During the school year, students might find themselves scrambling for loose change due to irresponsible spending habits.

In order to compensate for this problem, students should be encouraged to start a budget to maintain their monthly spending.

Mollie Kelley, the financial health education coordinator for HERC, said starting a budget is important.

“It keeps your money and expenses in check and accounted for,” she said. “I think the most important purpose of budgeting is keeping your living within means. It helps you live within your means and not spend money that you don’t have.”

Kelley said sometimes, it could be easy for students to forget about how much they are spending.

“It can be so easy to spend and spend and lose track, and all of sudden your money is gone or you are in debt,” she said.

Kelley said she is not surprised that it is hard for some college students to maintain a steady budget.

“I think if a student makes responsible and smart choices, it can be easy to stay on a budget, especially since most of the students are on a fixed income or don’t have a job,” she said.

Coming up with a budget plan could help a student in every aspect of their life.

“It would help them build good credit, so when they go take out a loan or apply for a mortgage, they have good established credit,” Kelley said. “It will help them be able to manage their money when they get out into the real world.”

A budget will help a student transition a lot easier.

“It will also help them get ahead after college,” Kelley said. “They won’t have debt build up that they would have to pay off.”

When students are ready to start a budget, Kelley said they should keep track of their expenses for a week.

“I would say to keep track for one week of every cent that you spend, and then from that, customize a budget that meets all of your needs and stick to it,” she said.

This will help students keep track of where their money is going and how much they will have to spend on certain things.

“It also helps you plan for the future,” Kelley said. “You need to decide if you can live without certain things,” she said.

Kelley said needs are items you need to have in order to survive.

“Going to the movies is not a need, but you should set aside money in your budget for entertainment,” she said.

When it comes to receiving extra money, Students should try to save as much as they can, Kelley said.

“It is important to plan for the unexpected or things that may come up that would be really fun to do if you had the money,” she said. “Students just need to be smart. Try to pay with cash so you do not get wrapped up in unnecessary credit card debt.”

Kelley said overall she thinks everyone should have a budget especially when they are in college.

“The budget should be updated as often as more or less money is added to the equation,” she said. “I think it just helps keep a healthier lifestyle.”

Jessica Leggin can be reached at 581-7942 or at jmleggin@eiu.edu.