A Personal Finance Guide

How to Prioritize Your Student Expenses

After going through the process of creating a student budget plan many people realize that they actually don’t have enough money to pay for all of their student expenditures. To make up the difference many times people ignore their personal expenses. With a little planning, you can have what you need and save enough to meet your goals.

There are two easy ways to make this a reality, and they both start with prioritizing what’s most important to your college student budget.

A little goes a long way

First of all, think about the little things you can cut back on to save dollars here and there. You may not need everything that you’re spending your money on, but if absolutely don’t want to give them up, then you don’t have to. There are many ways you can lower your expenses to keep them affordable.

Follow these tips to cut down on student living expenses in your student budget:

• Make a pot of coffee in the morning to go to kick a daily coffee expenditure
• Go to your school’s library to check out books and movies for free
• Carry a snack with you so you won’t be tempted to spend money in between classes
• Avoid excessive text messaging
• Lower the heat by a couple degrees or insulate your windows with plastic in the winter to save electricity
• Try to borrow or buy used textbooks
• If you go on many dates, choose places that are fun and free
• Use a classroom or public access room to print out your papers so you can save money on buying new printer ink
• Send emails to people instead of using up your cell phone minutes
• Buy used CD’s at a local record store instead of ordering them new online or at a major brand store
• Use the local newspaper or the internet to find free concerts and events
• If you love to eat, get friends to pitch in for a membership to Sam’s Club or Costco
• Get your hair cut at local barber shops instead of expensive salons
• Switch your cell phone carrier to the one most of your family and friends use to benefit from more in-network calling
• Avoid eating with large groups because if you decide to split the bill, you might have to pay more even if you ate less
• If you have to pay for laundry, bring your own detergent and snacks instead of buying items from vending machines

Necessities or nice-to-haves?

The second thing you can do to get make your personal budget plan work for you is to consider eliminating some of the nice-to-have student living expenses that aren’t really necessities. Yes, it may be cool to have the latest gizmos and gadgets from the world of electronics, but keeping it simple and basic will also keep you entertained.

Follow these tips to cut out the student expenses you don’t need:

• Ride a bike or catch the bus to class if you live off campus instead of driving a car and fighting expensive gas prices
• Buy an affordable cell phone instead of the most expensive phone with all the latest technology that you might never use
• If you need a computer, look for computers on sale with student discounts, rebates, and other free offers
• Rent a studio apartment or live with roommates instead of trying to make it on your own too soon
• Listen to free music stations on your computer instead of buying an expensive MP3 player
• Watch your favorite cable television show in your neighbor’s dorm room instead of paying for a huge cable bill each month
• Use your school’s free gym or work out at home instead of paying for a gym membership
• Shop at stores that offer student discounts or at consignment stores instead of buying the most expensive brands
• If you live off campus and need furniture, try a local thrift store over a major furniture store
• Play free games on the internet instead of spending money on the latest video games and consoles
• If you plan on going somewhere for summer vacation, shop ahead of time for special fares instead of buying tickets at the last minute

The bottom line is that you are in control of your financial health. A student budget will keep you on track and help you realize your goals. If you find your student expenses are more than your budget can handle, a college student loan or a student credit card for college can help you make up the difference.

Trish Smith is a copywriter for Green Student U, Student Finance Domain and Study Abroad Domain, websites that are devoted to providing college students with helpful environmental, financial and study abroad advice.