Budgeting Tips for College Students

Managing finances for college students is a different experience for everyone. Many college students rely on allowances from their parents. Some may need to find a job to support themselves.

No matter what your circumstances are, saving money is possible. The trick is to follow these money-budgeting tips for college students.

Get Discounts

The easiest ways to find discounts is to use your student credentials — such as your ID or student email — to get discounts from different businesses.

For example, you can use your student email to sign up for an Amazon Prime Student Account to unlock discounted purchases.

Your student ID is also worth more than just discounts on tickets to movies. Companies that sell clothes, food, school materials, and even online software and apps give out discounts to college students.

You can also use coupons and discount codes that are not specific to college students to lower your overall monthly expenses. Coupons can save you around 7% to 20% on food depending on the store you go to. You can also use coupons on other items such as clothes, accessories, healthcare, and household products.

Don’t Overbuy Groceries

When buying your groceries, do not exceed your budget. Be mindful of what you put in the basket by prioritizing your needs. Avoid buying things that are not on your list and buy what you can only use or consume.

It’s also wise to choose items that have a longer shelf life to avoid wasting anything. Choosing generic brands and going for items that are on sale are also simple yet effective ways to save money.

Don’t forget that buying when you are hungry triggers impulsive buying and overbuying. Avoid going to the supermarket when you’re hungry to keep yourself from buying everything you see.

Use a Credit Card for Purchases

Only try this out if you consider yourself responsible. You can make payments using a credit card with cash-back rewards, but remember you need to settle your balance every month. Some people put essential payments like rent and insurance on their credit cards, since they already pay these regardless of what kind of card they have.

Live Below Your Means

Whether you have a job or rely on your parents for a monthly allowance, it is important to live within or even below your means. Only buy what is essential and avoid excessive spending on less important things.

Changing your lifestyle may also be an effective way to save more money. You can quit smoking, cut alcohol, or go vegan. Doing one or all these things will typically leave you with more savings at the end of each month.

Final Thoughts

These budgeting tips for college students can take you a long way and help you live a financially free life in the future. Living below your means, taking advantage of discounts, and being strict about your grocery budget will help you build healthy financial habits that can set you up well for the future.