April is tax season, and a good time to re-evaluate your money situation.

Most college students will answer, “What money? I’m broke!”

“Broke” is a relative term, however.

I recently heard Lisa Smartt, the speaker at the Faculty Women’s Luncheon, describe how she explained the family’s financial situation to her children when they were living in a trailer park on a tight budget.

She said to her kids, “We are still in the top 10 percent in wealth of all the people in the world.”

So when you feel impoverished, keep it in context if you are living in a reasonably comfortable home, driving your own vehicle and eating well.

If you don’t have money to buy lots of clothes and go to the movies twice a week, that is a different story than if you are worrying about whether or not your family will have food.

Some UTM students, of course, are actually worrying about whether their family will be able to eat.

Many younger students have parents who have their own financial struggles as well.

For the majority of students, however, a major issue is sorting out financial needs from financial wants.

Students who buy a big fancy new truck and then complain about their financial situation haven't been thinking things through.

Students who spend $50 a week on fast food might want to re-evaluate their priorities as well.

What can you do to economize?

First of all, put your credit cards away. Unless you have a dire emergency, don’t charge anything.

Every dollar you put on a credit card and can’t pay off by the end of the month grows into a mountain of debt.

Second, ask yourself, “Do I really need this or do I just want it? And can I actually afford it?”

Third, make sure that your money desires don’t take over your academic priorities.

Sure, you can work 35 hours a week and go to school full time, but the likelihood is that you won’t do well in your classes, you won’t have time to study properly and you won’t be well-rested enough to concentrate on your studies.

I’m always amazed at “poverty-stricken” students who spend $100 or more on a birthday present for a boyfriend or girlfriend.

If your partner truly cares about you, he or she isn’t going to want you to spend money you don't have.

Instead, use a little creativity to figure out an imaginative present that doesn’t cost very much.

Some of the best presents I’ve received in my lifetime were expressions of caring and thoughtfulness that cost little or nothing.

Many college students graduate burdened with unnecessary debt and terrible credit ratings.

It’s worth it to incur student loans so you can go to college, but it is not worth it to charge a stereo on a department store credit card, and then go into default and ruin your credit rating because you can’t afford the payment.

Save your money and buy what you can afford or do without - old-fashioned ideas that can save you a whole heap of trouble.

A simple lifestyle change like learning to cook and having most of your meals at home can make all the difference in your expenses (and hopefully will improve your health as well!).

Examine your attitudes about money.

Were your parents casual about debt?

Do you use shopping as therapy when you feel stressed or depressed?

Are you in the habit of saving money regularly whenever you are able?

If you have a spouse or a partner, do you have good communication about your money values and the practical aspects of how you spend your money?

Are you lying to anyone about money - your parents, your partner, your creditors?

If so, that is a big red flag that you need to get your financial house in order.

People do make mistakes, and sometimes it takes a long time to clear up the consequences.

More and more employers are looking at the credit histories of prospective employees, which is a little scary.

Most students want to be able to buy a house someday and good credit is a necessity.

Think about your values and your priorities, take a clear look at the emotional issues involved in your money decisions and you will be on the right track.

For more information or advice on how to deal with matters of the wallet, visit the professionals at the Counseling Center, located at 213 University Center or call 587-7720.