Smart budgeting skills are as essential to college students as studying for their classes these days. The cost of college itself continues to rise, with four-year, out-of-state students paying about $30,780 tuition and fees per year. Add in room and board, textbooks, and the expenses of everyday living, and it can get overwhelming fast. These amount is practically impossible without massive student loans. Many young people supplement their income with part-time jobs and side hustles.
Learning how to budget as a college student carefully examines three major things: existing funds, income, and expenses. Let’s break them all down and discover how to make more and do more with what you have.
How to Make a Basic College Student Budget
Before diving into earning and saving options, you need to know how budgets work. Most importantly, be honest and thorough with every detail. In the end, you will have both a base budget to start with and an ongoing record of money coming in and going out. You really need to track everything to ensure you have enough.
Add Up What You Have Already
You can’t start college without money, of course, so the first part of the budget is writing down what you have now. This includes things like family contributions, student loans, grants, or other financial aid, and any savings you have earmarked for your education. Anything that already exists or is 100% assured to pay your tuition or related bills directly goes here.
Do not include anything you only ‘hope’ to get in the future. You cannot pay bills or buy food with expectations, only what you actually have in your bank account or through verified direct payments to the school.
Determine Your Total Income
Anything you earn over time goes into the income part of the budget. This includes wages from jobs, regular freelance or side hustle payments you can rely on, and things like that. If you earn one-time payments here and there, you add this into your working budget as you go along, but don’t count on them as part of the regular budget. For help keeping all this organized, try using one of Notion’s Budgets templates designed specifically for students.
Again, don’t make wild estimations of what you could earn in the future. Just because you earned $100 one Saturday driving people home from a frat party doesn’t mean you’ll be able to make the same amount every week.
Figure Out Total Expenses
What do you have to pay for? This ranges from big expenses like tuition and a meal plan to incidentals like chipping in for pizza at a study group or buying some gum because you want fresh breath for a date. As with the income, regular costs are predictable. Occasional expenditures get subtracted from your available money as time goes by.
To make this all easy, use a reliable money-tracking app. You can see the breakdown of your budget and available funds at any time. Since you have your phone on you at all times, this is the most convenient option. Some apps even sync with banks, credit card companies, and common payment apps like Venmo.
How to Save More Money in College
You can’t negotiate tuition or go without a car in some locations. Since you’ll always have inescapable expenses, you need to cover them first. Seek out all options for financial aid, grants, and other money you won’t have to pay back. Start by exploring tips on how to get a scholarship and look into unusual scholarships that often have less competition. You can also apply for the textbook scholarship to cut down on school-related costs.
Also, choose big purchases intelligently. Buy a used Corolla instead of a brand-new Mustang.
💰 Choose Cheaper Options for the Basics
The same rule applies to all other expenses in your budget. If the college offers a meal plan, take advantage of it. They offer less expensive ways to get regular food you don’t have to prepare yourself. If not, these budget-friendly food options can help. Many schools also offer free gym use for students as well as health clinics, counseling services, and more. To cut down on textbook costs, consider renting textbooks or buying them online from affordable sources.
If you have an impulse spending issue, get a tight rein on it during your college years. No matter how much you might feel you need a fresh mocha-latte to get you through an early morning class, a cup of regular brew at home costs less. This skill will definitely help once you graduate, too. With student loan repayment and more expensive housing and other services, you will need to spend smart for a long time to come.
💰 Ways to Make Money as a College Student
Student loans only go so far, and you don’t want to end up buried in them after graduation either. Family help may not exist or even cover some of the basics. It’s nearly impossible to juggle a full-time job while also attending classes and finding time to study. Part-time jobs are common for students. You can either find them through job boards online or sometimes through the college itself. Ask about work-study opportunities or on-campus placement.
💰 Earn Occasional Money with Side Hustles
For most people interested in earning more at school, self-employment or side hustle options are more popular. These range from standard ones like driving for a rideshare company or doing food deliveries to more unique options like starting your own business online, doing paid research studies, or even selling plasma. Check out some of the best side hustles for college students to find ideas that fit your lifestyle and schedule. You can also explore practical advice on how to make money as a college student without sacrificing your academic performance.
Try to choose something that plays to your strengths or coincides with your academic career. You can’t babysit in a dorm room, but you can tutor others in the class you’re acing.
Above all else, focus on flexibility as much as possible. If your coursework load gets heavier or you’re struggling more with a specific class than you expected, maintaining a regular work schedule is difficult. If you choose to make money when you have free time instead, you can bank those funds for the more challenging times ahead.
Once you learn how to budget as a college student, become as dedicated to money management as you are to your studies. Avoid the most common money mistakes, keep working hard, and you will come out after graduation in a much more comfortable place.
