TENCU Chronicles

Smart Money Moves: Budgeting Tips for College Life

1. Housing

Living with family can save money, but you have a few options if this is not an option. For off-campus housing, start early to find affordable and convenient places. Sharing a room with a friend is a great way to cover costs. Ensure you budget for rent, deposit, and utilities. When renting, thoroughly inspect the apartment and read the lease carefully. On-campus housing may be more convenient, but it can be pricier. Consider various options and take advantage of opportunities like becoming a Residence Assistant for rent-free accommodation.
 

2. Books

Textbooks can be expensive, but there are ways to save. Consider buying e-books, using textbooks, renting, or participating in book exchanges. Reselling textbooks at the end of the year can also recoup some costs.
 

3. Food

Budgeting for food depends on whether you have a meal plan. If you do, choose the most suitable option. If not, compare prices at different stores, use coupons, and make wise choices when dining out. Cooking with friends can be enjoyable and cost-effective.
 

4. Entertainment

Colleges offer plenty of affordable or free events. Stay updated on school activities and take advantage of student discounts. Socialize without overspending by being mindful of your entertainment expenses.
 

5. Transportation

Having a car in a college town can be expensive. Consider public transportation, biking, or walking to save on parking, insurance, and gas costs.
 

6. Work

If you're working part-time or have a paid internship, include your income in your budget. Track your earnings to gain a comprehensive view of your finances. Federal Work-Study programs can also help financially needy students earn money for education.
 

7. Investing

Although investing may seem challenging during college, there are millennial-friendly mobile apps that allow you to start investing small amounts. While retirement and student loans might not be your immediate concern, investing early can be beneficial in the long run.