Here are some mistakes to be avoided.

Time reports.

6 Common Money Mistakes College Freshmen Make

College freshmen across the country are settling in at school for the first time and, with the high cost of tuition, money is in short supply. But even if they’ve gotten great deals on their textbooks and saved money on their school supplies, are they prepared to be responsible now that they’re making their own financial decisions?

According to a 2013 study sponsored by Higher One, many may not be. The study found that 20% of college students have bought things they can’t afford and 24% believe that others would be horrified by their spending habits.

In just the first few weeks and months, as college freshmen adjust to their new responsibilities, they’re at risk of making several common financial mistakes. Here are six of the biggest financial mistakes that freshmen make and how they can avoid them.

1. Not Creating a Reasonable Budget

Going away to college without creating a budget can be a recipe for disaster. Students without budgets are at risk of running out of money before the end of the year, or even before the end of the first term.