There is no "one right way" to do time management.  The following are intended as hints and suggestions.  Pick the ones that will work best for you.

• Learn to make good estimates of how much time all your tasks take:
  How long does it take you to get ready for class?  To eat?  To shower?  What is your optimum number of hours of sleep? 
  
  
• Prepare some things in advance:
  If you are going to need to take or do something extra for a class, do it ahead of time and leave it somewhere that you will see it, or put a "don't forget" note on your door.  When taking a particularly early class, it might help to set out your clothes at night before you go to sleep.
  
  If you have a 'term project' that won't be due till the end of the term, figure out how many weeks that will be in advance and give yourself guidelines of what steps in the project should be done by which week.
  
  
• Prioritize:
  If you are feeling overwhelmed by the amount of tasks you need to accomplish, make a list of them.  Decide which are the most urgent, which can be put-off until you have completed more important tasks.  Cross items off your list as you accomplish them.  Add items to the list as you acquire more assignments.  Having a list like this helps to remind you not to over-extend yourself.
  
  
• Schedule your party time:
  Everyone needs some time to unwind.  The trick is to keep the unwinding time from interfering with study time.  If today is Friday and your next class isn't until Monday morning; Friday might be a better party night than Saturday. 
  
  
• Don't Over-Extend Yourself:
  Be realistic about what you can accomplish in a given period of time.  Don't volunteer yourself or create obligations unless you know how you can fit them into your schedule.
  
  
• Create a Daily Reminder Schedule Guide:
  Make a weekly schedule with 24 hours in a day and 7 days in the week.  Start by filling in your class schedule.  Add other regular activities like sleeping, eating, homework, recreational time, shopping, study time.  Use this as a guideline to keep yourself on-track.
  
  
• Time and Tests:
  When you are studying for a test, try to start studying early enough (in the day or in the week) so that you can get a full night's sleep the night before the test.
  The most effective studying takes place for most people 15 to 20 minutes after they start to study.  Most people need to take a break from studying every 40 to 50 minutes.  The brain needs a rest every so often to process the new information.  Make sure when you estimate your study time, you pad it enough to include breaks.
  
  

Related Links:
How to Do Well on Academic Tests
How to Study for Academic tests
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