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Going to college is exciting, and expensive! You get your first taste of what it’s like to be broke as an adult during those college years.

It’s great training for what’s about to come your way. Learn proper budgeting tips now and you’ll set yourself up for an easier time (financially) when you graduate.

Just how can you make your college budget work? Check out our favorite tips.

Create a Budget

This isn’t as hard as it sounds. First, make a few big decisions.

• Where will you live? On-campus or off? Do some research and figure out which option costs less where you’ll attend school. Big cities usually cost more to live off-campus, yet smaller towns cost less to live off-campus.
• What expenses are you responsible for? Within the housing, what must you pay? Are utilities included? What about cable and internet?
• Will you have roommates? If yes, you can split the costs down evenly. If not, you’ll be solely responsible for the costs.
• How will you eat? If you’re off-campus, you’ll need a grocery budget. Don’t forget the cost of the transportation to get there. If you’ll live on-campus, will you use the dining plan or be on your own?
• Who’s covering your textbooks and other various school fees? If you’re responsible, make sure you put them in your budget. Remember, each new semester means new fees.

Do you Have Income?

Here’s the million-dollar question. Do you have an income? Are you supporting yourself? Are your parents supporting you?

You must know what money you have coming in or where you’re starting. For example, if your parents gave you a set amount of money for your college years, you need to make it last four years or figure out how you’ll supplement it.

Will you get a job during the school year? Will you work in the summer? If you’ll bring income in, it helps stretch your money a little further, giving you a little wiggle room. If working is out of the question, you’ll need to stretch what you have over the four years.

Ways to Save Money on a College Budget

Now that you have an idea of your bottom line, let’s look at some common ways to save money on a college budget:

• Buy used textbooks online (Save up to 85% when you rent with Knetbooks.com!) or at your campus bookstore
• Skip Starbucks and make your own coffee
• Keep your parent’s medical insurance (most full-time college students are still eligible)
• Don’t pay for any memberships or subscriptions
• Learn how to make a grocery list and be frugal
• Always look for student discounts (check a store’s website before buying)
• Don’t use credit cards
• Make large meals and eat leftovers (check out our inexpensive meals stories: 7 ideas, $2 french toast)  
• Have dinners with fellow students, and have everyone bring a dish
• Use the campus nurse for medical visits
• Get a part-time job
• Ride a bike rather than dealing (and paying for) a car
• Stay on your family cell phone plan
• Don’t pay for cable (use a streaming service if you need something)
• Ask for discounts on internet service for students

A college budget is usually pretty tight, but with the right steps, you can make it work. Always revisit your budget, be aware of your spending, and make changes as you go.

If you are looking for more college tips, visit us at our home page here. 

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Tags: College Hacks, Money, Questions