Budgeting Tips for College Students
Finances can be stressful at any age, but they can be especially difficult for students. Students are faced with the challenges of juggling academics, social groups, career planning, and navigating college life, all while trying to learn financial literacy and manage tuition bills.
The good news is that we have some helpful tips that may help with budgeting and guiding your finances in the right direction.
1. Create a budget plan
The first thing to do when creating a budget plan is to figure out where it will live. Whether it’s an Excel spreadsheet, computer or phone apps, or good old pen and paper, find out what method works for you. Then you can start categorizing your expenses and determining which expenses are higher priority than others, which will tell you what you should and shouldn’t be spending on. The Federal Student Aid website has more budgeting tips that may be helpful as well.
2. Track your spending
This is often one of the more tedious aspects of budgeting, but thankfully, there are plenty of budgeting apps if documenting things manually isn’t the right method for you. You could also review monthly credit/debit card statements to look at what you’re spending money on each month, which may help you stick to your budget plan.
3. Minimize expenses
One of the most obvious ways to budget is to make sure that you’re not spending more money than you need to, and there are a lot of creative ways to do so. Doing things like buying or renting used textbooks and cooking at home instead of eating out might noticeably save you a lot of money over time. Sticking to your budget and refraining from spending on things that aren’t high priorities may also really help. And don’t forget, as a college student, there are so many companies, products, and websites that offer student discounts. So, whenever you go shopping or prepare to spend any money, be sure to ask if there’s a student discount!
4. Maximize your income
When we look at increasing the amount of money we have coming in, the obvious thought is to make sure we have a job – or maybe even two. While this is definitely a good option, it’s not the only option for easing the burden of your tuition bill. Regardless of where you’re at in your education, try applying for new scholarships and grants, both within and outside of your school. Even smaller amounts will add up pretty quickly, and when it comes to paying tuition, every penny counts!
5. Don’t forget to save!
It’s all too easy for savings to fall to the wayside with budgeting, but if you allocate room for savings in your budget plan, it can be simple to build efficient saving habits. Direct deposit and tucking away savings as soon as you get each check could be very helpful methods for anyone who struggles to find the extra room in their wallet. Remember, no amount is too small – whether you’re saving $1 or $100, every penny saved is a penny for your future.
