Budgeting is a difficult task for anyone, but even more so for college students. The plethora of options that colleges provide combined with the limited experience that most students have with finances makes it easy to understand why so many college students struggle financially. Read on to discover some of our best budgeting tips for college students!
List Your Monthly Expenses
Listing your monthly expenses is a great way to get a clearer understanding of your financial situation and to know how much money you can spend in a given month. Some examples of common monthly expenses for college students include books for classes, dining/groceries, rent, and transportation. Once you know how much money you need to allocate each month toward things like that, you are well on your way to being financially stable.
Use Phone Apps
It seems like nowadays everything can be done with a smartphone, and learning how to budget your finances is no exception. There are plenty of apps available designed to help you manage your money, such as Mint, PocketGuard, and Simplifi by Quicken. These apps will help you get a better understanding of where you stand financially and how much you can afford to spend at any given time.
Pay Attention to Student Discounts
It would take years to list all of the companies, restaurants, businesses, and institutions that offer some sort of a discount for college students. Although there are many to choose from, we strongly recommend doing some research to see which ones can benefit you personally. For example, if there is a pizzeria you frequently go to that’s located next to your dorm or apartment, ask if they offer discounts for college students. If you enjoy going to the movies, see if you can get a student discount the next time you purchase tickets. You would be surprised at the amount of discounts available to you just because you are in school, and taking advantage of these discounts will help you save a lot of money.