DeKALB | Bankrate.com has established a list of six “worthless” excuses many people use for not saving money.

While some of them may apply to students, students also have their own reasons for squandering their money.

“Students don’t save money because they believe Mom and Dad are always going to foot the bill,” said freshman undecided major Sami Costello.

Mike O’Connor, junior electrical engineering major, agreed with Costello’s views.

“My personal opinion is when students come from high school, they are used to Mom and Dad saying you have to save ‘X’ amount of money and this is what you get to spend, but now they’re at college and Mom and Dad aren’t here anymore,” he said.

O’Connor, however, also believes money problems do not necessarily stem from a lack of saving.

“It’s not even that students don’t make excuses for not saving money,” he said. “It’s that they don’t stop and think to save money.”

Associate economics professor Carl Campbell concurred with O’Connor.

“People put a lot of emphasis on instant gratification than on the future,” Campbell said. “The problem is not a lack of savings; it’s actually negative savings — getting into debt.”

Debt is a serious issue and many students find it easy to get into, especially with the increase in credit card availability.

“With the widespread availability of credit cards, students have a ‘buy now, pay later’ mentality,” Campbell said.

Credit card companies target students for this very reason, causing them to fall prey to high interest rates.

For some people, credit cards are a quick and easy way to get into debt. Experts say students should consider the fine print when looking over card offers.

“For most students, the answer is yes, credit cards are bad,” Campbell said. “They can be a good thing if used wisely, but when you’re not able to pay off your balance every month, it’s bad.”

Maintaining a good credit history is important because it affects a student’s future.

“Blemishes on your credit report are something that does not go away,” said Priscilla Thuestad, retail manager of Castle Bank, 141 W. Lincoln Highway. “Poor credit history will follow [students], so it is important that they establish things on a positive basis.”

Campbell suggests that students realize the importance of budgeting.

“You know how much your rent will be each month and you can estimate what your utilities will be,” Campbell said. “Set aside some money for those expenses. Then you put aside money for those necessary expenditures. Once you have budgeted that amount, you will know what your limit is to spend on other things.”

In addition to budgeting, Thuestad said saving shouldn’t be overlooked.

“Living expenses and bills should come first, but saving is also important,” said Thuestad. “When you have direct deposit into a checking account, you should also have a little amount deposited into a savings account.”

Herminia Irizarry is a City Reporter for the

Northern Star.