Being a college student is tough. It doesn’t matter if you’re fresh out of high school or have spent decades in the adult world. College classes are demanding, and require a sacrifice of your time, money, and attention.
The average college student spends 17 hours a week studying, doing homework, and preparing for class, not including class attendance. This leaves little time (and energy) for work. During your college years, money can get a little tight.
Keep reading for some smart budgeting tips you can use to keep your head above water (at least financially) while going to college.
1. Limit Dining Out
While you may enjoy good food and time with friends eating out, it’s an expensive habit you should learn to set down. Even fast-food meals are at least twice as expensive as preparing your own meals.
If you opt for a better dining experience and order an appetizer and a couple of drinks (assuming you’re old enough), you could be looking at $20 per person or more.
2. Choose the Right On-Campus Meal Plan
An alternative to eating out is using on-campus meal plans. However, this option isn’t always the cheapest either. For example, unlimited meal plans may not give you your money’s worth, especially if you’re not eating at the campus cafeteria three times a day.
Look into their meal plan options to see what they offer. However, some colleges may only allow the unlimited option for certain students.
3. Rent College Textbooks
Next, smart budgeting means saving money by renting textbooks rather than buying them. Brand new textbooks can cost hundreds of dollars. While you’ll be responsible for returning a rented textbook in the same condition you bought it (no damage, notes, graffiti, etc.), it’s a much less expensive option.
4. Maintain a Part-Time or Summer Job
Depending on your college schedule, you may or may not be able to hold a part-time job during the school year. However, there’s no reason you can’t find work during the summer.
If you do pick up a part-time job during the school year, just remember to make school your first priority. If you bite off more than you can chew, you can start to fall behind, lack the appropriate amount of sleep, lose focus, etc.
5. Put Yourself on a Budget
Smart budgeting means adhering to a budget plan. It’s easy to lose track of your expenses and find yourself broke at the end of the month.
Figure out your finances (income versus mandatory expenses) and determine how much you can spend each month on non-essentials. Give yourself a strict allowance for things like entertainment, dining out, etc. and keep to it.
6. Brew Your Own Coffee
One of the most expensive habits Americans have is buying over-priced coffee from coffee shops. You can brew coffee in your dorm room for next to nothing, whereas coffee shop coffee is typically five dollars or more.
Don’t be tempted by outside or on-campus coffee shops for your afternoon caffeine spike.
7. Don’t Buy Supplies on Campus
Additionally, smart budgeting means knowing where to shop and where not to shop. While the on-campus supply store is convenient in a pinch, it’s anything but convenient for your bank account.
Unless you’re facing a supply emergency, do the majority of your supply shopping at less expensive stores.
8. Take Advantage of Student Discounts
Speaking of less expensive options, a lot of businesses in college towns offer student discounts to draw in more business. While you shouldn’t go out of your way to buy something you don’t need just to take advantage of a student special, you can learn to save a lot of money by using these businesses.
9. Consider Living With Your Parents Through College
College students who choose a college in or near their home town have an opportunity to save loads of money by living at home, rather than on campus. While it may not be the “cool” thing to do, staying with Mom and Dad for your college years will save you thousands of dollars in the long run. Living with your parents will give you access to free food and lodging.
10. Avoid Picking Up Expensive Habits
While most people look at going to college as a time to experiment with life and try new things, be wise about the habits you’re getting into. Spending money on things like drinking, smoking, or using recreational drugs is not only terrible for your health, it’s also financially frivolous.
However, there are also habits like dining out and shopping that have little effect on your health but are equally devastating to your budget.
11. Pay Attention to Your Checking Account
Smart budgeting also means managing your bank account to avoid overdraft fees. The average overdraft fee is $33, which is a steep price for someone already scraping the barrel for cash. How banks feel you can payback such debt when you overdrew your checking account trying to buy a soda will forever remain a mystery.
12. Change Your Shopping Habits
Living on your own and paying for your own living expenses may mean changing your shopping habits or standards. While you may prefer top-of-the-line brands, you could save hundreds of dollars a year by buying off-brand or generic products.
Wait for Christmas and birthdays to ask for designer clothes or luxury items, rather than trying to foot the bill yourself.
13. Don’t Skip Class
Finally, smart budgeting means remembering why you’re going to college in the first place. You’re there to get an education and prepare yourself for your future career.
While it may be overwhelming at times, skipping class isn’t the answer. Not only can you fall behind, but you would basically be throwing money down the toilet. You’re paying a handsome fee for those classes, you may as well attend them.
Want More Smart Budgeting Advice?
We’re not saying you shouldn’t live a little and enjoy yourself while at college. These are important and formative years. You’ll make lifelong friends and maybe even meet your future spouse.
However, it’s important to act responsibly by implementing smart budgeting practices and remember your priorities. If you need any more advice or tips about college, be sure to check out the rest of our articles before you go.
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