As a college student, it’s easy to overspend when you are away from home. You might feel like you need to go out to lunch every day in between classes or do a coffee run every morning, but that’s the trap. Which at least 99% of college students fall into. Students don’t realize that literally every penny counts.
Here are a few tips to help college students budget better.
1. Limit Restaurant Outings
When it comes to budgeting, it’s important to set aside money for going out to eat but it doesn’t need to be an everyday thing. Depending on your budget, put aside $25-$50 a month to go out. Coming up with alternatives to plans with your friends like packing a lunch is one of the best ways to go. Though you will still join them, knowing that you are not spending money helps.
TikTok user collegetips22 offers an app that helps picking great, budget-friendly spots.
If you are a coffee or tea drinker, preparing a to-go beverage will help. When you leave your dorm or apartment make sure to pack a thermos with your desired drink. Packing a tea bag or instant coffee could also help if you know you will be thirsty later. Most cafeterias or student centers will provide free hot water.
2. Buy Used Things
When it comes to buying used things, this applies to a lot of goods.
Every college student should know not to pay full price for your books! It can be very easy to fall into the trap of a shiny new cover but before you make the purchase, you should ask yourself why? Unless it is required for you to buy a brand new book for your class, explore the used book section. Search online for even better deals. Here, TikTok user collegetips22 shares a helpful resource for finding books online.
In the end, the book will serve the same purpose.
When it comes to your apartment, you should find the nearest Goodwill or the equivalent to get everything you need. Always ask yourself, “How tight is my budget?” Depending on your answer or your willingness to spend, these thrift stores will sell couches, chairs, and even appliances. It is even worth checking out the clothes section at a thrift shop because sometimes there will be some pretty decent items.
Remember to clean everything you get from the store for your safety.
When it comes to investing in used products, this also applies to cars. If you need transportation while you are away then you should do some research. Either invest in a reliable used car or see if you can lowball your grandma for the car that’s been sitting in her garage for the last 10 years. Those are usually the best cars and money-friendly alternatives.
3. Smart Grocery Shopping
Every adult’s nightmare is running through a store trying to find the best deals as the person behind you casually taps their foot with impatience. Although it can be unappealing to most this is the most important part of your budget.
First thing’s first – look for deals! You can find them in the junk mail that most families throw out when they get the mail. What they don’t know is they are throwing away hundreds of dollars. Remember: “Saving money is making money.” Gather those thin-papered advertisements and pick out the best deals from the stores around you.
Another tip to improve your living situation is getting a whiteboard for the fridge. This will help you to be more organized, especially with planning out each meal. As well as creating a proper list to take to the store for your grocery shopping.
When you hit those days of “I have no idea how to cook!” you can download the App Tasty. It is extremely easy to navigate and has videos for you to watch and follow along if you are a visual person. This app will take your cooking skills to another level– Gordon Ramsay look out! Adulting is hard, just hang in there.
4. Getting A Roomie
If you’re going to college with a good friend or even finding a suitable person see if they want to room together. Looking at the local apartments is also an option, especially if your college doesn’t require you to stay in the dorms during the first two years. Finding a place to stay in the surrounding area for cheap prices will help you to rent with a friend or two.
Of course, you’ll need to set some ground rules like budgeting and certain boundaries you want to set; but that’s all personal preference. Here, TikTok user collegebudgetsteph talks about what questions to kick off those conversations.
Long story short, rent is cheaper when it’s divided up.
5. Savings
This tip is to take some pressure off your future self. It is always good to have a rainy-day fund. For the days that you get sick and have a high co-pay on your insurance this fund will come in handy. Depending on your budget for the things I mentioned above, put aside $10-$50 every paycheck into a jar or directly in your bank account. Even if you don’t end up dipping into the rainy-day fund, you save up extra money by the time you’re done with college. Boom! That’s potentially a part of your loan payment right there.
