College students know the woes of having empty pockets and will do almost anything to earn an extra buck or two. But just as important as earning extra cash is saving some.

Most students learn quickly after moving to college that the money they earned at their summer jobs is spent much faster than it was earned without mom and dad around. This is why it’s important to have a budget in place to keep from going broke, or worse, going into debt.

Katie Thompson, Arts & Sciences freshman, has been adjusting to the expenses associated with college life.

Before coming to Creighton, she discussed a budget with her parents.

“I went over in the first month because of extra books and dorm stuff, but mostly I’ve been sticking to the budget.”

Jim Ambrose, adjunct professor in the College of Business Administration, is teaching a class called Personal Financial Planning this semester, which could be useful for any college student.

“Having a budget for college students is critical because it’s your first time out on your own. There’s unfettered access to credit, and it’s easy to abuse without a budget,” he said. “With a budget, you can look back and see if your spending conforms with reality, and you’re avoiding accumulating debt.”

If setting up a precise budget seems overly time consuming and stressful, it’s good to at least have some kind of spending plan in place.

“I try to spend less each week than I make and I’ve gotten good at it. I have two part-time jobs, though,” said Nick Davies, Business junior.

He offered some advice for freshmen, too.

“Don’t get carried away with spending,” he said. “I did that freshman year. With parents not around, you spend more than you think you do.”

Ambrose advises students to be realistic about their spending when setting up a budget. Factor in “treat yourself” components along with necessities. A budget should allow for reasonable expenses.

“Be accountable to yourself and potentially to someone else, like a parent or sibling.

If you don’t have a budget, you have no way of monitoring your spending habits. It’s like being on a diet – you’re more likely to succeed if you’re accountable to yourself and tracking your progress,” he said.

“It’s not about what you should or should not spend money on, just monitor your expenses and be responsible.”

Ambrose’s most important piece of advice, however, is to avoid credit cards. College students receive countless offers from credit card companies to open an account. This can be a slippery slope to debt.

“Credit is convenient and safe. It can destroy a budget if you spend what you don’t have.”

Ambrose advises an alternative.

“If you’re going to abuse it, don’t get a credit card,” he said. “Use a checking or debit card instead. If there’s no money in the account, you can’t spend.”

A few more tips:

Go for the store brands – Unless it’s Kraft Macaroni & Cheese, there’s probably very little difference between the name brand and the store brand.

Buy textbooks online – There are a number of Web sites that sell textbooks for less than the bookstore’s prices. Compare prices between Web sites and the bookstore so you get the best bang for your buck.

Set up a rewards system – The money set aside in your budget for treats needs to last. If you want to buy something extra, buy it as a reward for your hard work after a big test or an especially tough week.

Do you really need it? – Don’t buy things on an impulse. Remember you’re a poor college student and probably can’t afford it, or at least have better things to spend your money on, like textbooks or tuition.

Use your meal plan – Eating out is fun once in a while, but don’t make it a habit. Your meal plan is already paid for and you shouldn’t waste it.

Every little bit helps – Go for water instead of pop. Don’t use five washing machines when your laundry can fit in two (just set them to cold to keep those colors safe). It might only be a few dollars but it adds up fast.

The credit card issue – If you really want to get a credit card, be smart about it. Use it as a means to building good credit and always pay the full amount when the bill comes. Interest will accrue rapidly on anything you don’t pay off and you’ll be in debt before you know it.