Budgeting Tips & Tricks

Sadiedrah Harris – Writer

Attention all college students: Are you just getting by with your finances? The Associated Press reports that in 2011, 1.5 million, or 53.6% of college graduates under the age of 25 are out of work or underemployed.

According to American Student Assistance, 37 million college graduates are living with outstanding student loans. As college tuition and expenses steadily rise, students are seeing less and less money in their pockets. Another burden college students and recent graduates have to deal with is the increasing prices of other necessities such as food, school supplies, and clothing.

Salary Survey reported that the average salary of a new college graduate is $44,259, that may seem high, but will this be enough to cover all bills and student loans?

There are different ways college students can save money and stay on a budget. According to “Budgeting While you’re in College” by Denise Appleby, one way to save money is to save on food. You can choose a less expensive meal plan on campus and try to minimize eating out. Plan ahead, decide which days you will eat in the café, and try to eat out only once a week or when you have extra money.

In addition, look at your housing costs. Consider if living on campus or off campus will benefit you more and save you money.

You can also see if you are eligible for work-study. Work-Study provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses. Your financial aid counselor can assist you with seeing if you are eligible for it. You can make money and study at the same time! If you’re not eligible for work-study, look for a job off campus and internships in the area.

In addition to food and housing, another major expense is your wardrobe. Having the latest fashion can be expensive, so try to shop sales and thrift stores. You can find the latest fashions for cheap, including name brand clothes, places like Plato’s Closet. It’s a thrift store that buys your name brand clothes, gives you the option to either get money or store credit, plus they sell clothes for less than half of retail.

Another way to budget your money is to see if you can buy your textbooks online rather than in the bookstore. It may be more of a hassle, but it will save you money.

Saving money and budgeting can seem hard for a college student, but following these steps can get you in the right direction.