DeKalb | Spending what doesn’t need to be spent can send you on a downward spiral of debt. How can you avoid debt now to prevent large payments in the future?

DeKalb Mayor Kris Povlsen said it’s as simple not spending what you don’t have. Craving a pizza tonight? Don’t get one, or maybe split the cost with a friend.

“It’s not rocket science,” Povlsen said. “Live within your means.”

Polvsen advises students to plan ahead, live conservatively and think about the future.

Professor Gerald Jensen, an expert in financial management and investment management, suggested students establish a budget and establish credit now, so they can do things like get a mortgage after college.

“In order to have a credit history or credit score, you need to keep up with payments,” Jensen said. “Beginning early will help build your score.”

Nicholas Seng, senior mechanical engineering major, advises students to pay attention to all the expenses that accumulate.

“Something as small as burning bagels is wasting money,” Seng said. “Be cautious of avoidable expenses, such as parking tickets, towed vehicle fees and paying a late fee on the electric bill, which hurts your credit.”

Likewise, Jensen advises students to invest in the stock market early to build credit.

“The mistake people make is they start investing large amounts later in life, but investing a small amount early allows it to accumulate longer,” Jensen said.

Finance professor James Johnson suggests the “Buy and Hold” strategy, where you invest in equities and leave them alone.

“[In the stock market], you can lose 40 percent of your money in one year if you try and sell your shares when the market is down,” Johnson said. “On the other hand, over a long period of time, that money can turn into a large amount. You can get 10 to 12 percent returned on an investment.”

Ten to 12 percent returned means more money in your pocket now, Johnson said, than if you never invested to begin with.