Being a ‘broke college student’ is not just a title but a lifestyle. In the past 3 ½ years, I have been trying to find ways to budget and pay off those credit card bills on time to ensure a good score, yet there are moments of struggle that make it difficult (especially after studying abroad). Being a first-generation college student who has worked since she was 15 understands the hesitation of asking a parent for some extra cash, so here are some ways I am learning to budget. I do not hold all the secrets, trust me, but I am starting to take control of my money to stop myself from spiraling into struggle.
On Campus Jobs
The first thing is finding a campus job if you are unable to get a job off-campus. I know for myself I have no time outside of school to work service jobs, so I was lucky enough to find a job on campus. Reach out to friends and upperclassmen when looking for a job or stop by offices to see if they need extra hands. Even though the pay is not much, it still helps. If you are talented and have an entrepreneurial mind, the best thing is to start a side business on campus! In such a community where word of mouth is an easy tool, take advantage of it and start doing some business.
Dividing Your Paycheck
Depending on how much I owe my credit card, I’ll take a percentage of that into my credit card. For example, 55% will go to my credit card, or I pay it in full. 25% into savings and 20% in checking (this does not mean it’s to be spent on whatever you want). Those 20% typically go into necessities like groceries and hygienic products, and if there is left over, that’ll be for a night out or experiences.
Cook at Home
If you have a kitchen, cook at-home meals or take advantage of on campus dining if you have a meal plan. Eating out adds up so do not be fooled by “its only $10” because you will be saying that 3-4 times that week and spend over $40 on meals that will be eaten in one sitting. At home meals can last for many days and quite rewarding with the efforts you made.
It is okay to say no!
If you are unable to go out one night with friends, it’s okay! In no time, you’ll have a secured job with a good salary that will allow you to experience all the things you have missed. Trust me; I have the worst FOMO, but unfortunately, I cannot always afford to go out, and that is the reality for some.
These are just some things I do to help me through some of my financial crises as a college student, and don’t worry; this is only temporary!