[It's a new year (which I am having trouble remembering when I have to write the date on anything), meaning it's the perfect time to wipe that slate clean and start anew. And we're gonna help you out. Every Thursday in January we're bringing you advice from experts on ways to improve yourself and your life. From mental health to making the most of your workspace, we'll all work together to get our lives, health and GPAs back on track. First we feng shui-ed our rooms to make them happier, more productive places. Then we centered ourselves so we could handle whatever comes our way. Now let's get our finances in order with Fool.com's Dayana Yochim.]

Let’s face it, “the talk” is awkward for everyone: You, picturing your parents at your age; your parents trying to cover all the bases (protection, safety, responsibility and the long-term consequences of your young-adult actions) before letting you leave the nest.

You know we’re talking about the “money talk,” right?

What’s the big deal? Well, unlike the mechanics of procreating (which, if you’re reading this, we can assume your mother and father mastered at least once), there’s a good chance that your parents made a mess of their own finances back in the day. They might even feel like they’re still unqualified to offer sage advice. After all, this stuff isn’t taught in most schools, which leaves most folks learning money lessons the old-fashioned – and very expensive – way: At the school of hard knocks.

I’m here to do your folks a solid and give you six money management tips that will help you avoid graduating with a major financial hangover.

1. Sweat the big stuff.
Here’s something you won’t hear from most money gurus: Go ahead, enjoy your daily latte. If that’s what gives you the will to face each morning, then far be it from me to admonish you to skip it and sock away that $3 daily splurge into a savings account.

The gurus will point out that your small indulgence robs you of a $1,000-plus in savings annually. I’ll point out that denial and deprivation is what leads to spending benders that can put you in the hole for a lot more than a thousand smackaroos.

The trick to having your latte and enjoying it guilt-free is to slash your spending on big-ticket items to free up cash for that coffee (or whatever small treat brings you joy). In other words, sweat the big stuff – find cheaper alternatives or price-cutting strategies for the those double-, triple- and quadruple-digit expenses.

For example, if you brought your car to campus but never drive it, return it to your parents’ driveway and tell your insurer to slash your premiums. That’s hundreds of dollars in savings right there. Rent your textbooks instead of buying them outright. According to Chegg.com, the average student saves $2,000 over the course of their college career by renting books they don’t intend to keep after they graduate.

2. Don’t bother with budgeting.
Sounds like heresy, right? Okay, it was a bit of a bluff. But the truth is that “spending plan” sounds a lot more palatable than “budget,” right? So think of your – ahem – spending plan as a guide to making sure you have enough money at the end of the week to go out dancing (or whatever it is you kids do these days).

Your spending plan can be as high-tech or low-tech as you want:

High-tech: Mint.com is a free tool that links up with your accounts (just to get the balances; it doesn’t allow any transactions to be made) that can keep you up-to-date on your every dollar move.
Low-tech: The envelope budgeting approach is like an instant spending plan. The idea is that you carry around just the amount of cash you want to devote to various spending categories (lunch, entertainment, cute shoes) for that week. If the envelope is empty before it’s time to re-fill, you’ll need to start getting creative with ramen noodle recipes.

There’s no right or wrong way to do it – just use whatever method works best for you.

3. Say “no” to plastic.
Lucky you, it’s a lot harder these days to get a credit card than it was for last year’s incoming freshman. Seriously, the new laws that prevent anyone under the age of 21 from getting a credit card in their own name without proof of income or an adult co-signer is going to save you years of financial trauma.

Ask just about any grownup about their biggest financial regret from college and the answer will be: “Plastic.“ (I know people in their 30s still paying down debt they rang up when they were co-eds. We’re talking about pizzas that end up costing hundreds of dollars because of the interest that racked up over the years.) Don’t be in such a rush to prove that you‘re creditworthy. Building credit takes time. Ruining your credit is a piece of cake.

All that said, mom and dad may want you to have a plastic safety net for emergencies (e.g. actual “I‘m stranded roadside and need to pay for a tow“ emergencies, not “awesome sale at Abercrombie!” quote-unquote emergencies). If so, here’s a 60-second crash course on credit — how to establish a squeaky-clean credit and avoid the shackles of debt.

4. Avoid late fees like the plague.
It’s one thing to sleep through a Tuesday morning biology lecture. It’s another to hit snooze when bills and other time-sensitive money matters come due. Your mea culpas are no good in the real world. (And, no, last-minute cramming won’t get the electricity turned back on.) Messing up leaves a mark – and this time, it’s your money and reputation that’s on the line.

- Make a few too many ATM withdrawals this week? Feast your eyes on the litter of rubber checks and overdraft fees multiplying in front of your very eyes! (The remedy: Sign up for low-balance alerts. And decline pricey overdraft protection programs and link your checking account to a savings account or just let the bank deny purchases you don’t have the cash to cover.)
- What’s another late payment to Visa? Yet another late-payment fee as well as a nasty bruise on your credit report that won’t completely fade away for the next seven years. (Just automate your payments so at least a check for something is in the mail on time every month.)
- Watch in amazement as that crumpled $25 parking ticket at the bottom of your messenger bag morphs into a $100 one (special for last-minute callers: a free lovely safety-yellow car boot!).

If that’s not enough to convince you to hit your due-date deadlines, then think about what you could have done with the money you instead blew on $35 late fees, $20 expedited payment surcharges and $100 fines for defacing campus property.

5.     Mooch rides as much as possible.
It’s not just about saving money on gas. If you’re under the age of 25 insurance actuaries assume you’ve got a lead foot and an “I Drive Like I am Invincible” bumper sticker. Maintaining a clean driving record (for at least three years), and paying for small claims out-of-pocket are still the best ways to keep insurance costs in check until you age into better rates.

However, there are some ways that college students can still drive a better car insurance bargain. Let your insurer know if:

- You’re parking or garaging the car in a different location (a low-crime zip code or secure garage, for example)
- Acing your finals. Good grades may earn you a “good student” discount on your premium
- Are in the market for renter’s insurance (if your stuff isn’t covered under your parent’s homeowner’s policy). Buying coverage from the same insurer can cost less than purchasing separate plans from different companies.

6. Bonus tip!: Make everyone wonder if your new beau just loves you for your money.
You’re young, scrappy, and while you might not have a lot of extra money lying around, you do have one thing in spades: Time.

Time is an investor’s best friend. And right now you’ve got enough of it to make your elders spitting jealous. (Most elders will say that the second biggest financial regret behind racking up credit card is not starting to save and invest sooner. Seriously, just ask.) When you’re young you have time to weather the stock market’s ups and downs. You have time to let whatever money you can squirrel away compound and multiply.

While that $2,000 you saved on textbooks is indeed a lot of beer money, what if I told you it could be worth $15 grand by the time your 25^th reunion rolls around — or grow to an extra $70,000 by the time you’re ready to retire. That’s the power of compound interest — a concept they do teach at colleges, but most students fail to put it to use in the real world when they have the chance.  (Here’s how to get started investing even if you have mere dollars to do it with.)

Make saving a lifelong habit by starting now. Get into the habit of watching expenses, saving and investing now while time is really, really on your side. The sooner you start building wealth the richer you’ll be in the end.

In addition to playing the cello the indie band Addieville, Dayana Yochim is the consumer finance expert at The Motley Fool (Fool.com). She graduated college (Rock Chalk Jayhawk!) with only minor financial bruising thanks to in-state tuition and the lack of plastic in her wallet.

Looks like Balloon-boy’s family wants to be famous.

Madonna’s making enemies.

Did Nicole Richie tie the knot??

Let’s talk about credit card debt.

Spotted: Posh Spice on Gossip Girl!

This must be the son of Superman.

The truth is, money management and financial mumbo jumbo is boring and spending all that hard earned money is fun! Who wants boring when we can have this?

But it doesn’t have to be that way, which I learned after reading So Many Shoes, So Little Money: A Girl’s Guide to Finance. Lisa Serwin, a girly girl to her core, breaks all that budget business down in a way that is easy to understand and, even more importantly, easy to incorporate (realistically!) into the college girl’s life. Serwin doesn’t tell us to eat ramen and wear our leftovers from middle school; she explains how to save and how to spend in a way that won’t send us back to our childhood bedrooms when the money (inevitably) runs out.

Naturally, I needed her to set my budget to talk to her. And I did! Here is a bit about my new financial hero and a lot of useful information that all of us can benefit from!

5 Questions We Ask Everyone:

1. What’s your most hysterical/ridiculous college memory?
That’s fit for print? I accidentally locked myself in a second floor bathroom during a fraternity party.  The door handle broke off, and no one heard my pounding. (The one and only time in history there wasn’t a line for a ladies room!) I climbed out the bathroom window onto the roof – high heels and all, shimmied down a tree, and walked back in through the front door. However, apparently everyone had been watching my descent through the window.  When I walked back in I was greeted with cat calls and applause.

2. What are the five things you can’t live without?
In no particular order:
Great shoes
Chocolate
My family and friends
Books
A good night’s sleep (otherwise I’m really cranky)

3. What’s your motto/advice you live by?
I don’t actually have one. However, I’ve always liked: “People are more fun than anybody” by Dorothy Parker.

4. What’s your favorite song to belt out at the bar/in the car/for karaoke?
That’s a hard one – there are so many good choices.  Pretty much any cheesy 80s song that doesn’t require a lot of range…I am a truly AWFUL singer.

5. Ten years from now you will be…
Hopefully writing more books! I was a British history major in college prior to getting my Masters in Business so perhaps one day I’ll write a period romance novel.

5 Questions Just for Lisa:

1. What is the most important thing college women need to know/do when it comes to managing their money?
First and foremost, managing your finances is not hard…you can do it! The best thing you can do for yourself and your money is to make a budget.  The worst thing you can do is to charge more than you can afford on a credit card and not pay the bill in full when it arrives. Why? When you can’t pay your bill in full, the card companies charge you a fee. These charges are called interest and the amount of interest is called the Annual Percentage Rate (or APR). When you are unable to pay your bill in full every month, the charges for borrowing money from the credit card company add up very quickly.

2. What are the 2 things that are totally worth spending the extra money on vs. 2 things that are a complete waste?

Totally worth it: college education and experiences with friends (years from now you’ll never remember a sweater you bought but you always remember how much fun you had).
Complete waste: expensive cosmetics and beauty supplies.

3. What do you think is the hardest part of setting a budget and managing your money?
The hardest part of setting a budget is actually sitting down to make it!  But budgets are essential.  After all, how do you know how much you can spend if you don’t even know what you have? Making a budget is all about living within your means, knowing you’re on top of things, in control. Regardless of how much or—more to the point—how little money you have, if you live within your means, you’ll still have choices. Maybe not as many choices as you would like, but definitely choices.

By the way, it’s not what you budget—it’s how you utilize it. Attitude is everything. Most budgets fail because they are seen as a restraint as in, “It’s not in my budget.” Instead, think of a budget as a way to help you achieve your life’s goals and dreams. A budget doesn’t tell you what you can’t do; it tells you what you can do.

4. How much money should a college girl have in a savings account?
It depends on the girl! A good rule of thumb is to start by saving up to one month’s worth of living expenses. This may take awhile, but it is really crucial. You want to be able to take care of yourself if you hit any of life’s little bumps—and you will hit some. Then, work your way up to three months and promise yourself you won’t touch that money unless there is an emergency. The sooner you start saving, the better. I urge you to start saving now—even if you only have a little bit left over every month.

5. Why did you write this book? I mean, finance isn’t the most exciting topic to tackle for young women…
I want women to embrace the empowering notion that basic financial knowledge and a long-term plan can be the equivalent of front row tickets to Fashion Week. I want every woman to know how to manage her money.  At its best, money is about freedom and choices, options and opportunities. It’s about being able to live the life you want to live in the way you want to live it. Money allows you to be self-sufficient, with the confidence that comes with being independent and the freedom to make life choices that are right for you.  I think that’s tremendously exciting!

Additionally, Cosmo provides alternate ways to phrase creepy questions about a date’s credit card debt (pg 120), a single girl’s guide to using a camera’s self timer (apparently single girls don’t have friends to take their profile pics for them) and the hottest new accessory fashion house: Oriental Trading. Uh, the economy’s bad but do we have to resort to gummy bracelets?!

On the bright side, Cosmo’s Sexy issue did not disappoint in some arenas (he-llo naughty card game on page 136!): Katie Lee Joel’s recipe for a Mediterranean picnic made me question my aversion to olives, the Cosmo staff confessions had me LOL-ing in a very quiet section of the library, and the “Lose 5lbs in 7 Days” tips may have saved my life in preparation for pre-finals pool parties. And yet, Cosmo just wouldn’t be Cosmo without their well-intended but somewhat whack advice.

This month? The 6 sex lessons us lady folk can learn from the boys…

Lesson 1: You’re Always Doable

Cosmo Says: If you feel too gross to have sex, you will subconsciously tell your man to leave you alone. He then will stop asking you for sex. Also, “once you clothes come off, this is the extent of what a guy is thinking: ‘Boobs!’”

Kari Says: Obvi once breasts are within their field of vision, any man is reduced to monosyllables. All the man generalizing aside though, I can’t imagine a scenario where my boyfriend would “pick up” on “subliminal cues” that I don’t want to have sex at the moment, let alone respect said cues. As long as there’s that possibility, he’s probably going to take his chances. I understand that the point of this article is to get the ladies to enjoy sex just as much as guys do (I was unaware that I wasn’t…), but Dr. Patricia Taylor’s suggestion that I get my man hard to “realize there’s no point in worrying about all that other stuff” seems a little too convenient. There’s a reason why I’m not in the mood–or trust me, I’d be doin’ it.

Lesson 2: Little Things are Big Turn Ons

Cosmo Says: Men are turned on by absolutely anything and everything, so they constantly think about sex. By the time they get home, they’re like 12 hours deep into foreplay. Women? Not so much—we only think about sex during sexy time.

Kari Says: FALSE. Perhaps girls do not get turned on by “a millimeter of skin between your shirt and jeans,” but we’re not completely daydream devoid. What better way to kill time in a lecture without one’s laptop than replaying an AWESOME hook-up in your head? Mmm, memories…

Lesson 3: Your Crotch is Awesome

Cosmo Says: Boys know, love and protect their penises, and girls focus far too much on the clitoris. “And don’t forget to go hunting for your G-Spot,”…again.

Kari Says: Thank goodness you provided another set of detailed instructions for finding my G-Spot Cosmo; I seem to have misplaced my other 7 issues with the same directions. Other than that though, hells yea to female exploration and what not. If men can nurture and name their junk then women are entitled to the “same kind of self-love.” Props for incorporating the phrase “self-love,” and BTW, we already knew our crotches were awesome, thankyouverymuch.

Lesson 4: Practice Makes Perfect

Cosmo Says: Masturbate, masturbate, and masturbate some more to figure out what works best for you.

Kari Says: Orgasms? Yes please. Orgasms that will increase the likelihood of even more orgasms? Keep em comin’ ( no pun intended). The suggestions of methods that Cosmo provides are even helpful…until the final one. I’m sorry Cosmo, but not even in the name of a better sex drive do I see the necessity of “tossing a towel over the padded arm of [my] couch, straddling it, and rocking back and forth, using the weight of my body to adjust the amount of pressure on [my] clitoris.” Something tells me my roommates wouldn’t appreciate this experimentation either.

Lesson 5: Sex is Better at Full Mast

Cosmo Says: The clitoris is the female equivalent of the penis. Foreplay is important to make sure it’s equally “engorged.”

Kari Says: Foreplay is absolutely important. I too see the importance of becoming fully turned on before sex (or else it’s just not fair). Unfortunately, I don’t think that my boyfriend would understand if I insisted that he make sure I was fully erect before we started knocking boots…

Lesson 6: It’s All About Focus

Cosmo Says: Women kick ass at multitasking, unfortunately, this is a bad thing in the bedroom. Men have made an art form of tuning out all that isn’t vitally important to the interest at hand, this is a very very good thing in the bedroom.

Kari Says: Agreed. Cosmo, you are absolutely right; I sometimes catch myself thinking ahead to my next move (naturally one of your patented positions from the Cosmo Sutra—so you’re partially to blame), stressing about the way my stomach looks and, yes, even wanting to open the window to cool things down. This just might be the perfect opportunity to take a page from the guys’ book and practice focusing only on the sensory experience of sex.

Overall, I think that Cosmo does an excellent job of highlighting some of the sexual benefits men reap—a few of our *ahem* talents just may have been overlooked. So yes, Cosmo, in the name of “sexual superiority” I think this advice is pretty damn good…but I’m still not gonna hump my couch.

Jessica Alba’s butt is a gift.

OMG. This is someone’s MOTHER?!

Octo-mom’s a liar. And a reality TV whore.

Wanna be on Project Runway?!

Stop with the credit card debt, people.

College cards are often a necessity (ranking right up there with tequila shots and coffee) during your four years, unless you have a big fat trust fund or a wealthy eccentric uncle. A multitude of costly expenses fall outside your tuition bill. Some are necessary, like food, books and transportation, while others are luxuries, like clothes, alcohol, trips and concerts. Here are some tips to avoid the debt trap that so many students fall into.

Compare offers

Be as choosy with what you put in your wallet as you are about which boys you let sleep in your bed (Editor’s Note: When alcohol isn’t involved). There are tons of credit card offers out there – don’t just take the first one you stumble upon.

Do your research: check out the finance charge, annual fee, cash advance fees and late payment fees. The finance charge can be as high as 25 percent on the unpaid part of your bill, and the annual fee can suck up a hundred bucks each year. For cash advances, most cards charge a scary amount and high interest. Read the fine print, and look at what a late payment can do to your rate (hint: just one late payment increases your interest rate). Try sites like credit.com or bankrate.com) to compare cards and score the best deal.

Screw the free-t-shirt

Forget the free-t-shirt/ water bottle/ random-crappy-thing-that-you’ll-never-use-again. Don’t apply just to score free gear. With every application, an inquiry is made into your credit history. This can pull down your credit quicker than a drunken frat guy drops his pants (or yours). Push through the crowd of over-eager credit card pushers – its okay to say no.

Timeliness is next to Godliness

The due date for payment is not a ‘suggestion’. Be religious about your payments and mark them in your planner, iCal, e-mail calendar or PDA. Use programs like Mint.com to keep all your spending and bills in one easy to access dashboard. Mint sends helpful reminders when bills are due and keeps track of your balances. Set up online payment for easy access, and do your best to make timely payments.

Do the math

If you’re spending $600 a month, and your income is damn near zero, you’re heading for debt disaster. Work out a budget and determine how much you can really afford to spend each month. Evaluate where your yet-to-be-earned dollars are actually going – is it beer, books or boots? Try and separate your needs from your wants: eating is a need, new going-out pants is not. Even cutting out one bar visit a month – I know, how very tragic – will bring down your bottom line. As boring as budgeting may be, it will help you understand where your money is going and where you need to cut back.

Look at the alternatives

If you’re spending like a wild woman, but not pulling in any actual income, its time to consider the alternatives. At the risk of sounding like your fiscally focused father, it might be time to get a job. If you’re not currently working, consider slinging plates of food at the local diner to fund your living expenses. (Please avoid the pole.) While you might have to defer to the plastic occasionally, a paycheck can take a big bite out of your monthly bill.

Be future-focused

Sure, skipping payments for a few months might not seem like a big deal now, but it will bite you in your metaphorical ass later. When you get out of school, virtually every potential employer will be eyeing your credit report right along with your resume. A shady credit history will turn off employers and prevent you from getting that dream job. Just like you want to woo that fine-looking boy with a swimmer’s build in your economics class, you should want to woo future employers as well. (And the benefits will last much longer than a hook-up with swimmer boy). To boot, applying for an apartment or financing a car will be hindered by your crappy credit – and who wants to live in a cardboard box under the freeway? These negative marks will stay on your credit report for a whopping seven years. So, you’ll be missing out on great opportunities long after you’ve worn out the soles on those Visa-funded gladiator sandals.

Two-thirds of college students have at least one credit card, and 55 percent of students received their first card during their freshman year of college, according the Institute for Higher Education. Of those college students with credit cards, 20 percent have four or more. While carrying a card can seem inevitable to get by during your four years, making irresponsible decisions and building hefty debt isn’t. Be smart and don’t make decisions you’ll regret later.

Bad credit stays with you a lot longer than a jagermeister hangover. And feels a whole lot worse.