1. Aim for a comfortable balance between your income and expenses. Start with your summer income, which will soon be reduced by going back to school. Start budgeting now so you're a pro by graduation and work your way up to a higher level of income as you reduce your expenses. This means that you must make sure that you are saving enough money to cover the cost of all of your future expenses. If you can’t do that, it is too late for savings and investing.
2. Find out how much money you need to save each month, or calculate how much you will need over time to limit the amount of money that is going toward your future expenses while still maintaining a comfortable level of spending. You can use this calculator: http://www.calculatingyourfuturespending.com/calc-money-saving/ . It will tell you how much money you should have saved each month to avoid making any unexpected expenditures over time without spending beyond what is necessary for survival at home, school or work.
3. Once you have been able to find out what amounts are needed for the necessities of life, consider putting aside a portion of this amount every week until it reaches $50 every two weeks or more (or less if at all possible). Make this transaction automatic. This way, when things are going well or not so well you don't notice a change.
4.Apply to scholarships to help lower your tuition during the year and loans in the future. Any extra money you receive in a refund decide beforehand how the money will be spent. Will you blow it on spring break or save it? Your best bet is to save half and splurge half. Its ok to live a little.