Tips For Staying On A Budget In College

For most in college, this is your first time ever having to manage your own money. It can be a little tricky at first, but with these simple steps for staying on a budget and lowering expenses while in college you’ll do just fine.

The first thing you need to do is setup a budget worksheet for your income and expenses. About.com has a great example of a budget worksheet for college students. This will help you visually see where your income comes from and how much you are bringing in versus how much you are spending in order to recognize where that money is actually being spent.

The most important thing to do is be realistic about your income and expenses. If your income is less than your expenses, then you will need to do some adjusting and lower some of your expenses. Living above your means is not a good way to start off your spending habits for your future.

Instead of using credit or debit cards, use cash for your purchases. Paying for things with cash makes you more aware of how much money you are spending versus simply swiping your plastic and signing on the dotted line. If you set aside money in cash form for what you budget for food, clothes, entertainment and other things it will allow you to visually see what you have left to spend on for the remainder of the week or month. It also won’t be as easy to waste $80 on a pair of shoes or jeans.

Only buy something if it is on sale, you have a coupon or you really love it. Clearance sales and buy one get two free are a college student’s favorite words to see when shopping – so take advantage of those sales on food and clothing and make your money stretch further on each purchase.

Don’t buy your textbooks at full price. Buy the used version either from your student bookstore, amazon.com or half.com. This can save you up to 80% (sometimes even more) on textbooks each semester!

Actively look for more scholarships that you can apply for and hopefully win each semester. This will add to more funding for your budget and help you with your education.

If you can, apply for a part time job either at the school you’re attending or nearby. This will help you manage your time, give you extra spending money and look good on your resume after you graduate from college.