by Teya Baram

Created on: July 26, 2009   Last Updated: July 27, 2009

The first time living away from your parents can be an exciting time. However, as the economy shrinks and college tuition and expenses rise, many college students have to economize on living expenses. Here are some tips on how to economize.

1. Do not take too much out in loans. While it is easy to think of the flat screen TV as needed college expenses,it will seem much less of a 'must have' twenty years from now when the TV is in landfill and you have a huge student loan debt. In general, colleges figure the average living costs. If possible, stick to that number (or less if you can).

2. Do budget month-to month. In October, when that student loan check comes through, you might think you have a bonanza. However, that check must buy all your macaroni and cheese, gas money and travel expenses for the semester. Figure out the costs of monthly expenses. For example, if your rent is $500, then put aside $2000 in your account. Write out the checks and mark the money gone on in your checkbook. Repeat for other expenses you must pay, for example your cell phone bill, electric bill, etc. After you have written all the checks for the semester, put them in a safe space. Deduct all the checks written from your account, and if you have not paid any school expenses (books, sorority fees,etc) deduct those fees as well. Now, divide the remaining amount for the months you have until the next student loan check (usually February, check with your school). That is the amount of money you have to spend each month. It may be helpful to 'pay yourself' each month when you pay your rent and other monthly expenses. That way your are reminded that that monthly allowance must last until your next 'pay.'.

3. Don't forget to eat. $400 a month may seem like loads of money to live on. Living in your parents home, it would have been. But in college world, things cost money. Toilet paper, groceries and entertainment funds must all come out of that money, not to mention unexpected class supplies and expenses. If you have a meal plan, your may get by on a relatively small food budget. If you have an apartment and cook for yourself, remember even butter costs money. One good way to budget for food is to your colleges 'Flex Dollars' or related account that allows you to put money on your student ID and then 'charge' at local grocery stores, drug stores, and pizza places. Figure out how much you have to spend on food, eating out, and toilet paper for the semester and put that amount on the

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