The importance of financial planning and establishing good money habits can’t be overstated.

WRAL reports.

College-bound students: How to get ready for the next 4 years

Many college-bound students and their families underestimate the cost of college. Indeed, 31 percent of students who left school without completing a degree reported they did so due to financial reasons, according to recent National Center for Education statistics.

Beyond rising tuition rates, there are many expenses to consider — books, class materials, room and board, cell phone plans, and incidentals — to name a few.