Save or Splurge? A Budgetary Guide for Students

By Kailey Walters on June 30, 2019

As a college student, you’re probably starting to figure out the necessity of keeping track of your finances and setting a budget. While your parents might be helping you out by paying for larger expenses such as your college tuition and housing, among other things, you’ve reached a point where you also need to take some responsibility for your own spending habits.

Thinking about what you regularly spend money on can lead you to puzzle over what kinds of things you should be saving up for, what you can allow yourself to splurge on once in a while, and how to spot a good bargain when you need to. If this is something you have questions about, read on for some tips and ideas on how to make wise spending habit decisions.

via Pexels

What to Save For

Undoubtedly, there are some things you’re going to need to save up for throughout your college years, which may benefit you even well after college. Maybe as a college student with little income and limited experience handling finances, it’s difficult to muster up the motivation or to even picture yourself saving up for long-term expenses. However, learning how to save – and what to save for – is an integral part of the process of taking responsibility for yourself and getting accustomed to handling your personal finances for the future.

College tuition and student loans

One thing you should be saving up for is your college tuition and/or loans, as well as possibly the cost of future education if you decide to go on to graduate school and beyond. Of course, your parents may have that covered already, or at least some portion of it. You may also have some parts of your tuition covered by financial aid, such as scholarships. However, chances are that you may have taken out student loans at some point during college, which means you’ll have to save up some money over the years to make sure you have enough to pay off your loans.

Depending on how much in loans you need to pay off, or how much of your tuition you’ll end up paying for on your own, create a savings plan for yourself. Figure out how much money you need to set aside each month to meet your goal of paying off what you owe, and don’t touch that money for any other reason. That way, you’ll be able to meet your goal without any hiccups (hopefully).

via Pexels

What to Splurge On

Laptops or tablets

With technology increasingly becoming an integral part of communication and how people get work done on a daily basis, having a good, functional laptop or tablet you can use regularly is super important. After all, it’s most likely where you’ll store your whole life as a college student — AKA your papers, notes, assignments, etc. A good laptop or tablet will definitely be a worthwhile investment if you want it to last for at least four years of college, and possibly even beyond that. With that being said, make sure you invest in a decent piece of technology that you like and will serve you well for a while, even if it means finding one that’s a bit on the pricier side.

Furniture

If you live in an off-campus apartment or house and need to buy your own furniture, it’s bound to get a little pricey at times — at least, more so than many other purchases you’ll be making as a college student. Of course, not every piece of furniture you buy is bound to be expensive — there are plenty of places you can shop to find affordable pieces, whether online or in store. You can also potentially get gently used furniture from other people you know, who might be kind enough to simply pass it on to you or sell it to you for a much lower price than its original cost. However, if a particular piece of furniture such as a couch, coffee table, or decorative piece catches your eye while you’re shopping, and you believe it’s a worthwhile investment, don’t limit yourself! Furniture and decorations are a huge part of what makes a place feel like home, so if you really like it, don’t hesitate to treat yourself to something nice.

infographic, save, splurge

Infographic by Kailey Walters

Travel and/or study abroad

Often, a big part of your college experience is not just the classes you take or the grades you earn, but the friends and memories you make along the way. To that end, taking time to vacation during breaks and to study abroad during the semester is well worth the money and effort. Of course, these are costly excursions that you’ll have to spend a bit of money on no matter what if you do decide to go, so why not take the opportunity to splurge? That’s not to say you should go crazy spending money; you can still make wise financial decisions while having fun during your travel time.

If you decide to study abroad with your college, do make the effort to look into the possibilities of financial aid and scholarships. It certainly doesn’t hurt to see if you qualify — and if you don’t, it’s not such a big deal. You’re sure to find other ways to cut costs, such as by searching for the cheapest flight option (as long as you’re not mandated to fly with everyone else in your program). Before you reach the country you’re staying in, it’s also a smart move to research the general cost of such things as food, transportation, souvenirs, and any other expenses you may incur in addition to the study abroad fees you’ve paid your school. While there are many costs that come along with living in another country for a few months, it is one of the pricier things you might end up spending money on during college, so allow yourself the leeway to splurge. Getting to travel and explore another country is rarely inexpensive, so do yourself a favor and take the opportunity to enjoy it as much as possible.

You can also adopt a similar attitude when it comes to traveling outside of study abroad. Whether you travel on your own or with friends, taking the time and effort to go somewhere else — whether to another state or internationally — is well worth a splurge, within reason. If you’re not studying abroad with your school, you’re less restricted in terms of housing, transportation, food, entertainment, and how you spend your free time. That gives you the chance to be as frugal or as costly with your money as you see fit. While it is a wise idea to keep an eye on your expenses so that you don’t spend too much more than is necessary, you still have the opportunity to splurge a little and enjoy yourself. After all, you’ll be making valuable memories that you’ll treasure forever, so if there’s a certain sightseeing spot you want to visit, food you want to try, and more, make sure you jump at the chance!

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Keep an Eye Out for Bargains

Who doesn’t love a good bargain? When it comes to items that you need but don’t really have to save up for or spend a lot of money on, your best bet is keeping an eye out for bargains.

Textbooks

One example is textbooks. As a college student, you’re probably going to need plenty of textbooks over the course of several years. Textbooks can certainly get pricey, but you don’t have to save up for them quite the same way you would for a car, for instance. You also don’t have to go crazy buying the most expensive textbooks you can find, as there are many ways you can go about finding textbooks for relatively cheap prices. Actively search for sales and deals online, whether on Uloop, Amazon, Chegg, the textbook provider your university uses, or any other credible website. You’re sure to have many options in choosing from rentals, used textbooks, and digital versions. If all else fails, you can even scour your university’s library to see if they hold a copy of the book you need.

School supplies

One expense in college that you won’t have to spend a lot of money on is school supplies. While they’re necessary, you definitely don’t have to go all out getting fancy pens and expensive stationery (unless, of course, you want to). It’s fairly simple to find some school supplies, such as pens, pencils, notebooks, paper, etc., for relatively cheap prices by shopping online, visiting Staples, or even scouring your local stationery store for good deals if they’re available. As the cost of school supplies can certainly add up, you can also search for discounts that might lower the total cost of your purchases.

Clothing

Even if you place a high value on your fashion choices, clothing definitely doesn’t have to break the bank. A good way to save money on clothing is to shop during end-of-season clearance sales so that you can get a lot of shopping done at once and get in the groove to find good deals. It’s also helpful to know when clothing for a specific season is more expensive than usual; for example, fall clothing tends to be more expensive in August but becomes more affordable in October. Keeping these sorts of tricks in mind can help you to make wise decisions on the best times to spend money on clothes and how you can find clothing for good bargains.

Groceries

Everyone needs to eat, but there are definitely many ways you can go about saving money on food on a regular basis. If you already have a meal plan at your school and normally visit the dining hall, saving money on food might not be one of your biggest priorities, especially if you have access to buffet style dining options. However, if you happen to not have a prepaid meal plan or you live in an apartment with your own kitchen, sticking to a grocery budget may be much more applicable to you.

An effective way to save money on groceries is to write out a list of everything you need any time you make a trip to the supermarket. That way, you’ll know exactly what you need and will have incentive to stick to what you’ve written, rather than straying from the list and buying something unnecessary that suddenly catches your eye (like a box of cookies). If you’re really invested, you can also compare prices of different brands within the store and go with the cheaper option. It might not seem like a lot, especially if comparing items is only saving you ten cents here and there, but whatever amount of money you’re saving still adds up in the long run. Plus, comparing prices of peanut butter brands can serve as good practice for one day comparing prices between much larger purchases, such as a car or a home. You can save money on groceries also by searching for coupons, which can prove helpful in small increments as well. What’s more, you can shop at wholesale places such as Costco or BJ’s and buy items in bulk.

Another way to save money on food, in general, is to not eat out too often. If you usually buy your groceries from the store and cook, more power to you! If you tend to go out for food or even order in a lot, there’s nothing wrong with doing that once in a while — you just don’t want to make it a routine. If you absolutely do want to order food, one relatively inexpensive option is to search for deals using food delivery apps such as GrubHub, Door Dash, Seamless, and many more.

You can also find great food deals and bargains several other ways. One is to use your student discount, which comes in handy especially if you live in a college town where many of the restaurants most likely offer student discounts on food and drinks. Do your research to figure out which places offer discounts (e.g. for what and during which times of the day or week), and you’re golden. You can also keep an eye out for promotions of your favorite grocery stores and restaurants, which can help you save a decent amount of money on food as well.

Trying to figure out what to save money for and what to splurge on can be difficult sometimes, but if you take the time and effort to make informed decisions and balance your budget, you’ll be fine.

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