As a freshman at the University of Florida, I’m not a stranger to the college lifestyle of feeling like you don’t have enough money. As a full-time student involved in different student organizations and activities, I have found it difficult to find a consistent job to get some “fun money” for the semester. I think of money management, and initially, I would reject that idea because I felt like I had no money to manage. However, I’ve found that by being wise with the money I do have and finding ways to get an extra buck, I can maintain a solid monetary position for all my college expenses.
Budget
One of my favorite quotes about money is by Dave Ramsay: “If you don’t tell it [your money] where to go, you’ll wonder where it went.” Whether you have a steady influx of money or saved money, budgeting allows you to dictate which areas of your life your money is getting poured into and track your spending habits, thus allowing you to set realistic monetary goals. For example, regarding food, gas and “necessity” purchases, I budget to spend no more than $300 a month on these expenses. I also track how much I spend on each of these subcategories to analyze increases, decreases and general trends in my spending. This allows me to be in control of my money and not let it slip away.
Credit Cards
Based on my experience with both debit and credit cards, I have found tremendous benefits in using a credit card. However, as a college student, I can only speak on behalf of someone who pays it in full monthly without accumulating interest. With my credit card, small monthly purchases can boost my credit score starting at an age where I do not need to take out any huge loans. Additionally, with several categories of my spending, I can get a percentage of the cashback that can be deposited into my checking account. I use a Capital One student credit card where I get 3% cash back on my groceries and 1% on all my other purchases.
Student Discounts
As a college student, there are several places that will give you discounts. Some stores or websites require a Student ID and others require accounts made with your school email address. To keep everything in one place, I use UNiDAYS, an online platform partnered with hundreds of brands to give students discounts and benefits both in person and online. Among these are Apple, Hollister, American Eagle and H&M. Separate from UNiDAYS, larger companies such as Target, Amazon and Spotify also offer student discounts. Sometimes you just need to look it up or ask!
There’s Food At Home
As a UF student, I can guarantee that most of my spending goes to food. Between Raising Canes and Insomnia Cookies on University Avenue to the Chick-fil-A by Marston, it’s so convenient to spend a quick $10 on something that I can take on the go and I didn’t have to take the time to make it. However, spending money on food piles up… fast. Considering that the cheapest meal plan option at UF is a little shy of $2,000, I’ve found what works best for me is to cook all my meals. And to do so, grocery shopping at Walmart is the most economical option. Compared to the walkable Publix, I spend on average a ⅓ less on groceries at Walmart. This doesn’t mean I never treat myself to meals at the Ritz or go out to eat with friends, but it allows me to consider smarter alternatives and avoid impulse spending on food when “there’s food at home”… or at least at the dorm.
Part-Time Jobs
One of the painful realities I’ve learned looking for on-campus jobs is that they are very difficult to secure. Let’s be honest, everyone wants a job where you sit behind a desk for a few hours, where you can do your homework and maybe answer a phone call or two. Therefore, I recommend getting a part-time job off-campus or virtually. Working at different off-campus stores, specifically chains of restaurants, grocery stores and clothing stores, allows you to get employee discounts for their products and allows easy transfer to other stores during breaks. Currently, I have a virtual job as a tutor for Amikka Learning. Although tutoring jobs do not always guarantee consistency, they allow even greater flexibility since one can schedule their hours and work remotely.
Extra $$$
One of the easiest and time-efficient ways to make money as a college student is to participate in research studies. All the studies I have participated in have paid me $10-$15 an hour, and all I had to do was read a paper, put a gel cap on and answer some questions. These studies also guarantee payment and round up their time for hourly pay. Ultimately, I always find it to be a unique experience run by students who are passionate about their field of study. It is also a great way to get some extra cash!
Overall, college allows you to build good monetary habits while you’re young, which will allow you to reap long-term benefits in the future. Take advantage of the opportunities you are given and live in wisdom in all your financial endeavors.