For many, college is the first taste of independence from living at home, restrictive high school scheduling, and most importantly, parental guidance. New independence means higher responsibilities, including daily self-care, time management, and lastly, budgeting. You can rely on this guide for tips on making sure you’re never unprepared for what life throws at you, expected or unexpected.
Overseeing your own finances might be an overwhelming transition to some, as it requires thoughtful planning around every aspect of your life that might require spending money. The first step of every budget planning process is to understand what you will spend your money on and how often you’ll spend. Once you can determine this, then the real work begins.
Necessities at a Fraction of the Cost
Housing
Before even starting school, a living space will be at the top of most students’ lists. To be more cost-efficient, especially for first-year students, we highly recommend living in campus dorms, as you’ll likely spend less than the monthly rent plus utilities for off-campus housing, not to mention hefty deposits and sometimes sneaky prepayments of several months of rent in advance. If you are dead set on living off campus, you can refer to articles like this, or these tips for finding roommates to split your costs with.
Class Resources
Of all school resources, nothing is more painful than buying a thick textbook that you’ll only use 4 pages of during the entire semester. Some free alternatives include using online “libraries” where people can file-share any scholarly-related works, including articles, magazines, and textbooks. If you cannot find it there, you can also try to type the name of your book on Google, followed by “filetype: PDF”, which will show you results that only appear in PDF form, and can increase your chances of success. As a last resort, if you’ve exhausted all free resources, try renting your book instead of buying.
Meals
For meals, if you look at any flyer or notice for an event on your campus, you will likely see a college student’s two favorite words: “free food”, which can accompany an otherwise informative learning experience. If cooking for yourself is an option, look for generic brands, or frozen/canned/dried items to maximize your grocery savings. For those willing to eat at school, most colleges will offer meal plan options, so you should consider your daily consumption needs and how they can best be translated to the right meal plan.
Savings on Lifestyle
Just because you’re on a budget doesn’t mean depriving yourself of things you love to do. Your student ID can act to access several off-campus discounts for things like shopping, transportation, or subscriptions. You can also follow this ISO guide for any other deals that were not previously mentioned. You’ll be surprised if you take a step back from being excited about spending to see how money you can save in the process.
Build Your Budget
A good way to have a flexible budget is to simply have more money, and while college students may not be instantly eligible for professions in the corporate world, there are still many ways to add a dollar or two to their pockets:
- If you have a talent like writing or photography, build your content portfolio to support your work and sell your services to those who need them!
- Getting a job on campus that is affiliated with your college (research assistant, library worker, etc.), or applying for CPT and working an off-campus job to fulfill course credit.
- Colleges will offer a lot of opportunities to participate in market research surveys, many of which you’ll be paid for. Pay attention for flyers around campus, or if your professor is asking for any cooperation in market research, as these positions have only limited quantity of people to fill.
You can find all other methods to make a quick buck here.
Miscellaneous Tips
If you’ve followed all the tips above, and are still looking for other ways to save money, here are some other suggestions:
- Thrifting is an effective (and popular) way to find hidden treasures while being able to afford items like clothes and appliances for cheaper rates. An added bonus is if you find items that have more value than they are advertised for, as they may earn you a hefty profit from collectors online!
- Paying with cash at some establishments may entitle you to some discounts, which would otherwise not be given for card payments.
- Budget your time as well. Have you ever heard the phrase “Time is money”? Even by being proactive enough to first create a savings plan for yourself, you will already have better preparation than those spending into the blue and hoping they won’t go over budget.
Lastly, if you’re looking to budget your money on student health insurance, consider enrolling in an ISO plan. You’ll save up to 50% when compared to a school plan, while still having strong benefits to prevent costly medical service fees.
Saving money as a college student is a common practice that not only teaches people how to properly monitor their budget, but it also can inspire other qualities in them they might not know of. Perhaps you find that you’re good at selling your services, which builds an entrepreneurial spirit, or you see that you cook wonderfully at home. We hope you’re able to use these tips to go through college without worry of financial burden!
