Economists and financial experts agree that the best way to establish financial security in the current crisis is for Americans to live within their means, build credit and avoid debt. We agree with this sound advice, but we understand how difficult it can be for college students to follow these rules.

College students are in one of the most expensive periods of their lives. Many students are taking unpaid internships, studying abroad at a time when the dollar is weak and incurring loans—all while paying tuition bills and living expenses. It is vital that students develop good money management skills and begin saving and building credit before graduation.

Ammar Askari, community education administrator for M&I Bank, gave two seminars on campus last week regarding personal finance and credit. While Askari offered invaluable tips for spending and saving, the university doesn't have any additional seminars on its calendar until next semester. That's unfortunate, and we strongly encourage university officials to organize programming similar to Askari's lectures.

Until that happens, we believe it's important to bring students some of Askari's talking points:

First, budget. Students should know exactly how much they spend on flexible expenses (such as entertainment, groceries and transportation) and fixed expenses (like rent, utility bills and car payments) each month. Never spend more than you make. It may seem trite to repeat that seemingly obvious statement, but it's an easy rule to break if students aren't careful.

If students need to reduce their spending, Askari recommended they use direct deposit and take lunch to work to avoid eating out, which gets expensive quickly. Also, students should carry small amounts of cash and only buy what they need — not what's on sale.

When students land their first job, most are not thinking ahead 40-plus years to retirement. But Askari warned students to begin making maximum contributions to retirement accounts right away, especially if employers match contributions. It's more profitable to start saving early than to try to save a lot more later in life. Askari also recommended having at least six months of living expenses in a savings account at all times.

Finally, despite the currently sluggish credit market, students should begin building their credit so they have the means to purchase a car or home when they are ready to do so.

The best way to build a good credit score is to open a credit card. However, students should only open one credit card, keep the balance at less than 10 percent of the card's limit and only use the card to pay fixed or minimal expenses. Payment history makes up 35 percent of a credit score, so it is important for credit-card holders to pay their bills each month in full and on time.

Smart financial planning is an invaluable skill that students should hone during their college years. Not only will budgeting and building credit help students save for the future, it is the surest way to get through the current financial crisis safely.