by Warren O. Brennan

Created on: July 20, 2010   Last Updated: July 22, 2010

College is the first real time in a young adults life when they must manage their own budget. There is defiantly a learning curve here. Managing a budget is no easy task, particularly when first starting out.

Like it or not, college presents a lot of expenses. The first is books. Expect to pay around $500 per semester for textbooks, even more if you are in the sciences. You can help yourself out here by purchasing your books online, since they are significantly cheaper.

Room furnishings are the next big expenses. While living with your parents, you likely stayed in the same room for a large part of your life. Everything was provided for you. While college dorm rooms will give you the basics (bed, desk, ect.) you will be on your own to purchase lamps, couches, and mini-fridges. These can add up. Do your best to buy secondhand from craiglist or other sites as it will save you a lot of money.

Your single greatest expenses at college, though, will be your friends. Keeping up with an active social life has plenty of costs. Friends will often want to ditch the college cafeteria and go out for dinner. They will want to go to concerts or the movies, all costing you a small fortune. If you choose to drink, your budget will nearly explode. You will have to pay for drinks at parties you attend. A trip to the bar will cost you a cab ride, both ways, a cover charge and drinks that cost way more than they are worth.

You can attempt to mitigate these costs by making your friends recognize your tight budget. It is possible they come from wealthier background and can afford to disregard expenses during their college years. Let them know, this is not you. Invite them to campus events, which are often free. Drink less and look for bar specials.

The last aspect that makes managing money in college difficult is you often do not have time to devote to a well paying job. Campus jobs are nice, and take them if you can, but they don’t offer much pay. You will find yourself struggling when you are only spending money, rather than making it. The key here is to find a well paying summer job prior to beginning school. Save your money so that you can ration it over the next few months. 

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