How to Budget: The College Guide

College can be the best and most expensive four years of your life. Such an experience isn’t cheap and can be full of financial landmines for young adults just starting out on their own. For a four-year bachelor’s degree at a public university, the average student debt balance is $30,030 according to a 2021 statistic. While scholarships can help lower your debt, it is important to save money where you can.

Rule #1: Dual Enroll If Able 

For one year of college, the average tuition and fees for an in-state public university are $10,740. In the state of Georgia, high school students (9th – 12th grade) have the opportunity to dual enroll in college courses free of tuition and fees. This advantage allows you to get credit for courses before fully attending college. It can put you ahead of your classmates, save you thousands, and even make it possible to graduate early.

Rule #2: Do Your Research 

One of the biggest mistakes students can make is coming into college not knowing what they want to do or major in. Every semester delayed from graduation cost thousands. To prevent paying for a semester, realizing you want to change majors, and delaying graduation — find out what you like and try it out before going to college for it. To discover what you are interested in, aptitude tests are a great resource. If you are interested in a specific field, career centers, summer internships, and job shadows can help you decide if that’s something you would want to study in college. Doing the legwork first will save you a lot of financial expenses later on.

Rule #3: Rent Your Textbooks 

Your textbooks can be upwards of a hundred dollars each and are required every semester. These costs build up and can become a financial burden. Prevent the money pit and rent them. A few websites that offer used or rentable books are Chegg, Amazon, and Bookscouter. When the semester is over, all you have to do is drop them off at a local UPS center.

Rule #4: Find a Roommate 

Housing is crazy-expensive. At The University of Georgia in Athens, GA the average one-bedroom apartment downtown is around $1,000 per month. Living with a roommate gives you someone to split the rent, utilities, groceries, cleaning supplies, and transportation costs with. There are many advantages aside from the financial savings that a roommate provides. Having someone to do activities with and talk to after a long day of classes is a big benefit. Being away from your family and going to school can be difficult so it is nice to have the companionship of a roommate.

Rule #5: Find a Job 

Finding a job helps you earn some cash while also growing your resume and skill set. It is recommended to find an internship or part-time job in the field you are majoring in. This provides you with some work experience before fully transitioning into the corporate world after graduation. Most colleges offer career fairs for students so you can meet and network with professionals in the career you are studying. If you are interested in a certain company, you can ask for an interview and potentially get a job working for them.

Rule #6: Eat at Home

Eating out every night is not only bad for your wallet, but also your health. Set aside a certain amount of money each month for food and go to the grocery store. It may be easier to go out, but all those little expenses add up. A $10 fast food meal every night, quickly turns into spending upwards of $200 a month on food. Fast food is also full of sodium and high calories which can be negative for your health. You can cut your expenses nearly in half and eat healthier by hitting up the local grocery store instead.

By incorporating these 6 basic rules into your life, you will keep more money in your wallet and still be able to enjoy your college experience.