How to Live on a Tight Budget in College

An endless supply of Ramen noodles, energy drinks and the occasional coffee during late night studying sessions isn’t what your body needs in college. As a current college student, I have learned to live on a shoestring budget while saving money for further classes, paying rent, eating three meals a day (most days) and having fun doing it. College is about learning to live right and about learning to budget both time and money. What matters in all this is developing a good means of retaining income, not living on junk foods and cheeseburgers.

Difficulty: Moderate

Instructions

Things You'll Need:

• College classes
• Money for groceries
• Side jobs
• Helpful parents

1. Eating out. This is the last thing you should do. As a college student, there are plenty of businesses out for your money—coffee shops and restaurants being the biggest. Consider what you can do with that $5 to $10 a day. If you save that money, it can add up to a utility bill or, given enough time, pay your rent.

2. Find the right job. There are actually some decent jobs where hours are a premium. For example, during the holidays, bagging and cashiering jobs are plentiful; they don’t pay well, but the hours add up. This article doesn’t propose how to find the right job—that’s tough by itself—but in managing the income on a tight budget.

3. Food buys. If you are a regular grocery shopper, you see that some days the deals on canned fruits are great or all the canned soups are a dollar. Instead of eating out, develop a strategy of keeping your pantry stocked, using the grocery stores to peruse for deals. Don’t just buy exactly what you need that day; instead stock up on the necessities, as it will pay off when things are tight and you cannot afford to buy anymore. This is crucial to living on a tight budget.

4. Using the bus. Many hate taking the bus, but if there is one in your area, it’s likely available to students for a reasonable price. If you know you will be tight on cash for a semester, buy a bus pass when you can. This will pay off in the end. If you have a car, you know the gas prices fluctuate, and driving and parking can add up to a lot. For a fraction of that, you can take the bus.

5. Applying for FAFSA. Always, always apply for the FAFSA, especially if you have no work and have bills to pay. For example, a Pell Grant can grant you as much as $2,000 a semester. I was living with my father, who had a job, and I still received the full amount. If your parents make too much money, you may not get it. Applying is still worth trying, as it’s free and takes a few hours at most.

6. Doing it every day. If you stick it out you won’t be a poor college student forever. You might even save some money if you are eligible for student loans. You will save money if you control impulse food buying. The rewards will come time for the college student who’s frugal with his money.

Tips & Warnings

• Become good friends with the deli section over at your local grocery store. A good sandwich bought at a restaurant can reach $10 or more; a good package of deli meat can cost you less and last you a week.
• Do take yourself off to a nice restaurant on a biweekly or monthly basis. This is a good way to reward yourself.
• Some people like going out to eat all the time. You may have to politely tell them you can’t afford it and you packed a lunch.
• Always account for what you can spend by keeping a balanced checkbook. You might like shopping, but once you see how much you’re spending you may slow down or stop.

[jfmalewitz]

on 6/7/2008 Yes it can. If I can do it, anyone can. Thanks for reading this!

[vdeneen]

on 6/7/2008 This is great advice. It's hard to live on a budget during college, but it can be done!