Unless you’ve recently won a huge lottery prize, managing your money is likely high on your list of priorities. Handling your finances can be tricky even for those who are well-off, and as a student, keeping your bank account balanced can feel even harder.
Going back to school might have meant cutting down your work hours to keep up with homework and other responsibilities. Or maybe you’ve just never really had to watch how much you spend on groceries or track what a monthly streaming subscription is doing to your checking account.
Whatever the reason for wanting better control over your budget, you know you need help managing your money in college—and we’re here to guide you. We’ve gathered advice from both financial experts and fellow college students. Here are 10 practical tips to help you master money management.
1. Budget for everything
The first step to organizing your finances is knowing exactly where your money goes—and that’s where a budget comes in. It’s easy to think that only recurring bills belong in your monthly budget, but even small expenses like coffee runs can add up quickly.
“The biggest thing I’ve learned is to have a budget for practically everything,” says Yogin Patel, a sophomore at Arizona State University. “That means setting aside money each month for eating out, going to the movies, late-night snacks, books and supplies, socializing, and more. Make sure your budget also allows you to save a little every month, because that’s key.”
If you’re not sure where to start, try using some basic budgeting apps to help track your spending.
2. Take advantage of student discounts
Being a college student can sometimes give you access to lower prices or special deals. Movie theaters, streaming services, insurance companies, big retail stores, and more often have student discounts.
It’s worth checking out your options, but remember—saving 10% on something you didn’t really need still means spending 90% on something you didn’t really need. Keep that in mind when making purchases.
3. Automate your savings
It might feel pointless to set aside a small part of your paycheck, but small amounts can grow over time. If saving is difficult for you, make it automatic. Many banks let you set up automatic transfers to your savings account right from their website. If you’re unsure how, ask a bank teller to explain your options.
4. Get creative and enjoy free activities
It’s easy to plan social activities that cost money, like going out to eat. But there are plenty of fun things to do that don’t cost much—or anything at all.
David Bakke, a finance expert at Money Crashers®, suggests swapping a few nights out with friends for at-home activities. Host a game night, have a movie night, or explore free local events. You might find friends who are also looking to save.
5. Review your automated payments
This is different from automating savings. Many people now have subscription services like Spotify® or Audible® set to auto-pay every month. These can add up fast.
Check for any subscriptions you can pause or cancel, such as meal kits, beauty boxes, or fashion subscriptions. Redirect that money to essentials—or simply save it. While you might miss some of these treats, skipping them during school can help cut your overall costs.
6. Cook at home
Cooking at home doesn’t mean you can never eat out, but if picking up food has become a regular habit, cutting back can save a lot.
Home cooking can be enjoyable and creative—and even a social activity with friends. While it takes some planning, buying groceries and using leftovers can make your money go much further. Try finding easy, low-cost recipes you can make well. Affordable food doesn’t have to be bland.
7. Earn some extra money
“Work as much as you can without hurting your studies,” says Chenell Tull from Hustle 2 Startup. “Even a part-time job can give you spending money and help cover student loan interest while you’re in school.”
Depending on your major, freelance work could be an option. If not, think of other ways to earn. Sell items on Etsy®, host a garage sale with friends, or sell clothes you no longer wear.
8. Use cash for non-essentials
Paying with a card is quick—but sometimes too quick. It’s easy to forget that you’re spending real money. Once your main bills are covered, withdraw cash for non-essential spending.
Handing over cash can make you more aware of your spending and help you avoid impulse buys. Seeing your money physically leave your hands can make you think twice before making a purchase.
9. Look for online coupons
Sometimes you can get a better deal online than in store. Many apps and browser extensions can help find promo codes.
George Ruan, co-creator of the Honey® extension, says it can help college students save on everything from pizza to textbooks, making their budget stretch further.
10. Avoid the “It’s only five bucks!” mindset
“You can 5-dollar your way into debt faster than you think,” says Tana Gildea, author of The Graduate’s Guide to Money. Even spending $1 a day at a vending machine adds up to $30 a month.
“Did you really want to spend $30 on soda, candy, and crackers?” she asks. Probably not—but small costs can sneak up on you. Include these little purchases in your budget to keep your spending in check.
Making it work
Adding these tips into your daily routine can make a big difference in how you handle money in college. By practicing good money habits now, you’ll feel more in control of your finances while you work toward your degree.
