subject: Tips For Reducing Your College Budget [print this page] Throughout high school, you've studied voraciously for your SAT exams and spent dozens of hours perfecting the syntax of your admissions essay in front of a computer screen. Then you discovered where you would be attending college and started counting down the days to when you would be leaving the nest.
Congratulations--you've made it past four years of secondary school and are ready to tackle the challenges and intrigues of college life.
Getting Through College on a Budget
But while your dreams of being (or meeting) the next John Belushi and reading up on Foucault may be just around the corner, so is the prospect of living on your own and taking your first step toward financial independence as a young adult. Sure, your tuition may be largely taken care of by school grants and other forms of financial aid, and you may have already gotten Mom and Pop to commit to paying your school fees and health insurance while you're a student, but be aware that there are many additional costs you'll have wrestle with yourself. Below is a guide to common expenses that crop up for the average college student and some tips to create a kosher budget:
Textbooks: Stories of students spending hundreds on textbooks each semester abound on each campus, but you can buck the trend with a few simple tips. First, do NOT buy textbooks at full price--especially if you are enrolled in a popular course or if the book was not very recently published. Surf e-commerce databases like Amazon, eBay, and Varsity Books to compare prices and book quality. You can also scout around campus for students who have previously taken your classes and see if they still have books they'd be willing to sell, lend, or give you for budget prices. And if you're really in a pinch, head to your college library and see if they have copies of the books you need. Chances are, if you beat the crowds, there might very well be a perfectly free edition waiting for you in the library stacks.
Get a part-time/work-study job: As an adult developing your financial clout, one of the best ways to get a sense of managing your own money and learning about the value of dollar is to actually go out and earn a buck. Especially if you're attending college near an urban hub, strive to get some paid part-time internships so you'll not only be able to have more spending (and investing) money, but you'll also be able to gain valuable experience and have something great to put on your resume come the job hunt your senior year.
Be responsible with credit cards: In 2008, college graduates carried an average of $3,173 in credit card debt, according to USA Today. With college students now leaving school with more and more in student loan debt each year, having a large revolving credit balance can be a heavy burden going forward. Make sure you pay down your credit expenses every month and resist the urge to whip out the plastic for impulse buys.
Shop frugally: Looking to outfit and decorate your dorm room? Head to Target and Ikea for finds that won't break your budget. Looking to stock up on new clothes and accessories? Be on the look-out for in-store and online sales and know when you really don't need to buy that fourth pair of True Religions jeans. And remember, online sites are always your best friend for quick price comparisons and sale spottings.
Best of luck with saving your money throughout college and maintaining your financial health throughout your college years.
