Creating a budget in college helps you track your money, avoid overspending, and save for important expenses. More importantly, it helps you make your money last, so you’re not stressed before the month ends. Use the steps below to start building a budget that actually works for your college life.
1. Track your Income
Start by writing down all the money you get each month. This might include:
- Paychecks
- Help from family
- Scholarships or grants
- Financial aid refunds
If you get a lump sum at the start of the semester, divide it into monthly amounts so it lasts.
2. List your Expenses
List everything you spend money on each month.
Start with fixed expenses:
- Rent
- Phone Bill
- Utilities
- Insurance
- Transportation
Then add everyday spending, including:
- Groceries
- Coffee and eating out
- Entertainment and campus events
Don't forget school-related costs, like:
- Textbooks
- Class or lab fees
- Printing
- Travel costs for going home
3. Consider Roommates to Lower Costs
Living with roommates can help cut costs in several ways:
- Share rent, utilities, and internet
- Split household items like cleaning supplies and paper goods
- Cook mealstogether and divide grocery costs
- Share streaming services
Roommates can also help remind each other when bills are due.
4. Cut School-Related Costs
Textbooks and supplies can get expensive. Save money by:
- Renting or buying used textbooks instead of paying full price for new ones.
- Selling your textbooks at the end of the semester to recoup some of your costs.
- Using campus resources included in your student fees, like the gym, instead of paying for extra memberships.
5. Take Advantage of Student Discounts
Many businesses offer student discounts on:
- Software
- Streaming services
- Public transportation
- Food and local shops
Always check for a student discount before paying full price. Programs like UNiDAYS let you sign up with your school email and start saving right away.
6. Review Your Subscriptions
Subscriptions can quietly drain your budget. Review what you pay for and decide what’s worth keeping.
Common subscriptions to review include:
- Netflix, Hulu, Disney+, or ESPN
- Amazon Prime
- Chegg
- Apple Music or Spotify
Cancel subscriptions you don’t use or share them with a roommate to save money.
7. Plan Savings and Extra Costs
Try to save a small amount each month, even if it’s not much. Planning ahead helps cover:
- Textbooks
- Holidays or spring break trips
- Travel home
Saving early makes big expenses easier to manage.
Monitor and Adjust
Check your spending every week or month to see how you’re doing. If you spend too much in one area (like takeout), make a plan to spend less next week. Keep tweaking until your budget fits your real college life.
Budgeting in College: What Students Usually Ask
Do I have to stop all fun spending? No, budgeting is about balance, not giving up fun.
What if I overspend one month? Adjust next month’s budget and try to save a little more.
How often should I check my budget? Weekly check-ins work best, but at least once a month is important.
Budgeting in college doesn’t have to be complicated. Small steps like tracking expenses, sharing costs, and reviewing subscriptions can make a big difference. You can stay in control of your money and focus more on enjoying college life.
