The total cost of college is rising across the country, but tuition and housing aren’t the only expenses college students need to plan for. Other expenses such as books, groceries, transportation and entertainment can add up quickly. Use these tips to help budget and manage spending.
Books:
The average college student spends up to $1,200 on textbooks each year, according to a 2014 report from the US Public Interest Research Group. This cost can be prohibitive for a lot of people; 65 percent of students have said they decided not to buy a book because it was too expensive. Though the college bookstore is convenient, the prices are often marked up. Instead look to rent or buy textbooks online or from off-campus retailers. It’s important to make sure you’re buying the correct version of the textbook, since most books are re-published every few years. If it’s an older publication, renting or buying used textbooks might be your most cost-effective option.
Transportation and travel:
Transportation expenses can include parking on campus, commuting back and forth between home and campus, traveling to work an off-campus job or flying home for the holidays. Regardless of the type of travel, this is an important piece of a college students budget. First, students should check to see what transportation comes with their student fees, if any. Most college campuses have a relationship with the city bus, where the student ID acts as a bus pass for unlimited rides around town.
To help save money on flights, utilize a flight tracking app to tell you the best time to buy; and remember buying tickets in advance can usually help save money!
Food:
Every college has its own system for meal plans depending upon whether a student is living on or off campus. Some have à la carte plans, and some operate under a system of ‘all you can eat’ once you swipe into the dining hall. It can be hard to know which plan to pick the first semester on campus but remember you can switch plans for the spring semester.
Purchasing bulk snacks and groceries for a dorm room or apartment can also help save from last minute pizza delivery charges or splurge nights out. Socializing is important in college and often times revolves around food, include a ‘dining out’ portion of your budget to help track your spending and stay on track.
Social & Entertainment:
College isn’t just four years of academics; it’s important to have fun along the way. Consider the following cost saving measures that can be perfect during college: take advantage of student discounts, buy a bulk package of sports tickets rather than purchasing them individually, and budget for nights out.
College campuses often have a student activity board that plans week night and weekend activities from movies and hypnotists to karaoke and large concerts – plus, these options are usually free! One big tip is to take cash rather than cards for a night out. You can’t spend money you don’t have, so set a cash amount you’re willing to spend and then bring only that amount. Social spending tends to be impulsive, so it’s important to keep it in check.
Electronics & Furniture:
It’s easy to get caught up in the ‘must have it all’ frenzy that becomes the norm in college shopping. Before making large purchases, talk to friends who are already in college to see what they electronics and furniture they use.
If you’re living on campus, the residence halls often have vacuum cleaners and kitchen appliances you can check out for free. When purchasing electronics, check the campus bookstore and ask other retailers for student discounts to find the best price.
Creating a budget and having clear communication can help lessen anxiety around money and set expectations between college students and parents. The more prepared a student is, the more they’ll be able to focus on their academics and enjoying college experiences.