Few new students fully anticipate the many costs of college life. Before you hit campus, sit down and list your expected daily living expenses for the school year: cell phone, Internet service provider, socializing, laundry detergent, and other "incidental expenses." If the results make you gulp, what are your options? While student loans and part-time jobs certainly help pay your college costs, taking control of your daily money outflow will help you graduate in the best financial shape.
One classic strategy is to spend less. Buy what you need, rather than indulge in impulse or emotional buying. Track your daily spending for a month, and develop a realistic budget for the semester. Don't let friends or social situations pressure you into spending more.
Here are examples of the many spending challenges that you'll be facing:
Food: You are going to eat out, so budget for it. If you have a meal plan, use what you paid for! Make getting up for breakfast a habit. Get some single-serving cereal boxes, cookies, salad bar veggies, or fruit for late-night snacks. Avoid costly vending machines. Pay attention to sales, and remember that grocery stores are cheaper than convenience stores.
Textbooks: Consider borrowing books, or buying and selling used books on campus or online to lower your costs.
Personal expenses: Toiletries, clothes, entertainment, and haircuts quickly add up. You can make some lifestyle adjustments to live within your budget, but about $850 per semester is a fair estimate for "miscellaneous" spending. Shop around for the best cell phone deal that suits your needs.
Electronics: Replacing a lost or stolen laptop, MP3 player, cell phone, or camera is expensive—and upsetting. Watch your backpack, wallet, and keys. Keep your valuables out of sight and lock your room at all times—even for bathroom runs. Protect all forms of personal identification, including your Social Security number and mail. Local police and campus security often have etching devices—if you can engrave your name on your electronics and other valuables, do it.
Printing, computer, and copying costs: Bulk purchase printer paper, ink cartridges, and other supplies from a discount store. Campus stores often charge a significant premium.
Travel: You'll be traveling home during the school year. Car pool or look for student fares when you purchase bus, train, or airline tickets.
Expensive habits: Examine your favorite indulgences from a cost perspective. Whether buying music, shoes, lattes, or clothes, failing to practice moderation is a surefire budget buster. Watch it.
For more practical college financial fitness advice, visit Debt Management EDvisor, Nellie Mae's personal financial management tool developed exclusively for college students!
Nellie Mae is ready with competitive rates and great benefits when you're seeking brilliant student loans. To learn more, visit our loan center.