Budgeting Advice for College Students

Between chem lab, study hall, and bussing tables four nights a week to pay for tuition, most college and university students have enough on their plates to have to worry about how they're going to buy groceries or pay that looming phone bill. But they often have to find creative ways to stretch their incomes. While this often translates to making sacrifices, it doesn't have to mean completely abandoning their standards of living.

Rent and Housing

First things first; a student has to have a place to live. If you're a student planning to attend college near where your parents live, consider staying with them. The very thought of living with the 'rents after turning 18 is enough to make some people cringe, but seriously, if your parents are not opposed to this idea, it's a smart financial move. Chances are, your parents will be able to provide you with much cheaper (possibly even free) housing than you could ever find elsewhere. And, if you're lucky, they may even chip in for some of your food.

If, for whatever reason, living at home is not an option, alternative housing will be necessary. Living on campus is often far more expensive than living off campus, so it’s important to check into both options. In either case – whether you’re choosing to live on campus or off – find a roommate. Living with one other person will cut your total cost of rent and shared utilities in half. Living with more than one will cut your costs even further. That can add up to be a tremendous savings.

Transportation

The cheapest way to get around is to walk or ride a bike. If either of these options is available to you, it is suggested that you take advantage of them; however, if they aren’t, check into the public transit system of your school’s city. Riding the bus to school can save money on gas, parking, car insurance, and car maintenance. Many public transit systems now offer monthly and yearly passes at a discounted rate. And, many employers offer hugely discounted (or even free) public transit passes, so checking out this transportation option can save you a bundle. If all else fails, try finding a friend whom you can carpool with. Even if you have to shell out for the expense of driving everywhere, you can at least share the burden with someone else.

Bills and Other Living Expenses

Most students start to build credit around the time they go off to college by opening up credit cards and taking out student loans. Be wary of this, however, as it’s exceedingly easy to dig yourself into a massive hole of debt. Avoid taking out loans if you can, and while it’s smart to use a credit card to increase your credit score, be absolutely certain that you have enough money in your bank account to cover what you’re purchasing with the card. Pay it off at the end of every month. Be careful!

Today, tons of Americans do not even have a land line anymore and use their cell phone as their primary phone. Cell phones are certainly convenient, and with the plethora of cell phone carriers out there, chances are, you’ll be able to find a plan with a rate comparable to that of a land line. Just keep in mind that if you don’t really need both, don’t sign up for both. Also, keep in mind that many schools now offer free wireless internet as well as computer labs free for student use, so if you can avoid getting cable television and internet at home, do so. For the average student, that’s a monthly savings of about $90.

Food

It’s no secret that cooking at home instead of eating out all the time is a much cheaper way to live. But, just because you’re living on a small income doesn’t mean that your three squares a day have to consist only of Top Ramen. Not only is the nutritional value of the ten-cent noodle soup questionable, it can also be pretty boring after a while. Instead, try buying items in bulk. Many supermarkets now offer bulk items, and purchasing items this way instead of from pre-packaged boxes on the shelf can mean dramatic savings. And, you can purchase only the amount of the item that you need which can be a huge help when you’re living paycheck-to-paycheck. Also consider heading to the farmers market if your school’s city has one. Fresh produce offers a variety of vitamins and minerals, and the fruits and vegetables that come from farmers markets tend to be cheaper and fresher than any you’d find in a grocery store, not to mention tastier. And, of course, coupon clipping never hurt anyone. Grab a Sunday paper and take a few minutes to look for deals on things that you need, or might need in the future. While this may seem lame, it’s a great way to save money while continuing to eat like a king.

Paying for College

Tuition costs are determined individually by each school, and therefore, they vary wildly. Public schools tend to be cheaper than private schools, and junior colleges tend to be cheaper than universities. Requiring students to fork over thousands of dollars per year, however, is one thing they have in common. The best advice for any student after they have chosen their college is to apply for financial aid early, and apply for every, single scholarship they can. Many schools offer scholarships specifically for their students, and these can be great sources of college funding help because they are often far less competitive than other, national scholarships. In addition, think about renting your textbooks as opposed to buying them. Rented books often cost a fraction of what a new book would cost at the college bookstore.

College student hard at work.

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