College finance 101: how to stay on budget as a college student.

This post features advice for staying on budget in college.

If there is one thing college kids are known for, besides caffeine addictions and questionable life choices, it’s that we’re incapable of actually staying on budget.

It’s like, yeah we learn how to actually make a budget, but when it comes to making financial decisions everything goes out the window. 

And it’s funny because the broke college kid stereotype definitely applies to a lot of us.

Yet when it comes to actually staying on budget, some of us literally have to hide our credit cards.

And to be clear, I am definitely not a moral authority here, a lot of this applies to me too.

But I’ve gotten better at sticking to my budget, and I think I can help you get there too.

So how do you make sure you’re actually staying on budget in college?

Here are 6 steps for staying on budget as a college student!

Create a detailed budget

You can’t actually stay on budget if you don’t have a proper one to begin with.

I’ve already made a detailed beginner’s guide on how to make one, so I won’t go too in depth here.

But, in short, a budget is made of three main components: Expenses, Income and Savings.

All three of these are estimates based on your past behavior and spending habits.

So I recommend you write down all the money flowing in, out and how much you’re saving for about four weeks.

When you’re done you can make a list of your recurring (not one-time) purchases, typical income and regular savings and that’s essentially your monthly budget.

Of course these are estimates and it won’t be one hundred percent accurate. But as long as you have a framework you have somewhere to start.

Track everything 

So now that you have a budget, you gotta hoard your receipts like your life depends on it. 

Like Smeagle and the one-ring type hoarding.

It’s important that you do this because if you don’t track what you’re spending on, then you won’t know how close you are to your limits.

If you can spare it, spend an hour each day just writing down your accumulated expenses and compare them to your budget.

This way you’ll know when you’re in danger of going overboard and will be able to reel yourself in before it’s too late.

Cut down unnecessary expenses 

I don’t know who needs to hear this, but you don’t need Netflix, Hulu and Disney+ all at once.

I’m sorry but you just don’t. 

If you wanna stay on budget you’ll have to pinpoint (and cut out) some of those non-essential things you’re spending money on.

So think Takeout, subscriptions, impulse buys. 

You need to set limits on these expenses in particular. Because, even though they may seem insignificant, they really do add up over time.

I recommend you start by meal prepping (find your guide here) to save on your takeout bill and then work your way down from there…

Search for student discounts 

A lot of businesses give discounts to students that can help you to save a lot of money.

I think with most online platforms all you need is a student email, but you may require more with physical stores.

Either way this is definitely something you should take advantage of.

Platforms like Student Beans offer discounts and coupon codes that can help you to significantly reduce your shopping bill. 

If you don’t know where to find these platforms you can start by checking out our list of the top student discounts platforms. Or doing a simple Google search to find a few more options.

Save on Textbooks 

I’m sure I don’t have to tell you how expensive college textbooks can be.

I mean it’s bad enough that we’re gonna be drowning in student debt. Adding the costs of textbooks to that, sheesh- it’s an absolute nightmare. 

But that’s why we need to be shamelessly cheap when it comes these. 

The first thing you need to do is see if there are online copies of your books. Most likely you won’t find one, but you might be lucky, you never know.

You could also try your school library to see of they have any on rental, or find a classmate that’ll allow you to scan a few pages at a time.

At the end of the day though, anything you can do to avoid spending that money out of pocket, do it.

Adjust

Your budget is gonna change with your financial situation. 

As you grow, maybe you change jobs or decide to rent instead of being in a dorm, who knows? But your expenses and income aren’t gonna be the same forever.

It’s okay if you have to adjust your budget periodically,  and you shouldn’t beat yourself up if you go over budget on occasion. 

Life happens, it’s whatever.

But it’s important that you remain disciplined and are prepared to pivot when necessary…

And that’s all I have right now. But what are some of your tips for staying on budget in college? Let me know in the comments!