College Students: Take Advantage of Your Small Budget in These Ways

The saying goes, “If you can survive on nothing but ramen noodles in college, you can survive pretty much anything.” Many of us have been there during our first forays into adulthood, slurping the last strands of budget-friendly noodles from a Styrofoam cup.

In fact, according to the 2022 National Student Financial Wellness Study, 73% experienced financial difficulty while enrolled at school, and 57% would have trouble finding $500 to deal with an emergency.

Those numbers are pretty bleak, but there are steps you can take to avoid the traditional college money crunch and set yourself on the path toward long-term financial well-being.

Create and Follow a Budget

The first step to taking advantage of your small budget is knowing exactly how much money you have to work with. Just like you wouldn’t take a road trip to parts unknown without Google Maps, leaving your money management up to chance is not wise.

Instead, take the time to create a monthly budget and allocate where you plan to spend every dollar– more on that in a moment– then stick to that budget.

You can use the traditional pen-and-paper method or upgrade with a budgeting app like YNAB or Mint. There are also a ton of free budgeting spreadsheet templates available online.

Follow the 50/30/20 Rule

When dividing your income, the 50/30/20 rule advises that you allocate 50% to necessities, like bills and groceries, 30% to “wants” and entertainment, and 20% to your savings account.

By following this structure, you can survive today and plan for the future without feeling like you’ve been deprived of discretionary cash to enjoy a few carefree shenanigans and impromptu shopping.

Get Inspiration for Affordable, Healthy Recipes

When you’ve got a full course load, a job, and studying on your schedule, the thought of eating anything other than takeout or peanut butter off of a spoon probably doesn’t even cross your mind.

While the dollar menu at McDonald’s is cheaper and easier than prepping some produce and protein, smart shopping can help make your grocery budget go further while avoiding the dreaded “freshman 15.”

Services like Misfits Market offer affordable grocery delivery on “ugly” vegetables and surplus stock that let you pay up to 40% less than at the supermarket. They have more than 500 items, including pantry staples and meat, all wrapped in sustainable packaging and delivered to your door.

There’s also an excellent Reddit community called r/EatCheapAndHealthy that offers many community-curated recipe ideas.

Skip the Gym and Workout at Home

Gym memberships are ridiculously expensive, and they often lock you into contracts that make it very difficult to get out of them without paying a steep penalty fee.

Rather than forking over your hard-earned cash to a local fitness club, get acquainted with the abundance of exercise channels on YouTube. Not only are they completely free, but you can do them on your own schedule and in the comfort of your living room.

One of the most popular channels is Popsugar Fitness for general workouts, but you should check out Bradley Martyn if you’re into lifting or Adriene Mishler for yoga.

Thrift for Budget-Friendly Fashion

College is the perfect time to experiment with your style, but the retail price can quickly eat through your budget.

Rather than buying brand new, embrace the cornucopia of clothes just waiting for you to discover them at thrift stores and consignment shops. If you’re willing to spend time combing through the racks, both are treasure troves of hidden gems and retro pieces at a steep discount.

Check out resale shops like ThredUP and Depop if you prefer online shopping. Then, you can find on-trend options for cheap and make a little money back by selling your gently-worn wardrobe.

Socialize on a Shoestring

Sitting on the couch watching Netflix gets old quickly when you’re broke, especially if your cash-flush friends are enjoying nights out on the town while you’re rewatching Stranger Things for the tenth time. Fortunately, there are plenty of ways for thrifty students to socialize without draining their bank accounts.

Start by checking your campus’s event calendar. Colleges often host free movie nights, concerts, mixers, and festivals that are free for students to attend. You get the chance to enjoy life outside of your dorm room and connect with peers who are interested in the same events.

You can also reconnect with nature by organizing a hike or camping trip with a few friends. You’ll need to invest in some basic equipment, but once you have it on hand, you can hit the open trails whenever you want without spending a dime.

Finally, consider sparking up a rotating weekly or monthly event amongst your friend group. Each week, the person hosting can plan a low-key, low-budget get-together at their place, like a movie night or board game tournament.

Better yet, if everyone’s willing to bring a dish, potluck-style, no one’s on the hook for paying for and prepping an entire meal.

Final Thoughts

So, there you have it, young scholars. With some budget know-how and savvy, money-saving strategies, you can make your college years memorable and fun without stressing whether you’ll have enough to pay rent or dig yourself into (more) debt.

Financial literacy is one course that benefits everyone, regardless of your major.