How To Budget In College

For many students, college is the first time that they have so much control over what they spend their money on. We’re buying more of our own meals, instead of eating our parents’ home-cooked food. We can decide which social events we want to spend on. The list goes on and on. Here are my best tips for managing money in college.


#1. Decide what your priorities are

If you want to save money for a big purchase rather than spending it, decide that beforehand. If you would rather spend your money on food than on clothes, decide that beforehand also. Everyone’s priorities are different. If you know what yours are, you won’t be frustrated that you spent all that money on junk food when what you really wanted was to go to a fun concert with your friends.


#2. Always assume things cost more

When planning your budget, always assume everything costs a little bit more than it does. You never know when there will be unexpected fees. Plus, it’s nice to have a little bit of money left over.


#3. Always pick the cheaper option

When faced with two options for how you’ll spend your time, always pick the cheaper one. This may seem obvious, but many of us are often tempted to do the more expensive thing. Try to get into a habit of doing things cheaply.


#4. Don’t buy anything unnecessary

Don’t spend money on things you don’t really need just because you have the money to spend. For example, if you see a t-shirt you like but don’t need, don’t buy it, even if you can. Instead, wait and save until there’s something you actually want.


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  • Nadira Berman

    As a Summer Marketing Intern, Nadira is excited to help high schoolers prepare for the SAT and ACT. As a freshman at the University of Pennsylvania, she is considering studying economics. In her free time, she reports for the school newspaper and styles photo shoots for the school's fashion magazine. Besides fashion and journalism, her passions include bagels, smoothies and Netflix.

By the way, Magoosh can help you study for both the SAT and ACT exams. Click here to learn more!

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