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10 Essential Budgeting Tips Every College Student Should Know

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Essential Budgeting Tips Every College Student Should Know

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College life can mean a lot of new experiences; from freedom and independence to basic adulting challenges.

One such challenge that many students may come across is managing their finances with a limited student budget.

Here are the 10 very crucial tips to budget better and make your college life stress-free.

1. Track All Your Expenses

When you know where exactly your money is going, budgeting becomes a breeze. Here are some tools and tips to help you track your money and spending habits:

  • Tools like Mint, GoogleSheets or Goodbudget can make tracking convenient.
  • Don’t just write down every single expense. Segment them into categories like rent, food and groceries, entertainment, transport, emergency funds, etc.
  • Keep reviewing your tracker to identify areas you can start with (i.e. cutting back on these areas).

Keeping a journal can also be a great therapeutic experience if apps and sheets aren’t your thing.

2. Create a Realistic Budget

Making a budget doesn’t mean you have to completely give up on having fun. The best kind of budget is realistic; that can help you manage your expenses, have fun and also save up some bucks.

Here’s how to go about it:

  • Add all your monthly income sources like scholarships, part-time jobs and paid internships, allowances, etc.
  • First, make deductions for all fixed expenses like rent, tuition, savings and investments, etc.
  • Assign a good portion for food, groceries and transportation.
  • Keep a small and sustainable amount for entertainment and emergency funds.

A great way to decide how much to allocate for every essential is to follow the 50/30/20 rule. Use 50% of your income for needs, 30% for wants, and 20% for savings.

3. Take Advantage of Student Discounts

Many brands and businesses across the globe offer exclusive discounts to their student customers.

Taking advantage of these student discounts can save you some bucks on your ‘fun money‘. Here’s how you can max out on your discounts as a student:

  • You can usually get student discounts on transportation, movie tickets, computer software, book subscriptions, etc. So make sure to carry your student ID.
  • Many platforms offer student deals on essentials like clothing, grooming products, tech, and even restaurants.
  • Enquire at your college front desk for local business partnerships offering discounts to students.

4. Cook Your Meals

Dining out or ordering are expensive. But that doesn’t mean you have to live on just instant noodles as a college student.

Cooking yourself nutritious meals can be done even with a hectic schedule. Here’s how:

  • Plan your meals beforehand and make a grocery list to avoid buying unnecessary items.
  • Learn to cook simple recipes that are quick and cheap but also tasty.
  • Don’t throw away your leftovers; get creative and reduce wastage.

You can also buy yourself a good lunchbox to carry home cooked meals to campus!

Cooking your own meals can be a great option too if you have specific dietary needs, restrictions or preferences.

For example, cooking a cheap vegan meal at home is better than eating in expensive vegan restaurants everyday.

5. Avoid Credit Card Traps

Credit cards are a savior during emergencies. But if you are careless with the usage, you may get stuck in a debt loop.

Here are some tips to plan your credit card expenses better:

  • Use your credit card only if you’re confident you can pay the debt off in full every month.
  • Get only one low-limit card and try to only pay your subscriptions and EMIs with it; avoid using it for shopping and eating out.
  • While getting a credit card, compare the interest rates of providers and only go for student-friendly options.

6. Share Costs Whenever Possible

Every college student is struggling with their finances; even your friends! For example, if you are a college student living with roommates in a housing near ASU, Tempe, you may actually be able to share some lavish amenities without breaking the bank.

Splitting your expenses with friends is a great way to help each other lighten the financial burden while still enjoying college life. Here are some things that you can split bills on:

  • Get yourself some roommates! This way you can share the rent and utility bills while still living in your dream student housing.
  • Carpooling helps you save on fuel. Sharing cabs can also be a great way to split the transport bill.
  • Get bulk groceries (usually always on sale) and split the goods with housemates to get better value for your money.

7. Make Saving a Habit

When you are living on a limited student budget, it is important to have a safety net for emergencies.

Fortunately, even saving a little money regularly can help you build your safety net in no time. Here’s how:

  • Open a different no-minimum balance savings account, second to the account you use for spending.
  • Treat savings like an essential expense and take aside a fixed amount for it every month.

8. Find Part-Time Work

Sustaining a student budget on just an allowance or scholarship is difficult.

Finding yourself a part-time job can help you bring in the extra income and have more financial freedom. Here’s how to find yourself a part-time job:

  • Check if your college is offering on-campus jobs like library assistant or event helper.
  • Look for freelancing in sectors like writing, graphic design, or tutoring.
  • Start your search with job search platforms to find job roles that match your skills.

9. Use Free Campus Resources

Many colleges offer campus resources to their students to help them lighten the burden.

If your college offers such amenities too, take advantage of them and save yourself some buck. Here’s what your campus may be offering:

  • Have a gym on campus? Avoid paying for club memberships by using the on-campus gym.
  • If you have a library, borrow books and course material rather than buying new books for every semester.
  • Attending on-campus events and career counseling sessions offered by your college can help you network.

Make sure to check your college bulletin board or official website to know about free services that your college offers.

10. Plan for Emergencies

Emergencies can happen at any time. Be it a medical emergency, plumbing or electricity mishaps or just anything, handling emergencies requires funds.

So, make sure to plan for these situations by having a safety net. Here’s how to do that:

  • Save up an emergency fund, even if it’s a very small amount every month.
  • Keep money aside for situations like medical emergencies, broken gadgets, and even last-minute travel.
  • Avoid using your emergency fund for any non-essential purchases.

Conclusion

Being a college student means blending in your studies and fun experiences. So, obviously budgeting doesn’t have to be about completely cutting off on your fun.

But what you can do to better manage your finances is plan your spendings and make better financial decisions.

How can amber help you?

amber helps you secure student accommodation of your choice on your study abroad journey. Having served 80 million students (and counting), amber is your one-stop shop for all your accommodation needs. Download the amber app from the Google Play Store or App Store to book an affordable home for your adventure.

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