With the school year just beginning, many college students are using credit cards and setting up their own bank accounts for the first time. ING Direct USA, the nation’s largest direct bank, asked its summer interns what they wished their parents had told them as they headed off to college.

Here’s their advice:

START SAVING NOW. Small day-to-day expenses can really add up. A daily trip to Starbucks for a $3.00 latte totals nearly $1,100 over a year. Trimming down on needless costs frees up lots of money. Socking it all away in a high-interest savings account allows you to save for something more useful than an overpriced coffee.

MAINTAIN A BUDGET. College is costly. You have to buy books, clothes and supplies. Create a budget for each semester so you can prepare for future expenses. This will save you the headache of figuring how much money you need for everything, and leave you with extra spending money.

USE A CREDIT CARD ONLY WHEN ABSOLUTELY NECESSARY. Just because a credit line is available, that doesn’t mean you need to max it out. It can take many years and thousands of dollars to pay off credit-card debt. Spend only the money you have budgeted and use a credit card in emergency situations only.

BUY YOUR TEXTBOOKS from discount Web sites. Textbooks can be very expensive, especially if you buy them from your campus bookstore. Consider purchasing your books from discount Web sites such as Amazon.com or Half.com. It saves you the hassle of waiting in line for books on the first day of class, and saves you a lot of money.

SPLIT YOUR BILLS with your roommates if you live in an apartment. Make a financial plan you can all agree on to pay your bills every month. Split the bills equally among all of you. This way you’re all paying an equal amount, and the plan will keep everyone on a schedule.

IF YOU LIVE OFF CAMPUS, don’t eat out all the time. Buy enough groceries for a week or two so you can make lunch and dinner on your own. It can be a fun way to save money, and you can always split the grocery costs with your roommates.

IF YOU HAVE A JOB at school, take money out of each paycheck and put it in a savings account. You won’t be tempted to spend all of your money, and you will always have some extra spending money for fun or when you really need it.

MAKE SURE you can access your bank account at school. If you can’t, open an account at a local bank or online. At a local bank, you can easily cash and deposit checks and might be able to avoid ATM fees. Similarly, many online banks offer free ATM access at thousands of locations through ATM networks. And online banks generally offer some of the highest interest rates available.

KEEP TRACK OF YOUR MONEY. Keep a log of deposits and purchases, especially from checks and debit cards. Even though your bank may track this electronically, it’s good practice for you to personally manage your funds. Plus, transactions might not go through as soon as you make them. Having a hard copy is always a good idea.

Jim Kelly

Chief Operating Officer

ING Direct