Living on a Budget While on Campus

With the college students that we are with low-wage jobs/internships and the expensive products around us that we all desire, balancing a budget is extremely difficult, especially when we are now in Generation "Me". This means that we want everything to happen on our schedule, and we want it to happen now. Below, you will find a few tips that have helped me (the avid comic collector who once spent $764 of my Bat-Mitzvah money in one year on comics when I first had a debit card) stay below or right on budget.
- Realize what is a need and what is a want. This is a big deal. When I go shopping for food for my dorm room at my local drugstore, I'll occasionally see the newest issue of a magazine I don't subscribe to that I want, or pretty color lip gloss, or some other frivolous thing. The urge to buy these "wants" are strong, but we are big girls in college now, and we should know that that's exactly what these items are, "wants" and nothing more. Think, "can I live without this (at least for now)" and the answer is a "yes", forego buying the item. If the answer is "no", then think, "Is this answer really reasonable?"
- Set yourself a budget in cash and stick with it. Since I have become a college student, I have become very stingy with my money almost overnight. As such, I set myself a budget of $40-$50 a month. Why the range and not a fixed amount? The economy is ever-changing, and because some things may not be the same price they were last month, this allows financial flexibility and takes emergencies into account. How come I say to use cash only? The premise is simple. You can check how much you have and how much you are spending in a tangible form. This will tempt you to buy less and take financial responsibility. Once you spend the money, that's it; it's gone
- Don't use an ATM machine. While seemingly convenient, all those withdrawal fees add up. To avoid this, use the cash back option that stores offer you.
- Leave your checkbook and debit card in your dorm in a safe place. This pretty much goes right back to the reasoning of the second bullet point. Because you are not seeing a tangible amount, you will be tempted to spend more. The same can be said for credit cards. The only exception to this rule is when you are buying an expensive necessity like a prescription (because, as all you asthmatic girls know, even with health insurance, inhalers will set you back by at least $36).
- Eat in the dining hall whenever you can. I know all of you are probably going, "Ew! Are you insane?", but trust me on this one. Whether you are paying for your room and board or your parents are, don't let this money go to waste. It is already paid for and you might as well use it. Nothing good? You can always go for the cereal and salad bar (it's kind of hard to ruin those). In my experience, college food really isn't all that bad as people make it out to be, just really greasy. If you must eat out, try the cheapest place possible and only do so one meal a week. Also, make sure that you have room in your budget for this. If not, it's back to the drawing board for you.
- Ask about student discounts. Don't be afraid to ask stores if they offer student discounts. Many towns with colleges in them are actually pretty much centered around the college, and this is how stores make money from their most valuable customers; us. More often than not, the store usually does. Make sure you carry that student ID with you!
- Keep track of your spendings. Whenever you withdraw from your bank account, write it down in your ledger book, than when you get back to the dorm, back it up in a computer program such as the free version of Microsoft Money or other financial managing program. Do not rely on your online bank account to take care of this for you. They can and will make errors and it is up to you to point them out to your bank. Finally, once a month, balance everything and make sure everything is correct. If something isn't correct, double, then triple-check. If something’s still doesn't come out right, and it's not on your end, it's time to contact your bank.
Did I miss anything? Let me know in the comments below!


I'd add on a comment to the dining hall bullet - many dining hall managers are more than happy to work with students who have special dietary needs. So, whether you're lactose intolerant, have food allergies, or just are on a particular type of diet such as the South Beach Diet, let the staff of your dining hall know. You don't HAVE to settle for greasy pizza every night! Many campus dining halls even have food or meal options designed specifically for certain diet types. A'viands, on our campus, usually has a dish that's designated as Vegetarian, and their drinks - including smoothies - can be made sugar-free and/or with soy milk rather than regular milk. Those are just TWO of the many options they offer that I've taken advantage of for healthier eating on the meal plan budget.