Whether you’re headed off to college, in the middle of a semester, or have a college-age son or daughter, these budget tips for college students are your ticket to learnhow to manage money betterduring the school year. You can have fun, enjoy your independence, and still keep your finances in check!
This post is sponsored by Discover, however, all opinions and fairly responsible college yearsare 100% mine.
I still can’t believe it’s been 10 years this month since I walked into my first college class. I was young, naive {but then again, weren’twe all at that age?}, and had no idea what the college experience was all about. That didn’t hinder my excitement though — I was finallyentering what I thought was the real world!
Well, kind of.I guess you could say my choices weren’t exactly typical.
I went to a community college for 2 years while living at home to save money. Then I married my best friend and finished out the last 2 years at a state university. I never lived in a dorm, and I wasn’t much of a partier — okay, not at all! But I still experienced first-handwhat it meant to control my own money and make financial choices,as well ashaving my own bills to pay and a part-time job.
These were the years that helped shapeme into a responsible adult. Not only did I learn a lot about life in general, I also learned how critical it was to be smart with money, and how much my choices during this timewould prepare me for the real real world ahead.
Maybe you’re headed off to college, are in the middle of a semester, or have a college-age son or daughter who’s ready to take the leap.The budget tips for college students I’m sharing today will set you up for future success,without losing that sense of fun and independence the college years are all about!
Curious about what other lessons I wish I had known earlier in life? Here’s more advice to my younger self.
1. Apply forStudent Aid
The world of financial aid is incredibly confusing, butyou can’t ask for anything better than FREE, so it’s worth the effort to at least apply. The best known website,FAFSA, gives aid viaUncle Sam and it’s money you don’t ever have to pay back. Once your FAFSA is complete, take alook into other websites and programs to see where you’re eligible for additional assistance.
2. Budget for Expenses
Absolutely no one wants to spend time creating a budget, then pouring over a spreadsheet to keep track when they could be out with their friends on a Friday night. And honestly, I don’t expect you to.But you need to at least know what money you have coming in and going out.
Possible expenses:
Gas for your car
Apartment costs
Food
Tuition
Books
Extra spending money
Be sure tohave enough leftover to pay student loans and coveremergencies.If you want to get a little more detailed, you can print and use my expense tracker, play withMint.com,or download theYNABapp {FREE for college students} to track expenses digitally on your phone. We all know that’s one device that never leaves anyone’s side. 😉
3. Start a Checking Account
If you don’t have a checking account yet, it’s time to start one. Depending on where your college is located, you might want to bank with companythat’s close by and has ATM withdrawal capabilities right on campus. That wayyou can avoid extra fees as much as possible.
4. Avoid Full-Priced Textbooks
Istill don’t know why textbooksneed to cost so much, but theyarea necessity. Try to buy used as much as possible — take a peek on Amazon and Half.com to see what’s available — and scout out any local used bookstores before heading to the more expensive one on campus.
Not buy the book unless you’re absolutely sure you’re going to keep the class.
Not buy all the suggested materials unless you have a good idea of what your professor will and will not use.
See if you can use a previous edition. Sometimes there’s not much that has changed in the last year, but talk to your professor to make sure.
Borrow from a friend…..or sibling!
5. Take Advantage of Discounts
Your student ID is a badge of honor and your ticket to all sorts of savings. From movie tickets to restaurants, you can anywhere from 10-60% just by flashing your card.Another great perk is to sign up with Amazon Student, which gives you exclusive discounts and FREE 2-day shipping. You’ll also get access to all the movies, music, and TV shows available through prime.
6. Be Smart with Credit Cards
College is usuallywhen most young adults get their first credit card, but it comes with just as muchresponsibility as it does perks. If you have a credit card, always treat it like cash and pay your monthly bill in full. You may find it easier to exclusively charge gas or travel expenses until you get the hang of a new card.
Discover currently offers the Discover it® chrome for Students card,a no annualfee credit card for students, with 2% cash back at all gas stations and restaurants,and 1% cash back on everything else. Plus, for new cardmembers only, everyreward is doubled for the first year, and as part of their recently releasedGoodGrades Reward Program,you get an extra $20, each year for up to five years, justfor maintaining an above 3.0 GPA!
7. Learn to Cook
Eating out every day isn’t the best for your health, or your wallet!Quick and simple meals are very easy to prepare. You might want to pick up a Betty Crocker cookbook {my cooking staple!}, as well as 101 Things to Do With Ramen Noodles—you know, togive this typical collegefavorite a bit more flair.
8. Find a Part-Time Job
Classes might not leave a lot of time for a job, but a few hours a week will boost yourincome so you can save for life beyond the university. Internships for college credit are always a great choice, and Teaching Assistant {TA} positions are also pretty flexible. If you have a computer and love spending time online, you also might want to consider virtual assistingto offset college costs.
9. Repurpose and Reuse
My friends loved dumpster diving after the college students left for the semester — primarily because they always threw away really good stuff! Maybe you don’t want to take everythinghome with you after school lets out, especially if you live far away, but I would stilllist your items on Craigslist, donate to a thrift store, or consider saving them for next year.
You’ll save so much money reusing what you already have!
10. Have a Debt Plan
Almost everyone I know has graduated with some amount of college debt, and if that’s you, you need to strongly consider what your plan is when you graduate. Put every extra penny you can into paying off your loans — it’s hard to go into a marriage, career, or both, with loads of debt tied to your name — and makesure whatever job you take is able to meetyour living expenses, plus enough to tackle a good portion of yourdebt.
College is a really exciting time, but it’s also a critical gateway from high school to young adulthood. Spend smart, save up for the future, and don’t forget to enjoy every moment!
What are the BestBudget Tips for College Students You’ve Found?
Discover stands by their mission to help consumers spend smart andsave more, by providing the best products and programs for their money. In addition to branded credit cards, Discover also offers private loans, checking and savings accounts, certificates of deposit, and money market accounts. You can learn more about Discover HERE.
Disclosure: Some of the links in the post above are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers.Read my full disclosure policy here.
The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals. Let's take a closer look at each category.
What does it mean to graduate debt-free? Graduating debt-free means completing a college education without the burden of student loans. This can be achieved through a combination of scholarships, grants, personal or family savings, work-study programs or income from part-time work.
Expected student living expenses can range from around $18,000 to over $41,000 a year depending on location, time on campus and financial capacity, according to the College Board. Moreover, living on your own, juggling classes and new friends, it's easy to overspend.
Loans may be a fast and convenient way to get money for a college education, but taking out too many loans and/or not having a solid payment plan in place can result in negative financial consequences that are felt long after the cap and gown have been hung.
The 80/20 rule, or the Pareto Principle, states that 80% of your efforts lead to 20% of your results, and vice-versa. This means that 80% of your study book gives you 20% of your knowledge and insights. Also, 20% of your book gives you 80% of your knowledge. The 80/20 rule is also called the Pareto Principle.
As a parent, you may be considering giving your child a college allowance to help them with extra costs. But how much spending money for college does your child need? While $250 per month may be the average, your child may have additional expenses.
What Are College Student Expenses? Tuition and fees stand out as the major expenditures. As higher education and costs continue to rise, students find themselves grappling with the burden of hefty tuition bills. In addition, the cost of textbooks and educational materials can weigh heavily on a student's budget.
Focus on fiber. Fruits, vegetables, and whole grains are all relatively inexpensive foods that contain dietary fiber which is beneficial to digestive and overall health. Making foods high in fiber the center of your meals will not only help your health but can save you money at the store.
University graduates owe an average of $33,500 a year after they leave school. The average private nonprofit university student borrows $33,700 to complete a bachelor's degree.
The No. 1 reason students have thought about leaving school is due to financial challenges (30 percent), followed by motivation or life changes (24 percent) and mental health challenges (18 percent).
50% of your net income should go towards living expenses and essentials (Needs), 20% of your net income should go towards debt reduction and savings (Debt Reduction and Savings), and 30% of your net income should go towards discretionary spending (Wants).
Well, to put it simply, when you are assigned to write a “research” paper, 80% of that paper needs to be your own thinking—that is, your ideas, your analysis, your commentary, indeed, your words—and 20% will be content borrowed from sources—summaries, paraphrases, and quotes.
It doesn't account for other financial plans. Since your money has three specific destinations, it can be tough to decide what to do when you have goals that aren't covered by the rule—like investments.
Introduction: My name is Neely Ledner, I am a bright, determined, beautiful, adventurous, adventurous, spotless, calm person who loves writing and wants to share my knowledge and understanding with you.
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