Originally Posted: Dec 27, 2019
Last Updated: Mar 16, 2020
One thing almost all college students have in common is not having enough money, but it doesn’t have to be that way. With some diligent financial planning, a little creativity, and a bit of effort, students can live comfortably on or off campus without having to worry about where their next meal is coming from.
Related: How to Figure Out Your College Costs
Follow these practical, easy-to-implement tips for the three cornerstones of financial survival in college: setting up a budget, saving money, and earning extra cash. Even students with one or two years under their belts may find something new to help them spend more time on their studies and less time worrying about finances.
Some of these tips are rather easy, such as calculating expenses and sources of income. The most challenging aspect of financial survival is usually saving money. Nobody likes to cut back on discretionary spending, especially when it comes to food, drink, and entertainment. And while an important part of college is socializing, if frivolous spending is creating an endless financial hangover, those social activities won’t be nearly as much fun.
So get saving with these ideas about how to manage money and get the most out of your college experience.
How to create a college budget
- List all your monthly expenses, including tuition, room and board, textbooks and school supplies, transportation, personal spending, and frivolous spending.
- List all your monthly sources of income/cash.
- Make sure your expenses do not exceed your sources of income/cash.
- Track your expenses as they add up.
Tips for saving money at school
- Buy or rent used textbooks.
- Make your own coffee or tea.
- Take advantage of free meals offered on campus.
- Don’t use your credit card unless you have to.
- Pay your credit card bill in full every month.
- Pay all of your bills on time.
- Buy food and drink items that are on sale.
- Shop around before renting an apartment.
- Find the least expensive cellular plan that fits your needs.
- Use your phone only when necessary.
How to earn extra cash
- Sell your used textbooks.
- Become a tutor.
- Babysit, house sit, or dog sit.
- Become a driver for Uber, Lyft, or other driving services.
- Get a work-study job on campus.
- Sell clothes you don’t wear anymore on websites like Ebay or Poshmark.
While you’re working on your budget, use our Scholarship Search tool to find extra money for college!