivated to budget.

"Budgeting is simply creating a plan to get what you want with your money," Wilson said. "Figuring out what you want, then the plan that you need to follow to get there."

To help juggle multiple sources of income, students should divide their monthly bills by four so they have a target for the amount they need to set aside each week, said Lindsay Bryan-Podvin, financial therapist and founder of Mind Money Balance, a financial wellness service.

For example, if rent is due on the first of the month and it's $1,000, that means you need to save $250 each week. Dividing your bills can help you manage your money when your income is inconsistent throughout the semester.

While it might be difficult to earn extra income while you're in college, creating an emergency fund can save you a headache down the road. Many students can get excited about the idea of investing. Before diving fully into it, Alev recommends that you have a savings cushion.