By Bailey Garrison/reporter

The TG student loan program along with TCC financial aid and advising hosted a lecture Oct. 12 on NE Campus to discuss strategic ways of reducing expenses and managing spending.

TG’s Student Financial Education Program modules explored monthly budgets and ways to plan ahead for expenses. NE financial aid director Mary Lou Bledsoe opened the lecture with goal setting. Planning ahead and managing income versus expenses allows for students to progressively save while meeting their needs and wants.

“In order to do so, we must determine familiarity,” Bledsoe said.

Knowing students’ resources is key to starting a good spending plan, allowing them to match the money they make to the money they spend to pay bills, she continued. Irregular expenses must also be considered.

Tuition and insurance premiums were a few examples that Bledsoe used to describe expenses that do not happen every month but still must be accounted for in spending plans. She also discussed the cash-flow statement method and the step down method, both of which can identify when money is spent along with ways to help reduce expenses.

Some of the most common mistakes students make when developing their spending plans are failing to save, not planning for irregular expenses, squeezing the spending plan to leavie no wiggle room, and not accounting for “mad money,” or impulse purchases.

“Students do not take these mistakes into account, and they get themselves into a hole,” Bledsoe said. “They end up getting a second job and burn the candle at both ends. Students’ studies begin to suffer, and that should be their concentration.”

Spending more than is in the bank can result in overdraft fees, which can affect credit and spending limits. Creating a spending plan can eliminate these unwanted consequences. By establishing a way to save money and identifying basic needs, every month should allow for leftover income.

Senior financial aid officer Racquel Holt plans to graduate this year with her bachelor’s degree from the University of North Texas and go into teaching. She discussed the importance of creating a spending plan and planning ahead for the future.

“Becoming a teacher does not have the highest income, so having a plan in place will help me budget life expenses and manage my money better,” Holt said.

NE financial aid associate Andee Rodriguez said having a spending plan has made everything relatable and provided a better perspective on how it relates to him personally.

“These lectures give you knowledge you never had in high school,” Rodriguez said.