11 Budgeting Tips for College Students

Ah, sweet freedom. If you are about to head to college for the first time, then you are likely getting excited about the idea of being out on your own. You have so much to look forward to, but your new adventure comes with greater responsibilities, too – especially where money is concerned. Budgeting is not easy, but it is worth the effort. Creating a budget now can help keep you from racking up unnecessary debt as well as save for future goals (spring break, anyone?). 

We have some helpful budgeting tips for college students below as well as a free college budget worksheet you can download and start crunching the numbers. 

First, let’s look at your fixed expenses. These are the ones that will stay the same (or nearly the same) each month. In this category, you will include things like: 

Housing and related living expenses  

If you are living in a dorm, most of your expenses may be covered under one payment for the semester. In an apartment or house, you would include expenses like rent, cable, and Internet service. Your utilities such as water, gas, and electricity can also fall under this category, but are more likely to be a variable expense, changing from month to month. 

Cell Phone 

If it is the same each month, put it in your fixed expenses. If it varies depending on usage, add it to your variable list. 

Transportation 

Will you be driving or taking public transportation? Do you have a car payment? Regular-expense items like auto insurance, gas, parking fees, and public transportation passes would go here. 

Insurance 

If you are not on your parents’ health insurance, be sure to add this expense to your budget. Also consider renters insurance if you are renting a house or apartment, some landlords require it, so make sure to double check.  

Now, on to your variable expenses – the ones that are most likely to change from month to month. You will want to plan for things like: 

Food 

If you are living in a dorm, you might have signed on for a meal plan. If that is the case, most of your food expenses should be covered. But everyone needs snacks, sometimes the dining hall just will not be appealing, or you will want to do something with friends. It makes sense to budget for non-cafeteria food expenses, as well.  

Toiletries and personal services 

Everything from shampoo, soaps, and makeup to haircuts and manicures can go in this category. 

School-related expenses  

Be sure to include the cost of supplies and any other similar expenses that are not included in your tuition bill. Tuition will be a separate item.  

Medical expenses  

Add prescriptions and any other ongoing medical costs to your budget. Also allow for a certain number of unexpected doctors' visits each month or semester. Especially if you will be living on campus, the likelihood of you getting sick in your first couple months is higher than if you live off campus. 

Clothing and entertainment costs  

Although this is the most fun category, it can also be the trickiest because it can vary from month to month – and that makes it easy to go over budget. When planning, try to anticipate how much you really spend on clothes and account for as many different types of entertainment expenses as possible, from going to concerts and movies to the retreat for that new student group you joined. 

Travel expenses  

You will eventually be able to gauge an estimate of both your fixed and variable expenses, but what about those impromptu road trips, weekend treks home to do laundry and of course, spring break? Try to realistically estimate as many as possible here. 

Tuition 

Of course, tuition is one of the biggest expenses you will have in college, but it is not one you will address monthly. Make a plan to cover your tuition, of course, but keeping it separate from your monthly budget may help you keep things straight. Student loans can also help with this expense. 

These are some budgeting tips for college students. Take your knowledge to the next level, with Cobalt CU’s Budgeting and Saving e-Book. It is designed to make budgeting a bit easier, and it can help you get your financial future off on the right foot. Download the book today!