How to Manage College Expenses – Smart Budgeting Tips for Students
Although tuition is the most significant cost for students, it is definitely not the only one you have to contend with while juggling classes and a social life. College expenses add up quickly, from housing and textbooks to transportation and everyday living costs. You need a budget that works. This helps you manage your finances during the school years and sets you up for success after graduation. These smart budgeting tips for students will help.
1. Track Your Income and Expenses
If you take any science, statistics, or business classes, you know how important data is to every decision you make. The same holds for creating a budget. Use an app or a simple spreadsheet to record all your income and expenses. This shows you where you can save and whether you need to earn more to live comfortably.
These are important personal finance management factors you will have to consider for your entire life. Start by recording every dollar you earn or spend to get a good idea of where you are. Then you can incorporate more of the tips below into your life.
2. Choose Affordable Housing
Most young adults who head off for college or university have two choices regarding housing: dorm living or off-campus housing. The first one is organized and controlled by the school itself. It’s often the cheapest option but comes with some limitations. You often do not get to choose who you live with. You get a private or shared bedroom and shared living spaces and bathrooms.
Off-campus housing can range from a shared house to a tiny studio apartment of your own. You must balance convenience, your lifestyle, and costs to make the right choice. If your focus is on saving money, choose the smallest, shared space you can deal with. If necessary, you can always move next semester or year.
3. Save with Food Plans or At-Home Cooking
If your university offers a food or meal plan, take advantage of it. You will probably spend a lot less per meal than buying food elsewhere. Sometimes, these cards can get you snacks and even coffee at on-campus places, too. While eating your meal in the cafeteria, grab an extra muffin, some fruit, and a sandwich to bring back to your dorm or apartment. This will help keep you fueled for long study sessions.
If you don’t have this opportunity or live off-campus, dining there isn’t logistically prudent, so cook most of your meals at home. Dining out always costs more. Use coupon rebate apps every time you visit the grocery store.
4. Seek Out ALL Student Discounts
Find them at your school, nearby towns or cities, and in major retailers and service providers. You can discover student discounts for a surprising number of places, from tech companies to fashion brands and more. These will not only save you money on essentials but also increase your quality of life for less. It’s quite common to find reduced prices on subscriptions, but think carefully about whether you truly need them before signing up.
Some focus on education, such as Barnes & Noble and SkillShare discounts. Nike and The North Face offer discounts to current college students for shoes and clothing. Apple and Lenovo even offer money off their computers and other devices, which are essential tools for anyone pursuing advanced education.
5. Public Transportation Whenever Possible (or Get a Bike)
Some places simply do not have train, subway, or bus service that suits your needs. If your college town does, get a monthly pass and use it as much as possible. Some even offer shuttle services for students with an ID from the school.
If your location does not have public transportation, consider getting a bicycle to handle most commutes and outings. Check out online freebie sites like Freecycle and Facebook Marketplace. You won’t get a top-of-the-line cycle, but you may get free transportation. In locations with cold or wet weather, the bike will at least save you money on gas and wear and tear on the vehicle.
6. Choose Cheaper Textbooks
Unlike schools for younger students, college and university classes do not include textbooks for free. You have to buy or rent them for every class. While some use much less expensive ebooks these days, you will still have to pay hundreds of dollars each semester. Consider buying used textbooks and checking out best offers on Direct Textbook. You can also use online platforms to sell textbooks once your class is over. That way, you have some cash in your pocket and fewer unwanted books cluttering up your dorm room or apartment.
7. Find Easy Ways to Make Extra Money
Many times, expenses overwhelm your income, loans, or savings as a college student. Do not sacrifice your class or study time for a job. An easy way to do this is to ask at the financial aid office or the student resources center for any on-campus jobs. Helping professors, working in the food hall, or doing maintenance are all possibilities.
Local part-time jobs may get you more income, but juggling their schedules with your classes can be difficult. Consider doing gig work or a side hustle instead. Driving for Uber or Lyft if you have a car, doing food deliveries for local restaurants, and odd jobs like packing or building flatpack furniture are all excellent options. Other college students need this kind of help frequently, and you will be boosting your budget with every dollar.
While it may not be possible for you to get through four years of college education without loans, there are ways to minimize their impact and live better while attending school. From saving on the biggest expenses like housing to picking up a little extra cash on the weekends, these tips will make your budget smarter on your way to graduation and beyond.