Juggling your finances every month while working on your academics is no easy feat. Up to high school, most students rely on their parents to handle their allowance and bring food to the table. In college, that is no longer possible. And because most students do not have any experience in handling their own money and make it last for a month or so, they need a lot of help budgeting. With that, here are a few budgeting tips that every college student must know.

Prepare a Budget

The first step in budgeting is listing down all the things that you will spend on. This ranges from your rent – if there is any – to the amount you will spend on stationery supplies, clothing, and food. To make sure that you cover all areas, make a daily, weekly, and monthly budget plan. Take your time when doing this and avoid only listing what’s on the top of your head. Make sure to go through every aspect that you will have to spend on. The best thing to do is ask your mom or anyone you know that is knowledgeable about college expenses.

The goal in preparing a budget is to keep expenses to a minimum so that you will still have some savings left. The savings you have may be used to purchase books, gadgets, or even pay off student loans. To do this, you may overestimate your living expenses. Overestimating ensures that there is a little elbow room just in case. It also means that if you stick to your budget, you will end up having more savings than you initially planned.

Practice Self-control



The key to avoiding overspending is to differentiate wants from needs. Before spending on something, think about its functionality, its importance, and if you are going to use it. You might get tempted to buy an item just because you like it or it is currently trendy. Do not lie to yourself that a certain want is also a need. In some cases that might be true, but you know for yourself when it is not. Learn how to gauge that for yourself because most of the time, no one else is going to do it for you. But, do not deprive yourself of the occasional spending for something that you want as long as you don’t go over the budget.

Track Your Spending

To gain an understanding of your spending habits, it is best to track them by listing down every single thing you spend your money on. You may use the traditional pen and paper method, use a mobile app, or a simple spreadsheet. You may keep all your receipts in a small pouch in your bag and just record your expenses the moment you get home. Make this a priority because you can use the data to adjust your non-fixed expenses like those spent for going out, buying new clothes, and a hobby.

Know the Ins and Outs of Your Dorm Room Contract

Study the contract of the place you live in may it be an apartment or a dorm room that you share with other students. Do this so that you will know what to do in case something breaks and so that you can avoid violating anything stated on the contract. Know about your tenant rights so you would know what to do when a sticky situation arises.

Eat at the Dorm

You will be able to spend a lot of money and stick to your budget if you do your best to cook your meals. Learn simple breakfast recipes that you can prepare before attending classes and also a few lunch and dinner recipes that are healthy and affordable. Store some snacks, cereals, and microwavable meals at home if you can’t find the time to cook a proper meal. Even if buying meals from nearby convenience stores and fast-food chains seems to be enticing on a busy day, make it a point to just eat a home-cooked meal to save some money.

Find Someone to do Groceries with

If you have a roommate or a friend who can go to the grocery store with you, then it is all the better. That way you and your friend can snag some amazing deals on a bunch of food items that would be too much if you were just shopping for yourself. You can get some buy one take one items and some buy one take the second for only half the price items.

Get a Part-time Job

Another thing that will help you learn how to properly spend money is by getting a summer job. Earning your own money brings a certain sense of discipline when it comes to spending because you know how hard it is to earn a few bucks. You might rethink some financial decisions that you made in the past even if you are not solely relying on your summer job for cash. Also, it will give you extra money that you can add to your current budget. You may use the extra cash to set aside an emergency fund or buy something that is outside of your planned budget.