by Warren O. Brennan

Created on: July 18, 2010

The good news is Freshmen year is generally your least expensive. You probably are not allowed a car on campus, so you can save money on gas. You are most likely forced to live on campus, so you don’t have to worry about finding an affordable apartment. Mom and dad are usually still alright supporting you, at least for necessities, for that first year.

Now for the bad news. College, no matter the grade level, is expensive. You will have to buy books, plan your own meals, and, most likely, attempt to have an active social life. This all adds up. Hopefully, the following will help you plan your budget in advance so that you may avoid an end of the semester budget crisis.

Books.

Get the book list for your classes in advance and try to purchase your books online. The college bookstore inflates the price of books because of the monopoly they have on campus. You can’t blame them, but you also don’t have to buy from them. There are plenty of online sites that sell used books at discount rates. Look for deals and will save a bundle.

Food.

Do your best to stick to the college cafeteria. Chances are your school makes you purchase a meal plan and therefore the food is already paid for. I recognize the selection may not always be pleasant, but buying food when you have a free alternative is going to cost you. Nothing wrong with going out to dinner with friends once in a while, but making a habit of it is expensive. Additionally, while you will want to purchase extra snacks to keep around your room for when you get the munchies, you will also want to monitor how much you are spending on these. Many college cafeterias allow students to take beverages and food out of the cafeteria. If your school does, consider taking food from there at the end of your meal and saving it for later rather than purchasing extra snacks from the store.

Social Life.

A large part of college is your social calendar. There is nothing wrong with having a good time. However, this again can become costly. Recreational activities, like the movies, are pricy. Drinking, even more so. My recommendation is find the free events on campus. Most universities now a days are doing an excellent job to try and engage students. Take them up on their offer. Attend the free concert on campus rather than spending $30 to see a show off campus.

If you plan to drink, be wary of the expense. A $2 Bud Light might seem fine, but when you drink 7, buy 3 for your friends, had to pay a cover to get in, a cab ride to get there, and then order a round of shots at the end of the night you are looking at a hefty bar tab. Being the life of the party is great, but you have to be wary of your finances at the same time.

Earning Money.

Every campus has on campus jobs. They don’t pay much, but don’t require a lot either. At most you can just sit and do homework. Apply early, in some cases even before the year starts, in order to secure the best job with the most benefits.

Lastly, I recommend you have a budget lined up. Do this before school starts. Sit down, decide how much money you have for the semester, and then break it down per week. You won’t be able to keep to it with absolute consistency but it will put things in perspective and give you something to look at when making financial decisions.

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