9 Tips To Control Your Spending In College Without Crying

You're in college, all excited, experiencing new things by venmoing left, right, center. Avoiding checking your bank balance because ignorance is bliss. Life is too short. All the cliches.

But all fairytales come to an end. As soon as it’s the end of the month, you see your bank balance and feel your heart sink. 

You get worried about money but then again next month Taylor’s on tour. Also, your birthday is in 8 months. Not to forget, you cried at your part-time. So you deserve a treat, right? Again, avoiding checking your bank balance is key. It’s a cycle and it’s real.

We get it. College is expensive. Living life is expensive. We’re not gonna sit here and tell you “don’t buy starbucks” to get rich, we’re not that delusional. 

But we do believe that having a good spending system can make a difference. At the very least, it’ll help take away the fear of money management so that when wealth does come for you, you’re not defaulting to bad spending behavior because that’s all you did in college. But you’re actually set to manage it well. 

We've got 9 tips that will help you with financial success while you're in college. *These tips are actionable and will help you make the most of your financial resources.

Tip #1: Start talking about money

If you're feeling overwhelmed by your finances, don't be afraid to get financial advice. Just start talking about it (either with your family and friends or anyone close to you who is actually a financial expert) to improve your understanding. 

There are a lot of different resources available to help you, such as your school's financial aid office, a credit counselor, or a financial planner. To begin with, you can check out this Money Talks segment by Venmo where two financial experts answer your money questions. 

Tip #2: Create a budget and stick to It

This is probably the most important + basic tip on this list. If you don't know where your money is going, it's going to be really hard to stay on track financially. So, take some time to create a budget that tracks your income and expenses.

There are a lot of different budgeting apps and software out there, so find one that works for you and stick to it. Once you have a budget, you'll be able to see where your money is going and make adjustments as needed.

When you have one, actually use it! Yes, it can be tempting to go out and spend some extra $$$ when you are out with your friends. And, it’s okay to do so once in a while. But make sure it does not become a habit. After all, discipline is the first step towards achieving anything. 

Tip #3: Get a part-time job

Yes, we know, you might already have one. But in case you haven’t gotten around one yet. We want to remind you that a part-time job is a great way to make some extra money while you're in college. Not only will this help you cover your expenses, but it will also give you some work experience that you can put on your resume.

There are a lot of different part-time jobs that you can get as a college student. You could work in retail, food service, or even on campus. The important thing is to find a job that you're interested in and that fits your schedule. Here are some on-campus jobs that will help you earn while you study. 

One such job is becoming a Campus Manager for us. Fresh Prints Campus Managers use our resources to get orgs on campus sick merch. Here’s how Elysia built a $113K+ merch empire as a CM at Rice! You can apply here if it interests you.

Tip #4: Live below your means

Okay, buy those small things that bring you happiness. Don’t live a boring life! Everyone deserves little joys.

But you know you best. If you don’t need something, you don’t need it! Quick rules like, if you can add it to your cart and forget about it or if you can’t buy it twice, you can’t afford it, can help you practice spending on things you actually need and will use and enjoy.

Live below your means and you'll be surprised at how much money you can save. You can do this by cooking at home, finding free or low-cost activities to do for fun, and using public transportation instead of driving are just some things to start with.

Tip #5: Take advantage of student discounts

There are a lot of student discounts available, so be sure to take advantage of them. You can get discounts on everything from textbooks to movies to transportation.

To find student discounts, check with your school's financial aid office or student government. You can also look online for websites that list student discounts. For starters, here’s a list of the best student discounts, deals, and freebies of 2023 by CNET. 

Tip #6: Start thinking about saving, investing and debt pay-off

It's never too early to start saving, investing, and clearing off debt. Even if you can only save a little bit each month, it will add up over time. Note that this does not account for your personal circumstance, and are just general tips to think about!

Saving

• Build an emergency fund so you don't have to go bankrupt if something unexpected comes up. Aim for 3-6 months of living expenses. You won't have this immediately, so start saving a specific amount each month until you have it.

• Set up automatic transfers from your checking account to a savings account so you don't even have to think about it.

• Create a budget to track your income and expenses so you know where your money is going. Here are 20 simple ways to save money as a student!

Investing

• Start investing early so the power of compounding can work its magic. Even small contributions can add up over time.

• Educate yourself about different investment vehicles, risk tolerance, and asset allocation so you can make informed investment decisions. Here are 7 ways you can start investing. 

Debt Pay-off

• You may consider prioritizing paying off high-interest debt first. This can help you save money in the long run.

• Consider using the debt snowball or debt avalanche method to tackle your debts. But before you begin, here are debt statistics you should be aware of. 

• If you have federal student loans, explore income-driven repayment plans that base your monthly payment on your income.

• Look into refinancing your student loans at a lower interest rate to save money over the life of the loan.

Remember, personal finance is a journey, and it's important to continuously educate yourself and adapt your strategies based on your financial situation and goals. 

You might also want to consult with a financial advisor who can provide personalized guidance tailored to your specific circumstances.

Or better yet, talk with your seniors who have paid their debt early. Ask them how they did it and learn from both their mistakes and successful approaches. 

Tip #7: Build your credit score

Your credit score is important because it determines your interest rates on loans and credit cards. It's important to build your credit score while you're in college.

There are a few things you can do to build your credit score. You can open a credit card and use it responsibly, pay your bills on time, and not max them out. Here’s a list of the best student credit cards by Forbes in case you have yet to get one. 

Also, there’s a credit utilization ratio you should know about. The 30% rule is often mentioned when discussing credit card utilization, which is the percentage of your available credit that you're currently using. Here's a breakdown of what it means. 

And, please be aware of card scams!! Always reach out to your parents or other adults who are financially responsible (even though it might be a little embarrassing) for help if needed. 

Tip #8: Don't give up

It's easy to get discouraged when it comes to finances. Especially when you have loads of information coming your way. But don't give up, it’ll only increase your negative feelings towards it. 

Just keep searching for terms you don’t understand (even when it gets overwhelming) and make smart financial decisions based on rational conclusions. There are a lot of terms, but none of them are beyond your understanding! 

Don’t get intimidated by things like, “This 21-year-old millionaire…” Your success timelines should not be set by what other people are achieving at your age. Take a breath, it’s okay to not be a millionaire by the age of 21. Build up good financial habits and you'll eventually reach your goals.

Tip #9: Set financial goals

Having financial goals will help you stay motivated and on track. What do you want to achieve financially in the future? Do you want to buy a house? Pay off your student loans? Start a retirement fund? 

Once you know what you want to achieve, you can start making a plan to reach your goals. But be consistent. The key to financial success is consistency. Even when you fall off here and there, get back on track. Consistency doesn't mean being perfect, it means bouncing back and staying on track as much as you can. Make sure you stick to your budget and your saving goals.

Following these tips will help you set yourself up for financial success while you're in college. 

Be patient, and persistent, and don't give up. With a little effort, you can reach your financial goals and live the life you want after college.

And remember, it's okay to make mistakes. Just learn from them and keep moving forward. Financial success is a journey, not a destination. So enjoy the ride!

*Important: This post was not written by a financial advisor, so take everything we say with a grain of salt. The information on this website is based on research, and it's meant to be taken as guidance and not as official financial advice. If you're looking for real financial advice, you should talk to a qualified financial advisor. They can help you understand your financial situation and goals, and they can recommend strategies that are right for you.