For most college students, this is the first time you are managing a budget and incurring debt. Developing cost-saving habits will allow you to live more comfortably as you pursue your degree and help you continue to live well after you graduate. So whether you’re saving up to throw a killer tailgate party for Homecoming or just paying tuition for next semester, here are a few tips for keeping your budget under control:
Learn to cook. You don’t need advanced culinary skills to make a simple meal; it’s much cheaper than eating out and healthier than purchasing pre-packaged foods. Start by learning a few basic things, such as boiling pasta, frying an egg, steaming vegetables and cooking brown rice. From there, you can start tackling more complicated dishes. You don’t even need to invest in a cookbook. You can find a myriad of recipes on websites such as AllRecipes.com and TheKitchn.com.
Embrace ramen noodles. You can get a package for as low as 12 cents. They aren’t the healthiest for you, but they can help you get by when money is tight. You can also increase the nutritional value of your meal by adding cooked carrots, green peas or broccoli.
Make use of your meal plan. If it’s already paid for, get your money’s worth. Take advantage of as many meals as you can and invest in plastic bags and reusable food containers to bring food home with you to eat later. If you don’t think your meal plan is worth it or you aren’t making use of it, ask your parents to give you the money instead of buying it again for the next semester.
Drink before you go out. Once you start hitting the club scene, you’ll learn that drinking is an expensive hobby. You can keep costs down by keeping a bar stocked at home and partaking before you leave. But most importantly, pick a designated driver before you start drinking to ensure that everyone gets there and back safely. You can also look into public transportation. Often college towns have free or discounted rates in order to keep their students safe.
Buy used books. The price of textbooks can add up fast. Many campus locations buy and sell used textbooks. But there’s a limited supply, so be sure to shop early. If the used bookstores do run out, you have other options! ISBN.nu allows you to easily compare prices at online book stores. You can also find used textbooks on websites such as Amazon.com and Half.com. Once you’re done with the class, you can use those same sites to sell the textbooks back.
Slash your entertainment expenses. Skip cable. It’s a costly monthly expense when you’ll likely be spending most of your time studying and hanging out with friends. Plus, there are many ways to watch your favorite shows for free. There are also plenty of ways to enjoy music cheaply, such as Pandora, used CD stores and free Amazon music downloads. As for movies, many campuses offer free screenings for students and you can take advantages of discounted matinee prices on days that you don’t have class in the morning. In college towns, there is no shortage of things to do, so check out your local newspaper for free concerts, fairs, theater events, festivals, art galleries and museums.
Pay your bills on time. Getting into the routine of managing your expenses can be hard, but staying on top of things pays off in the long run. Make sure you have enough money to cover your basic expenses before buying something you don’t need. That way, you won’t waste money on late fees. When possible, set up automatic payments and alerts, so you’re sure to remember. And always pay off your credit cards at the end of the month or you’ll quickly find yourself struggling to pay their high interest rates. Save your money for better things!
Find a place to live near or on campus. You’ll be going back and forth multiple times a day, so you’ll save gas money if that distance is short. Better yet, if you can walk home, you can stop by for a snack between classes instead of wasting money eating out. If you don’t need a car, don’t bring one. Instead, invest in a nice bike. You’ll save money on gas and parking, and you’re likely to make a few friends who can provide you with transportation when you need it.
For more money-saving tips, plus expert advice about your toughest money dilemmas, give Quizzle a “like” on Facebook or visit us at Quizzle.com. And check out these other great articles:
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