When I went off to college, my parents paid for room, board and classes.
I was responsible for anything else. So I took a job as a part-time secretary in the
afternoons and a second job cleaning campus buildings in the evening to earn money for
going out and for shopping. After classes I took a bus into the city and worked for
a professor at another school typing letters and classroom handouts. Then I would
return to the campus and clean a couple buildings with one of my friends before heading
back to the dorm to study.
The irony of it was I never had time to go out or go shopping.
Determine who is paying for what:
Tuition
Room and Board
Books and school supplies
Meals
Incidentals
Transportation
Computer and Electronics
Décor and accessories
Set up a budget so that expenses can be tracked
Save all your receipts
Set up a checking account with no fees and no check costs
Don’t get a credit card unless you have to and then get one with a low limit
Tip: If you have to use a credit card to pay for an item, mark it down so you will see that you have spent that money – don’t be surprised when the bill comes – and pay the bill in full every month
If you need to work part-time, determine how much time you will have before making commitments
If you get a part-time job, ask your parents to contribute to a Roth IRA for you
Consider taking a personal finance class at school
Learn to say no when friends want to do things that cost money if it’s not in your budget
Avoid purchases unrelated to your classes
If you have a kitchen, learn to cook
Pay your bills on time
Guard your personal information
Purchase used textbooks or borrow them and sell the books when you no longer need them
Only wash full loads of laundry
Tip: If you only have a small amount to wash, find a ‘laundry friend’ and share the cost
If you’re paying for your own phone bill, get the least expensive program for your cell phone (and don’t use the pay per extras) and consider a phone service over the Internet
If you can avoid having a car (and the related expenses), use a bicycle or buses for everyday transportation and provide gas money for sharing longer rides with a car-owning friend
Keep access to valuables including electronics locked
Use free services like libraries for newspapers, magazines and books
Take advantage of free or low cost campus activities
Forget the mall or other trips that could be expensive and get involved in school activities
If you have a roommate, divide up expenses for the room
