10 back to school budgeting tips for college students

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10 back to school budgeting tips for college students
August 24th, 2010 by Alexis
College Scholarships.org

As the summer season slowly comes to an end, it’s time for students to start thinking about how they will be budgeting for the upcoming school year. Here are some tips on how to survive the school year without starving yourself to death:

1. Calculate your costs – It is extremely important for all students to write down how much they plan to spend on food, housing, transportation, laundry, bills, and various other personal expenses. Also, instead of calculating your monthly expenses, try writing down your annual expenses as well – just to give yourself a little reality check. It may also be a good idea to write down a grocery list before you go shopping so you can avoid any unnecessary purchases.

2. Research your campus – Why pay for a brand new laptop when your university offers free Internet on campus? Try taking a walk around the campus to check out the available computer rooms, printers, etc. Some schools may also put on free events for students, or offer discounts to the gym or swimming pool, if applicable.

3. Look for student discounts – There are countless companies that offer student discounts, such as Apple, Sprint, and T-Mobile, so ask a representative about the options that are available for students. Your student ID is essentially your golden ticket to student discounts, so make sure it is with you at all times.

10 back to school budgeting tips for college students 4. If you absolutely need clothes, then shop at a thrift store – Thrift stores should be an obvious solution for every college student. It is important to remember that you are a student and not a consumer, so if you are a big spender try to avoid all of those expensive clothing stores you usually visit. (Plus the more clothes you buy, the more it will cost to do laundry).

5. Don’t buy school supplies until after the first day of class – This can be a big “no-no” for many students. On the first day of class try asking your fellow students what they plan on buying, or have a discussion with your professor about what you *really* need for the classroom.

6. Rent textbooks or order them online – The average full- time student spends approximately $700 on textbooks every year. Avoid shopping at campus bookstores because they are just there to lure you into buying an expensive textbook. (The campus makes enough money off your tuition and student fees anyway). Try checking out sites like Chegg.com, eCampus.com, or CampusBookRentals.com to shop around for deals and discounts. If you absolutely need to buy a textbook at your campus bookstore, than buy a used one; and it doesn’t hurt to ask your friends or fellow students if they any old textbooks lying around.

7. Forget having a vehicle – Let’s face it: owning a vehicle will drain you of all your finances. Not only do students have to factor in transportation costs, there are also insurance, parking, and maintenance costs. The last thing you need is a speeding ticket or a fender bender to set you back on your budget. Many colleges and universities offer bus passes for the week, month, or even the semester; so swallow your pride and take advantage of cheap public transportation. It will be better for you, and the environment.

8. Don’t use your credit card – This tip can be summed up in one word: INTEREST! It’s always good to have a credit card for emergencies, but think twice before you use it to buy all those little things throughout the day. However, it is important to point out that most companies will not allow anyone under the age of 21 to sign up for a credit card, so you may need your parent’s consent. It may also be a good idea to set up a checking account if you don’t have one already, but look around for one with a free overdraft protection.

9. Avoid as many bills as you can – We all know how hard it is to survive without TV or the Internet. But thanks to YouTube and free Wifi, there are several options for students besides paying a hefty monthly bill. If you simply cannot survive without TV or Internet in your room, try asking your roommates or neighbors if they are interested in splitting the cable costs with you. And always remember to pay your bills on time!

10. Do NOT (I repeat: do NOT) eat out at restaurants – Besides textbooks, this is another major and costly mistake for many students. Why pay $15 for a burger and fries when you can pay $7 for the same meal at a grocery store? Also, try to purchase as many bulk items as you can as they may come in handy further on in the semester. You might also want to look into cheap Tupperware containers or Ziploc bags so you can carry around a little snack with you when you go to class.

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