By Matthew Mozek 
Oklahoma Daily, U. Oklahoma

(UWire)--While many college students attend universities with the sole purpose of earning a diploma, the struggling economy is proof that learning good financial skills is one of the most important things they can do while away at college.

Building a budget is the best tool to help prevent college students from overspending

By developing good money management habits and budgeting, you will be able to make smart financial decisions that will help achieve goals later in life, said Jered Davidson, a first-year law student who has developed a budget to allow for concurrent saving and spending.

Building a budget is the best tool to help prevent college students from overspending, said finance professor Evgenia Golubeva.

She said it is important to be realistic and prioritize when building a budget.

"Overspending can be like overeating," she said. "You do it on an impulse, out of boredom, to feel better."

Golubeva said she believes one can make oneself feel better without spending a lot of money and urges students to ask themselves, "What else could I do now that would help me feel better, but wouldn't cost me quite so much?"

Golubeva said it is also important to set money aside for the future and develop a spending discipline. She said she believes the earlier student begin to practice this skill the faster they will master it.

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While she admits saving isn't always ideal, she said it will ultimately make things easier for her in the future.

"I do want to save, but I also want to have a life," she said. "It is unrealistic to think that I can be 100-percent-disciplined at all times, and it is also unhealthy to deny yourself things all the time because it leads to splurging."

For many college students, the burden of paying off student loans is one they must endure for several years after graduation.

"When it comes to spending money, you have to consider what your plans are for the future," said Britnee Bryles, journalism senior. "I set aside $20 out of every paycheck I get and use the rest for everyday expenses."

According to Forbes magazine, nearly 60 percent of college students graduate with $20,000 or more of debt. At a young age, overcoming this much debt can prove to be an overwhelming task.

"I made it a point to save a little money each month so that I would be ready when the time came," Davidson said. "I wanted to at least be able to afford the interest payments each month."

Davidson said he found that budgeting his finances was the best way to enjoy himself now without mortgaging his future.

"By sacrificing some of the luxuries most students enjoy, I'll be able to enjoy myself later on in life," Davidson said.