What is the first thing you would do if you won the lottery?

Some students might take a trip, buy a car, buy lots of clothes. But some students would have to pay their bills.

But since most students probably won’t win the lottery, there are some things that can be done to save money.

Jim Taylor, a BYU-Idaho business professor, said the best thing for students is to have a plan.

“A budget is different than knowing where all the money went,” Taylor said. “You need a plan that guides spending with limits.”

Taylor suggests looking at it in three categories with a separate account for each.

First, monthly living, which includes food, personal and tithing. Second, periodic expenses such as Christmas, auto insurance and vacations. And lastly, long-term savings or a 401K.

College students don’t often think about saving for retirement. But it can be one of the best things, Taylor said. “When you’ve got an employee that is putting in 50 cents to the dollar, you can’t go wrong.”

Students who have budgets understand how helpful they can be. Paul Garner, a sophomore from Taber, Alberta, plans his spending carefully. He has a section for food, housing, gas, personal and dating.

“I think my budget is essential,” Garner said.

One thing that helps Garner save money is his eating habits. Instead of going out to eat every day, Garner cooks.

“It is healthy and it really saves a lot of money,” Garner said.

Garner does not just have a budget; he keeps it. There is no room for splurging, Garner said. Which, according to Taylor, is where most students go wrong.

Rachel McKee, a freshman from Chubbuck, Idaho, agrees.

Her idea of a budget is making sure she does not spend more than she has. She said she could do better.

“I could easily save money if I didn’t go to so many concerts and stuff,” McKee said. “I could cut down on the frivolous spending.”

“Most budgets are broken on impulse activities,” Taylor said. “Create another account for that sort of thing.”

So before you resort to spending their money on lottery tickets, take Taylor’s advice: plan before you spend.