Be Broke No More: How To Budget as a College Student

If you’re in school, you need to know to budget as a college student, because let’s be honest: college is expensive.

From overpriced textbooks to surprise sushi cravings at midnight, your bank account might feel like it’s in a constant state of emergency. If you’ve ever checked your balance and said “how is this even possible?” , you’re not alone. 

The good news? Budgeting doesn’t have to be scary, boring, or restrictive. In fact, learning how to budget as a college student can give you more freedom, not less. More confidence, more peace of mind, and yes, more money for the stuff that actually matters to you. 

This guide breaks it all down. No confusing jargon. Just real talk, smart tips, and money moves that even your future self will thank you for. 

Step 1: Figure Out Where Your Money’s Going (Before It Disappears Again) 

First things first: you’ve gotta know where your money is sneaking off to. Pull up your bank app or credit card statements from the past month and take a look. You might be shocked by how much you’re spending on takeout, rideshares, or random Amazon buys at 2 AM. 

Sort your expenses into simple categories: 

• Rent or dorm payments 
• Food (meal plan, groceries, dining out) 
• Transportation (gas, bus pass, Uber) 
• Subscriptions (Spotify, Netflix, etc.) 
• School supplies 
• Fun stuff (movies, parties, bubble tea—you name it) 

This isn’t about judgment—it’s about awareness. You can’t fix what you don’t see.

Step 2: Set a Budget That Doesn’t Suck 

Budgeting is kind of like dieting. If it’s too strict, you’ll quit. So the key is to make it workable and realistic. Figure out how much money you have coming in each month (from a job, parents, financial aid, scholarships, whatever), then decide how to spend it with intention. 

So, What Is the 50-30-20 Rule for College Students? 

Glad you asked. 

This easy formula helps you divvy up your money without doing any intense math: ● 50% → Needs (rent, groceries, bills) 

• 30% → Wants (eating out, new shoes, going out) 
• 20% → Savings or debt (emergency fund, credit cards, student loans) 

For example, if you get $1,000 a month, that means $500 goes to essentials, $300 to fun stuff, and $200 to future-you. Clean, simple, and super doable. 

Step 3: Try the 70-20-10 Budget (A.K.A. The Chill Budget) 

If your income is more “sometimes I babysit” than steady paycheck, the 70-20-10 method might be your best friend: 

• 70% → All your spending (food, rent, fun, etc.) 
• 20% → Savings or paying off stuff 
• 10% → Giving, investing in yourself, or personal growth (like buying a course or supporting a cause) 

This approach gives you more flexibility without ignoring your future goals. 

Step 4: Budgeting Tricks You’ll Actually Use 

Now that you’ve got a structure, let’s talk hacks—because who doesn’t love a good shortcut?

• Use student discounts like a boss. UNiDAYS, Student Beans, and even your .edu email unlock a world of deals. 
• Cook something—anything. You don’t need to become Gordon Ramsay, but even learning 3–4 go-to meals can save you hundreds. 
• Split subscriptions with friends. Share that Netflix or Spotify Premium. It’s 2025—everyone’s doing it. 
• Avoid impulse buys. Sleep on it. If you still want that $60 hoodie tomorrow, then maybe. ● Follow the 24-hour rule. Waiting a day before buying something usually stops bad decisions. 

Step 5: Check In (Just Like You Do with Your Grades)

Once a month, do a quick money check-in. It’s like checking your GPA, but for your wallet. Ask yourself: 

• Did I stick to my budget this month? 
• Where did I overspend—and why? 
• Is there anything I need to plan for (like spring break or textbooks)? 

Adjust your budget as life changes. It’s not set in stone—it’s your money, your plan. 

Step 6: Build That Emergency Fund—Even if It’s Just $50 

Imagine this: your phone dies the week before finals. Or your car battery gives out. These things suck less when you have even a tiny emergency fund. 

Start small. $10 a week adds up. Hide it in a savings account you don’t touch unless absolutely necessary. Trust me, future-you will high-five current-you for this.

Step 7: You Are Not Your Bank Balance 

Here’s a hard truth: most college students struggle with money at some point. Overspending doesn’t make you irresponsible—it makes you human. Budgeting isn’t about being perfect. It’s about taking control, one decision at a time. 

You’ve already taken the hardest step: caring. That’s huge. 

Budgeting = Freedom 

Budgeting isn’t about giving up fun—it’s about making room for what matters. You’re in one of the most exciting seasons of your life. Learn how to manage your money now, and you’ll be ahead of the game for years to come. 

So whether you vibe with the 50-30-20 rule or want to test out the 70-20-10 approach, just start somewhere. Download an app, track your spending, or challenge yourself to cook three dinners this week. 

Because budgeting doesn’t mean you can’t live your best life. It means you’re making sure your best life doesn’t get interrupted by overdraft fees.

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