FINANCIAL AID by Evan Crosby editors@ccgmag.com
BUDGETING FOR COLLEGE STUDENTS Heading off to college can be an exciting time. Finally, finally, you are turning the page on one era of your life and venturing off into another. But there is a lot of change in being a new student, some of it good and some of it more challenging.
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irst, of course, there is the excitement of meeting new people, finding out what you are passionate about, and the independence that comes with being on your own. But along with that independence comes a lot of responsibilities that may be new to you. One of the things you might have to start managing yourself is your finances. For many college students, this will be the first time dealing with rent, bills, groceries, and all sorts of other expenses that have not cropped up in the past. This might be overwhelming if you have not had to handle any of these things before. But do not panic! There are plenty of college budgeting tips out there to help. So, how can you budget to save money and cut expenses? One of the best
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ways to manage this is to put together a realistic budget specifically designed for college students. For example, your budget should track your rent, utilities, food, transportation, school supplies, and more. Budgeting for college students is not always easy, so let us look at some critical components to learn more.
What College Students Need to Consider in a Budget
When you first start putting together your budget, you will want to do your best to predict certain expenses like your cost of living, transportation, the cost of textbooks, and more. You can start calculating big portions of your cost of living by starting with your rent and utilities. While there may be some variance in certain utility bills, things like your rent, Internet bill, and phone bill will stay static throughout the year, so you can start incorporating these costs into your budget ahead of time. Specific bills like electricity and water might change a bit more from month to month, but after two or three months, you will likely have a better idea of the general cost of these bills.
Typical College Student Expenditures
There are several different expenses that you may have to consider as a college student. Let us look at some of the biggest ones. 1. Rent and Utilities When it comes time to start looking into what living arrangements are out there for you, the key is to weigh all the options in front of you. You will need to start by getting an idea of the cost of rent around your school and then comparing this to the cost of living on campus (assuming that is an option available to you). Whether you end up living in a house/apartment or staying on campus, your living arrangements
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will likely end up being one of your most significant expenses. Not only will you have to deal with the cost of rent, but you will also need to consider the cost of utilities. This can include things like water, gas, electricity, Internet, and cable. You generally will not have to worry about these things if you live in a dorm on campus, but you will need to account for them when you are putting together a realistic budget if you are out there on your own. One thing that may help you cut back on all these expenses is getting some roommates to share these costs. This way, you will be able to split the costs of rent and utilities instead of shouldering all these things on your own. Whether you have roommates or not, you will want to shop around for the best deals when setting up your utilities. Get quotes from different companies and look out for any student deals that may be going on. You will also want to evaluate your needs to make sure you are not spending money on things you do not need. 2. Food and Transportation Another big area to consider is the cost of food. If you are living on campus, you may be paying for a meal plan through your school. But if not, you are going to have to pay close attention to your food costs and look for ways to keep them low. This starts with being smart at the grocery store and cooking at home as much as possible. You will want to make sure you put together a meal plan, make a shopping list, and stick to that list. To help you save on groceries, you should also:
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Avoid shopping when hungry Plan to have leftovers
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