Living as college students, we are notorious for saving every dollar, quarter, nickel, penny, and ramen noodle package we discover in our dorm room. And yet, we can forget about one of the most simple and effective ways to save money – constructing a college budget! Keeping track of spending habits can be extremely eye-opening, but also helpful in saving moola without scavenging your apartment every time rent is due. Now, I totally get it. College budgeting is not the sexiest topic and can seem like an overwhelming and time-consuming undertaking. But don’t worry sunflower. I got you covered with valuable tips and tricks to help you own your college budget – I tried with that pun, but I’m not sure if paid off. ;)
First things first. You need come face-to-face with your entire bank account summary. I understand confronting your expenditures can be a daunting experience, especially because us college students love living by the phrase “ignorance is bliss”. However, simply seeing the pattern of your expenditures can be beneficial and help motivate you to continue your college budgeting. You can do it! I know you can!
Now that you have proudly faced your bank account, it is time to get down to business. Begin categorizing and organizing each of your expenditures to see where you are spending the most money. These categories could include rent, tuition, books, transportation, grocery shopping, restaurants, social events, medication, random unnecessary sh*t, etc. While it may be time-consuming to review and categorize each expense, it is extraordinarily helpful in saving you money. Knowing where you are spending will help you identify where you can cut back.
All right, the time has come. You can begin transferring your beautifully categorized expenses and income earnings into an online budget sheet template. For my monthly budgeting, I use the “Annual Budget Tracker” template on Google Sheets, which organizes my monthly expenditures and automatically totals my monthly expenses and income. The Google Sheet also provides me with a yearly summary where I can see my monthly balance formatted in a graph. A mathematical algorithm is embedded in the Google Sheet, which saves me time and emotional torture I would otherwise endure manually totaling my budget. The Google Sheet works like a charm, and I would highly recommend you give it a go if you are looking for an easy online template.
You have come a long way! I am so proud of all the work you have done! To stay on top of budgeting, at the beginning of every month, I dedicate one evening to categorizing, inputting, and reviewing last month’s expenses. Mapping your monthly costs and income helps you visualize where you can cut back, but also helps you anticipate future expenses. Use last month’s totals to predict this month’s expenditure. Remember, it is always better to overestimate than underestimate what you will spend. It’s always better to see those cute extra four dollars in your bank account than a scary negative dollar amount.
Before I bid you a farewell, I wanted to give all you tulips a few tricks on ways to save money as a college student. Since I also bombarded you with several paragraphs of text, I figured I would list these hacks in bullet form. Enjoy.
- Don’t buy new textbooks when you don’t have to. Check the library reserves. Find a free PDF version online. And if you must, rent the textbook online.
- Shop at thrift stores for clothing, accessories, and even decorations. Thrift shopping is affordable and reduces your global footprint (shameless plug to my previous Her Campus article).
- Similarly, sell your old clothing and accessories at thrift stores or on American University’s “Free and For Sale” Facebook page.
- Carry a reusable water bottle to refill. Save the environment and avoid the extra payments for a single-use plastic water bottle (shameless plug part 2 to my previous Her Campus article… ok I’m done).
- Plan ahead for outings. Whether you are going out to dinner or a party, set a limit on how much you will spend and stick to it.
Ask for student discounts at movie theaters and retail stores. You would be surprised by how many places offer student discounts if you show your University ID.
- Attend your classes. At the end of the day, you are spending money to receive a college education. Get your money’s worth and work hard.
Don’t get me wrong. I am still a college student stretching every single dollar. I am just trying to do everything I can to be smart with the money I am earning, which will hopefully help me out in the future. I doubt thirty-year-old Grace will say “gee, I wish I didn’t spend that night creating my budget sheet.” Anyway, daffodils I have provided you will all the tips and tricks I have! I wish you the best of luck in your college budgeting adventures and, of course, you can always count on the bulk Ramen Noodle packages to be there for you.