How to budget in college: Best tips from real experience

Budgeting is probably the last thing you’re thinking about as you head off to college this fall. As a student, you’re more likely adjusting to living on your own for the first time and meeting roommates who may become lifelong friends, to diving into courses that ignite passion and curiosity, to learning how much doing your own laundry sucks. This is where the real feeling of adulthood starts, where you learn to make $5 last a week and where your first real lesson on finances will begin! As someone who made some bad financial choices early in my college career, here are some budgeting and financial tips I want to leave you with so that you have a head start and get ahead of the game financially!  

How to budget for college students

Limit eating out

The first way many college students deplete their money is by eating out all the time! One thing my roommates and I did was put our money together and we would each take turns making a meal once or twice a week! We knew there was always food and snacks in our rooms which saved us a lot of money! Whenever we did order out, we’d order together and split the cost!  

Buy used or rent textbooks 

Textbooks are a significant expense. Some of my books would cost $200-$300 if I bought them new and we barely used them! I love to rent books from various websites like Chegg, Amazon and Barnes and Nobles. This can save you a couple hundred dollars on books and $100 saved is $100 used somewhere else! 

Use student discounts

This is the time to take advantage of all those student discounts! Apple Music for students cost around $5 and it comes with Apple TV for free. Many other companies offer discounts on subscriptions, travel, and food for students with valid IDs. Whether you’re saving 10% or $10, money in your pocket is better than money elsewhere. 

TextNow Tip: If you have the TextNow app, you can open the “Perks” tab in the menu to see discounts, deals, and free offers from your favorite brands! New offers drop weekly.

Lower your cellphone bill

This might be the time you have to pay for your own cell phone service. A single line can easily run you $100 or more from these big corporations, which to me is pretty wild! TextNow offers unlimited talk and text plus free essential data for FREE! 99% of the time we’re connected to Wi-Fi anyway! 

Build an emergency fund

Nothing and I mean nothing will have your back like an emergency fund! An emergency fund is money put aside in a savings account just in case something happens! You’re in college so don’t think you need to save thousands of dollars at a time. My biggest tip, when your refund check comes, before spending it all save 10% in a high yield savings account! This money will come in handy  when you’re running low on food, need to get some supplies or study guides for a class but it should only be used for emergencies! This isn’t “go to a party” money, it’s “save me” money! 

Don't get the credit card!

I will leave you with one lasting tip that I think most college students regret: Don’t get the credit card!!! I don’t care what they’re offering for it! Give yourself until your junior or senior year before looking into credit cards. I know so many adults in their 30s still paying for college credit card mistakes.

Your college life is meant to be fun and be lived. College is not just about books and lectures—it's about finding your tribe, creating unforgettable memories, and starting a journey that shapes your future. Now friend, as my father would tell me, “Give them hell!” 

 FAQs about college budgeting

 About Selma:

Selma is a personal finance content creator, currently the founder and CEO of Bitch I'm Budgeting and My Accountability Bestie. Her own personal journey of paying off $41,000 worth of debt in 2.5 years on a $37K salary led her to start her budgeting ventures, cultivating and supporting a community of over 50,000 women who have currently saved and invested over $500,000 in 2023.  

Outside of content creation, Selma is also a special education teacher in NYC who holds a BA in Childhood Education and a MS in Special Education/ABA.