You have financial aid money for college - great! But how do you spend it? I'll tell you 4 approved ways.

1. Cover School Expenses First

Top of the list: tuition and your books and supplies. We'll call that 1 way. You have to pay these so that you can actually go to school! Be sure to get this out of the way to keep yourself in school. As soon as the check arrives, pay tuition. And soon after, get your books taken care of however you do that. Now you can earn credit and get that degree.

2. The Digs, The Domicile, Your Flop

Even colleges know you have to have a place to sleep. You can spend financial aid money on your place, and on the upkeep. Especially your utilities, including water, electricity, gas, internet service - a necessity for a student, phone and even cable service. Gotta watch CNN, right?

The point: you've got reasonable living expenses. This money will pay for them.

3. An Apple a Day

Most schools require that you have health insurance, and you may also have dental bills and contacts, glasses or lasik bills. All are necessary and acceptable school expenses.

4. Your Ride

Whether you take the bus, ride a bike, skate or drive, you will have some transportation costs. Getting there and back is part of going to school, so if you need to spend on this category, go ahead. But now is not the right time to cab it to and from school. You are on a budget. Do what you need to, but keep costs down wherever possible. You'll have time to get the Prius after you get the degree.

I've only covered four very basic parts of your budget. You'll have other expenses that you can use financial aid money for, but try to keep ahead of the game. Don't spend everything at once, plan for your money to last, and it will.

Have fun, get an education, and finish - it's worth it.