Budget hacks for college students

If you're like many college students, you may find it challenging to stick to a budget. Maybe you spent too much on pizza delivery last month or needed an extra infusion of cash from your parents in the middle of the semester.

Whether you get your money during college from your parents, scholarships, financial aid, student loans, part-time jobs, or some combination of these sources, budgeting is critical.

A successful college student budget should cover the cost of your education and living expenses while ensuring you have money available for emergencies — and for some fun, too.

Here are some budget hacks for creating a college student budget so you won't have to worry about money all the time. You may also want to consult your parents or other trusted family members or friends for advice on prioritizing your spending and consider using budget applications to track your spending.

Prepping your budget

When envisioning a budget, it's helpful to break it down into income, expenses, opportunities, and threats (IEOT):

• Income: Does your income fluctuate? Are there ways to increase it? Or are you working too much, and is that interfering with school?
• Expenses: What do you need to cover? (Tuition, housing, food, clothing, phone payment, books, utilities, transportation, etc.). You'll also want to create additional categories for things like entertainment, an emergency fund, and any intermittent expenses.
• Opportunities: What's on your radar for bigger expenditures? (Study abroad, a spring break trip, expenses tied to an unpaid internship, etc.)
• Threats: Are there certain months when you have less income? What would happen if you lost your part-time job? Do you have an emergency fund?

College student budget template

Click here to download a PDF copy and make it your own.

Managing your spending is important, but you’ll also want to strike a balance between covering your needs and having sufficient funds for "wants" — whether it's going out with friends, buying concert tickets, or participating in other activities that are part of the college experience.

What's the ROI for your spending?

As you decide how to use any extra funds in your college student budget, think about the return on investment (ROI) — and any necessary tradeoffs — for every additional dollar you spend.

If you really enjoy having a latte once or twice a week at your favorite coffee shop, you might want to prioritize that over buying lunch on those days and bring your own. Or you could make your own coffee and apply the money toward a spring break trip.

Similarly, you might decide to spend money on things like a music streaming service or Netflix and invite friends over for a potluck instead of going out for dinner.

Keeping your budget in check

It's important to try to stick to your monthly budget. If you overspend, you might need to put expenses on a credit card, work more hours, or ask your parents for help. You also could end up overwhelmed by debt or working too much to focus on school. Sticking to your budget ensures you don't have to worry about paying your bills or running out of money. Three keys to sticking to your budget are:

• Think ahead: Anticipate — and plan for — times when you're going to be tempted to spend money, whether it's stocking up on coffee to fix your own cup at home, buying groceries so you can tote your own lunch, or freezing meals in advance for when you're studying for exams. Going home for the holidays? Don't wait too long to buy your ticket or you might have to pay a lot more.
• Do your research: A quick Google search can potentially save you hundreds of dollars on textbooks, or you might be able to find the blender you want to make morning smoothies for a deep discount. Ordering shoes online? Search for coupon codes to maximize your savings.
• Stay flexible: This could mean planning your meals based on what's on sale at the store vs. a predetermined list, or buying running shoes that are on sale instead of sticking to a certain brand. Want to go out with friends? Choose a restaurant via a daily deal site, or go to a place that has happy hour appetizer specials.

Stay on track as best you can

Remember that you might not always adhere to your budget, but you can still take steps to address any missteps.

If you purchase a new jacket you don't really need, you may want to consider returning it. Should you overspend in one category in your budget, you can try to cut back in another. Or perhaps you can find a way to make some extra money, whether through tutoring, babysitting, or driving for a ride-sharing service.

Learning how to budget in college takes practice, but once you get the hang of it, you’ll be able to worry less about your finances and focus more on your schoolwork — and your future plans.

Ready to create a budget that works for you?

As a college student, having a budget (and sticking to it — mostly) can make your college experience more fun and less stressful. Likewise, making smart decisions now about how to pay for college could help you in the future. Our dedicated colleagues are here to help you understand all the financial options available to you. Just call 1-888-411-0266 to speak to a Citizens Student Lending Specialist or visit our Student Lending page — we’re on chat.