On average, a student will graduate college $2,700 in debt, not including student loans, which means many need a lesson in budgeting their money.

“The biggest problem is students overusing their credit card,” said Stephanie Ogle, Financial Health Coordinator.

About 80 percent of students have a credit card. This problem with credit card debt is mostly due to the fact that students are making unnecessary purchases and not realizing that a credit card is real money, Ogle said.

In order to easily keep track of where and when a student is spending his or her money, Elizabeth Salvato, union manager of the First Mid-Illinois Bank, suggests using online banking.

“Just like e-mail, you can check it quickly and visually see your statements,” Salvato said.

Ogle and Salvato agree that students should also budget their money as a plan of action to avoid debt. According to a booklet put out by the William D. Ford Federal Direct Loan Program, a budget is “a plan for the most effective use of your income. It defines your expected expenses and the income you have available to pay them.”

The booklet suggests that expenses such as food, utilities, transportation, housing, personal expenses, loan or debt payments and savings should all be accounted for in a budget.

Most students have had either a summer job, a steady job throughout the semester, or they take a semester off to make more money. Students are using their income as their everyday spending money.

“I try not to spend it on fast food,” said Michelle Dini, senior secondary education major. “A lot is on beer and going out. Summer money is for tuition and rent, and the money I make at my job here at school is for going out and some bills.”

In a survey of 500 students, forty-four percent of students, both those with and without jobs, have money sent to them by their parents. And through Panther Transfer at First-Mid Bank, parents can control how much money is in a student’s account.

“Parent’s can transfer money monthly or weekly, kind of like a paycheck,” Salvato said.

WHERE HAS ALL THE MONEY GONE

Along with a weekly or monthly budget, many students have a set idea of how much they want to spend in a weekend. Students believe that one of the weekends they spend the most money is on the first weekend back at school.

“That weekend has the most parties of the year, so a lot of money is spent. People also have to stock up on food and beer too,” said Mike Wollney, junior physical education major.

The most money spent on the weekend is spent on alcohol and mostly at the bars.

“At least a good third of my job money goes to spending on plastic cups and handles of Jack Daniels,” said Darius Jutzi, sophomore English major.

After a night of drinking, students get the late-night munchies. About 15 percent of a student’s weekend budget is spent on fast food, such as Jimmy John’s, Chubbies or La Bamba’s.

But students’ money is not strictly spent on the weekend aspects of life. Some students who live off campus pay for different living expenses such as housing, utilities, gas and food.

“I think living on campus is better because house rent is high, utilities are cheaper, and you can also get financial aid for housing,” Ogle said. “Plus, you don’t have to worry about when bills are due.”

Students who live on campus do have to pay for things such as a parking permit, laundry and occasionally outside dining when they are tired of the residence hall food.

Also, students who are involved in activities on campus, such as those in the Greek community, often find themselves spending more. The survey concluded that students in fraternities spend over $200 more annually than male students who are not Greek, and those in sororities spend over $315 more than female students who are not.

“If I know I have an upcoming expense as far as the sorority, I’ll prepare in the summer and work more and save more money,” said Tara Coghlan, senior sociology major.

Students who have money troubles or questions regarding budgeting their money can contact Ogle to participate in a peer education program at the Student Services Building.