In a city known for its entertainment and exciting night life, most students find themselves weighing the opportunity cost of one more night out on the town. And regardless of where the money is coming from, proper money management is important.

Making a budget at the beginning of each semester can set students up for success when classes, activities and a social life start to take over.

Set aside all permanent monthly expenses such as rent and utilities, car payments, insurance and cell phone bills, as well as $100 for emergencies. This will cover the cost of towing, a prescription if you get sick or an unexpected parking ticket.

Divide what is left of the loan, scholarship or estimated monthly income by the number of months in that semester, and again by the number of weeks in each month. Taking out cash can prevent overdrawing the account and makes it simple to know exactly what is available, rather than depending on memory or mental math.

Rachael Banks, a junior majoring in animal science, said she takes out about $20 in cash and sees how long it can last.

“You spend more with a debit card than if you physically had to hand the cash to someone,” she said.

The best time to stock up on necessities, including groceries and gas, is at the beginning of the week.

Whatever is left at the end of the week can be spent on things such as going out or movie tickets, or it can be set aside to save for a rainy day.

Though this seems to be a foolproof system, there are always things that come up. A big issue is the little expenses that add up throughout the month, but there are many ways to save money to help compensate.

University students and roommates Sarah Farmer and Corey Stillwell have come up with various ways to limit their spending.

“We try to do things cheaper like buy generic brands of groceries, only go out to eat once a week and wait for movies we want to see to get to the dollar theater,” said Farmer.

A small selection of free movies is also offered at the Tate Center.

When out to eat, order water – it will save up to $2 on the tab.

Keep in mind most items in the grocery store have a generic brand, including over-the-counter medicines.

Utilize local resources, such as local farmer’s markets. They provide fresher produce at better prices, as well as the benefit of knowing where it came from.

The bus route is another way to save money on gas.

Students can also put their education to use at local restaurants on trivia night. The winning team usually receives a free meal or a gift certificate. Many restaurants also run discounts on certain days.

Regardless of financial standing, there is always an opportunity to balance responsibilities with a little bit of life.