With today’s rocky economy, bad spending habits are causing a lot of unneeded stress and debt, but changing a person’s mindset is a tough task to tackle.

Tahira Hira, executive assistant to the ISU president, said students should change their mentality as well as their bad spending habits.

Hira also said students should know where their money is coming from and form some kind of spending plan.

She said students don’t have to take every loan thrown at them and students need to recognize that borrowed money needs to be paid back with interest. In addition, they should choose the lenders very carefully.

Hira said students should take time out to think about what they are taking out the loans for.

She suggested that students carpool and take public transportation.

“You can’t change the gas prices, but you can change your driving habits,” she said.

Hira said credit cards can be good if used responsibly, but many students need to remember the money they spend is not their own money, and they have to pay it with “tons of interest.”

“Stay positive and mindful of credit cards,” Hira said.

Doug Borkowski, lecturer in human development and family studies, said people need to understand the differences between wants and needs because not knowing the difference becomes one of students’ biggest stressors.

“Students should take time out and look at their needs and wants,” said Borkowski.

In this tight economy students should make their own food, for example, and instead of going to Starbucks, students should make their own coffee and save the extra money, Borkowski said.

Borkowski also suggested that instead of taking out loans, students should get a part-time job – but only if it doesn’t affect their GPAs.

Borkowski said parents should play a role in helping their student’s loan.

“Parents need to step up and help out their student by taking out a Parent Plus Loan.”

Students should track their spending and set a realistic budget, Borkowski said.

“If students form good spending and budget habits now, in a tight economy, then when the economy starts to grow again, students will already have developed those necessary skills.”

He suggested that students attend free events on campus and go for a walk to have fun instead of spending their money on going to the latest movie.