College students can dig themselves out of debt and have extra money in their pockets with help from experts in the lessons of finance.

According to Deborah Fowles of “Your Guide to Financial Planning,” financialplan.about.com, the top five m oney mistakes made by college students are getting into credit card debt, squandering loan money, ruining their credit score, not budgeting, and choosing an expensive college.

On the issue of credit cards, Elsa Anaya, the Business Department Chairperson of Palo Alto College, said that credit cards and students just don’t mix. She believes that students see it as plastic money with no consequences.

The average undergraduate student has four credit cards and $2,200 in credit card debt, according to Fowles. “You wouldn’t pay $7,000 for an item that is clearly marked with a $2,000 price tag, would you? Yet that is exactly what you’re doing when you buy it using a credit card with an 18 percent interest rate and then only pay the minimum balance each month,” Fowles wrote.

A credit card calculator at ditech.com will show you how long it will take to pay off your credit cards.

Credit card debt like this is hazardous to your financial future. When you try to get an apartment, a home loan, or even find a job after you graduate, your credit score is lowered.

College students can learn the basics of personal finance by following some simple guidelines. According to Mary Murray of the Wisconsin Institute of CPA’s Web site, the guidelines are:

1. Have a plan in place. Having a financial plan in place helps students see the future and understand how money management can improve their lives.

2. Focus on budgeting. Budgeting helps students maintain control of their money and limit spending.

3. Credit cards spell danger. Having a credit card for emergencies and to build a credit history is not necessarily a bad idea, but for some students access to credit is an invitation to overspend.

4. Checking accounts provide convenience and teach skills. Balancing a checkbook is time consuming, but it is cheaper than bouncing checks.

5. Smart spending saves dollars. College students can learn to comparison shop and economize. Examples of this would be clipping coupons, purchasing used textbooks, buying generic brands, and carpooling.

All of Murray’s tips are really good, but do students actually put them into practice?

Jackie Flores, a Palo Alto freshman, undeclared major, said that she saves money by clipping coupons, putting money into her savings account, and shopping off-season.

College students have their own way when dealing with money management, but professionals, like Business professors, have an entirely different perspective.

“They like to spend money on anything and everything,” said Anaya. She thinks that college students are not planning ahead for tomorrow or even further in the future. Anaya said that saving money is not a priority to many students, because they are just thinking about the right now and how they can spend the money that is burning a hole in their pockets. Anaya advises students to save money by doing little things like saving all of their pocket change in a jar and then transferring the money to a savings account when that jar is full.

Andrew Garcia, a Palo Alto freshman, Criminal Justice major, said he doesn’t spend his money irresponsibly. “Throwing your money away is like throwing your life away. In the end you have nothing to show for it,” he said.

Holding down a job can be either good or bad for your finances. According to Anaya, working while going to school can teach you responsibility, saving money, time management, team building and social skills. Unfortunately, working can also cause some students to worry more about paying for things than the success of their schoolwork.

“It is hard to save money when there are so many things that you need,” said Amber Beavers, a freshman undeclared major. Beavers comes to school full time and works part time at an insurance company.

If college students aren’t spending their money wisely, how did all this start? Did they learn bad habits from their parents, friends or the media?

Some students said they are learning from their parents’ mistakes. The students also think that there should be more classes offered to help students learn money management. Anaya said that the Business Department is looking to add a Personal Finance class this Fall.

The next time before you slap down the plastic and say, “Charge it,” think about Elsa Anaya, Business Department Chairperson, saying, “Money is about thinking ahead and what it can do for you.” Learning how to manage finances can be rewarding when you realize how much more money will be in your pocket at the end of the day.

Special groups in the city specialize in helping you understand and organize your finances, like the Consumer Credit Counseling Service of Greater San Antonio, located at 6851 Citizens Parkway, Suite 100. The manager of Marketing and Education can be reached at (210) 979-4300.

Another program is the Individual Development Account Program by the City of San Antonio Department of Community Initiatives that helps you open a savings account for a home down payment, tuition for college or job training. It is a special match savings program for people with limited incomes, where each dollar gets $4 in return. Check for specific guidelines by calling Robert A. Moreno at (210) 207-6097 or Mario Resendiz at (210) 207-6341. They are located at 115 Plaza de Armas, Suite 230, in downtown San Antonio.