College is a time for learning new things, socializing with new people, and preparing for life’s many challenges. But as you may know, it can be quite costly. Tuition rates have risen steadily as universities struggle to make ends meet in the wake of the economic downturn.
So how can you make it through without burying yourself in student loan and credit card debt?
You’ll need to establish a monthly budget to ensure that there’s not a large debt hole waiting for you after graduation day. A good budget will make you feel happier and relaxed because you have made a plan. You know where you’re income is coming from, and where you are spending your money. No budget will make you feel stressed and worried because you haven’t planned. You might know where your income is coming from, but if you haven’t planned to spend it wisely, you might find that you are spending carelessly, and running out of money, which can cause a myriad of problems.
Consider these Six Simple Ways for College Students to Live On a Budget:
1. Make a Budget before You Start School
First things first: you’ve got to be prepared before day one. Many college students spend money more freely in the beginning of their first semester—sometimes without realizing the implications of the spending until months later. A few are fortunate to receive money from their parents throughout the school year, others must plan to work during school to cover expenses. That means many students can find themselves in serious difficulties unless they get their personal finances in order. It’s really difficult for an incoming freshman to anticipate expenses, but asking advice from other students that have gone to the college or university a year before them can help. Think about your circle of friends or family and ask around to find out more about what your college expenses could look like. Establishing a budget ahead of time can help you avoid taking on unnecessary debt later on.
2. Use Student Discounts
University area businesses often give student discounts to boost their business. Just flash your student ID at restaurants, bookstores, movie theatres, travel agencies, clothing stores, and more—to get your student discount. This could be anything from 5-15% or more depending on the business. Student discounts benefit both students and local businesses. The businesses benefit because they hope you’ll tell your friends about their store; you benefit because you get a discount.
Make sure you apply for any other student discount card you are entitled to, such as travel cards to give you anything up to 30% off your train or bus journeys.
3. Avoid Credit Cards
Students may feel the need to get a credit card for college. Yes, they’ll help build credit, but they can destroy it as well. If you do opt to get a credit card, be sure to pay it off in full every month. Many college students fall into the credit card trap early on, which only adds to their student loan debt. So avoid them if you can, and use them responsibly if you can’t.
4. Work for the University
Students can reap some serious rewards when they work for their school. Even if it means swiping meal plan cards at a nearby dining hall, they could receive discounted food, books, and even tuition. To take it a step further, explore the possibilities of working in one of many university offices around campus – many institutions have paid internship programs. You could earn some great real-world experience, from the comfort of your campus. Also, many universities have their own student-run credit unions, where you can learn everything you need to know about finance—and get paid for it.
5. make a Meal Plan
If you’re not using a university dining rooms or canteens, be sure to plan your meals in advance. For one, it saves you trips to the grocery store and allows you to avoid overpriced mini-marts on campus. By making a shopping list and sticking to it, you can keep your food purchase within your budget. It also allows you to eat healthier because you are planning ahead of time and can purchase healthier options. If you have roommates, share the burden and shop together. It will also help you avoid eating out because you are hungry and don’t have food in your room.
6. Buy Your Books Online, or rent if possible
It’s convenient to buy books at your campus bookstore, but it’s not always cheap. Unless you’re looking for a rare book offered only at your school, look online first. Amazon.com should have most of the books you need. If you do need to buy your books on campus, pick out a used copy. Some students may try to share a textbook with a classmate and can be a great way to save some cash, but you will need to work out a rotation for the actual reading time, which can be difficult. That doesn’t just apply to books—gas, meals, appliances, and laundry can all be shared, too. So if possible, consider sharing. It could give you a serious financial boost this school year.
While having a budget can’t solve all of your financial issues, you still need to have an income that will cover expenses, it is the first step in financial responsibility, and can alleviate unnecessary stress.
I’d love for you to share other tips you have in the comments!
Magdalena
Trisha McKee says
My daughter is going to college in the fall, so this comes in handy. Thank you so much for this.
Cassandra D says
Renting books would be one of the great tips to go by and you could return the book and you can always shop around and get rental deals, instead of paying so much money.
Buddy Garrett says
These are great tips. Our daughter is already in college and has faced the same challenges.
Jerry Marquardt says
I like the tips and pointers on proper planning, especial meal planning. Nothing beats being prepared and not going hungry and staying in style.
Vikki Billings says
I think the best tip is do not get a credit card. When you first become a college student credit card companies bombard students with credit card offers, with student loans you will have enough debt, don’t add to it with credit cards.
Amy Delong says
I will be needing thelse tips soon enough,thand you for them
Lisa Weidknecht says
College is so expensive. These are great ways to keep expenses down!
tallcapp says
I think the meal plan idea is definitely best. I will feel better that my granddaughter won’t starve in her first year of college starting in the Fall.
Mishelle Greening says
I like these hints – I am going to forwards them onto my daughter who starts in the fall. Thanks!
Mishelle
Leah Shumack says
Avoid credit cards is a great tip. Too much other stuff to worry about and it’s too easy to just spend when you have them.
Kerry P says
One great way to live on a budget for college students is using amazon prime for students. it’s half price.
Zoey says
Thanks for the tips. College can be a real crash course in money management.
kathy pease says
Thank you for sharing these great tips and ideas
Ashley Chassereau Parks says
I love the avoid credit cards tip! I wish I hadn’t taken out student loans when I was a student also. I am trying to help my kids understand that and save money over their childhood and teen years, so they won’t have to do that for college.
Jessica Whitehouse says
My daughter saves money by participating in the college’s meal plan- she gets a set number of meals at the cafeteria (which offers a variety of selections) each week as well as credits for on-campus snack shops. It’s easy to budget meals and she only has to buy a few staples each week.
Michelle C says
Text books are so incredibly expensive, so renting them is a great idea! Thanks for sharing these tips.
Carolyn Daley says
You have posted some great tips. I highly recommend buying books online whenever possible. I have saved almost $1,000 buying my books online and reselling them back when I was in college.
Kristi says
Having a budget is an important thing to start learning early on as it will be a life long skill to have.
Sarah Oswald says
Thanks for all the tips i love finding new ways to save money any way I can.
Jake Bray says
What great tips for a student going to college.
Jackie says
Great tips! After my daughter’s first year and buying books at the school bookstore, we realized we could save money by buying or renting them on-line.
Rebecca says
Great tips! No credit cards are a super plus! Always sell your books back when school is over 🙂 Also love the tip for using student ID for discounts! So many places offer discounts and so many students seem to forget to take advantage of them!
susan smoaks says
i wish i knew this when i was in college. i got myself majorly in debt in college.
Jessica Miller says
It is great to write down a budget and stick with it!
wen budro says
Those are some important budget tips. I had a hard time in college because I had a tight budget and should have planned better.
Lisa V. says
My daughter went to college 10 years ago, and keeping a budget was great and prepared her for the real world.
andie says
My favourite places to shop for college dorm items are yard sales, garage sales and clearance racks.
Kayla says
I’m in college currently and I always forget about student discounts being a thing! i do use i t. For prime and Apple Music though, which definitely helps me get through school. I always buy my textbooks off of amazon – a lifesaver!
Molli Taylor says
ive never gone to college but i have a teen who will move out fairly soon. i think these are good tips for anyone!
Jayne says
No debt is the best advice for a college student. Start out as you mean to go on and as you mean to end and staying debt free is the best gift a person can give themselves.
John Smith says
Making a budget really is key! It’s part of being sensible!
Linda G. says
Thanks for the good tips, working for the university is a real plus.
Amanda Alvarado says
These are some great tips for college students who don’t have a lot of money to blow!
Rosanne says
Four kids through college here . They worked @ the university or in restaurants or during summers. They bought & sold their books online -never in a college bookstore, First one graduated in 2003 and last one in 2014. One thing I would highly recommend now with all the student loan debt is to go to a community college the first two years then go away. Didn’t have mine do that but then the costs were not as high. They also took a lot of AP classes so graduated on time or early which saved money on a semester.
Cynthia C says
I feel strongly that parents have a responsibility to pay for their kids’ educations so they don’t start life under a mountain of student loan debt.
David Hollingsworth says
This list is very helpful for college students. I just hope I’ll be able to refer to it some day, especially if I finally make it to college.
polly says
This would be a great book for my friends daughter who will be starting college in he fall…exciting times!
Julie Bickham says
I been a reader of your blog for a while. I always look forward to reading new posts.
Julia Baxter says
Budgeting in college is so important. Especially if it can help you avoid student loans.
Edye says
Being a college student myself, I loved this post! Thanks!
Margaret Smith says
After the first semester of college, we encouraged our son to get a job on campus. He now is in his third year and pays for his own daily expenses with the money he makes at his job.
Jerry Marquardt says
Thanks for the great ideas for saving but not too frugally when it comes to education.
Motionless Trees says
Budgeting and limiting spending is important, and starting in college can then prepare young adults for the future in terms of finances.
Cindy Brooks says
These are great tips. I’ve been going over college tips with our Chinese exchange student. He’s been with us for three years and is graduating this year. He’s kind of overwhelmed with all the college stuff!
Chris L says
Having to deal with a budget, usually for the first time , is a big shock to a lot of colleege students.
Susan Smith says
My daughter is a Sophomore in college and so far she is doing everything on this list. She bought used books when they weren’t available to rent.
Kristi says
I think it’s always good to come up with a budget before starting anything new, and with college it’s so important too.
TheFaxFox says
These are great tips for anyone looking to go to college. The best part is a couple of these tips can be applied after school ends!
Jessi Housel says
College can be expensive, but if you’re clever and try to live on the cheap you can do it without coming out with a massive debt. Great tips
Jennifer Rote says
I tutored many subjects in college for some extra cash.
Deb Pelletier says
Some good ideas, buy used books, , they may not have changed much over a year.
Elizabeth Brooks says
Love this list . Meal planning and not using credit cards are important
Sarah L says
Very good post. It’s been 50 years since I was in college but the points are still valid.
Ashley Chassereau Parks says
Good tips! I wish I had done more to live within a budget while I was going to college! I really wish I’d worked harder to not take out student loans!
Diana So says
I think these are great tips! Also, using any available free resources at school, like the labs and libraries will be your friends during study crunch times. My favorite tip is renting books online! Even checking out the bookstore for used books, if it has to be a college specific edition made for your school is key too.
Mary Cloud says
This is a great post. I have a daughter that will probably be starting college soon. Very helpful tips.
Lois M. says
Sometimes, older editions of the textbook are just as valid and fine – and cheaper. Ask the profs if that’s okay, they’ll know if they changed significantly or not! 🙂
Barbara Riffe says
My daughter orders all her books threw amazon used. Buying new on campus was so expensive and then to resell them back to school they only offered 25 % back.
Jennifer Williams says
Figure out if you can do without a car. College areas are often more pedestrian-friendly than the rest of their town/city.
ANGELA SAVER says
Great tips! My favorite are to make a budget, use student discounts, and avoiding credit cards!
Piroska says
Great tips! I like the one about buying books online (used) or frequent second-hand book stores. Amazing what you can find. And of course, the library. Great place.
Natalie says
When I was in college I saved money on textbooks by buying them online then selling them back to amazon.
Casey Garvey says
Meals plans are a real money saver! Saves time as well!
Sab Edwards says
THANKS for the chance, my wish list is long, mainly books , but books are my friends lol
Kelly McGrew says
Great tips. I rented most of my books in college, and sometimes I bought an earlier edition (as long as it wasn’t a math textbook as homework problems could differ). It saved me a ton of money that I surely didn’t have.
mami2jcn says
I worked for the admissions office and was able to pay for my car insurance, gas and other expenses while in college. I miss those days!
slehan says
The library is your friend. Books, DVDs, helpful librarians (make friends with one). Quiet place to study.
Sherry Compton says
We are over halfway through. Now, is a good time to check the budget and really keep on track. With football games going strong and holiday activities coming up; sometimes splurges are made. It’s a good time to make sure you are in check, and remember the priorities. Focus on the budget that they made. Glad you have that as the first tip.
slehan says
Good tips. NO CREDIT CARD!! Can be major pitfall. Renting text books is great if you can. You will not need them after the class is over.