Budget for College Now: Start Planning Your Finances Early

Written by Amanda, University of Pennsylvania

Starting to plan your college budget now is a smart way to reduce stress later! College can be expensive, and it’s important to be ready for the costs. Here’s how you can start budgeting for college now and find ways to make extra money through student jobs! 

1. Know the Costs of College 

It’s important to understand how much college will cost so you can start preparing: 

● Tuition: This is the cost of your classes. Each school will have a different price. 

● Room and board: If you live on campus, you’ll pay for housing and food. If you live off-campus, you’ll still need to pay for rent and meals. 

● Books and supplies: College textbooks can be expensive, so plan for those costs. 

● Personal expenses: Don’t forget to budget for things like transportation, entertainment, and other personal costs! 

2. Look Into Financial Aid 

While you may not know exactly how much aid you’ll get until you're accepted, you can start preparing: 

● Fill out the FAFSA (Free Application for Federal Student Aid). It helps you apply for federal financial aid, including loans, grants, and work-study programs. 

● Search for scholarships or grants to help pay for college. Ask your guidance counselor for help finding these. 

● Find out about state financial aid or other local opportunities! 

3. Create a Simple Budget 

Once you have an idea of what college will cost, make a simple budget: 

● Income: If you plan to work while in college, estimate how much you might earn from a job. 

● Expenses: Write down the things you’ll need to pay for, like tuition, housing, food, and transportation. 

● Savings: Try to save as much as possible between now and when you leave for college, especially for things like books or moving costs! 

4. Look for Student Jobs 

Having a job in college can help you pay for expenses. Here are some options: 

● On-campus jobs: Many colleges offer part-time jobs for students who are close to where you live. Some are even part of financial aid programs! 

● Tutoring: If you're skilled at a subject, tutoring other students can be a good job and a great way to earn money. 

● Freelance work: If you’re skilled in writing, design, or social media, you can take on freelance projects. 

● Off-campus jobs: Retail or food service jobs are also options, but make sure your work schedule doesn’t take too much time away from your studies!

● Summer Orientation Leader: Some colleges hire students to lead incoming freshmen during summer orientation. It’s a great way to get paid before school starts and help new students adjust to campus life! 

5. Take Advantage of Discounts 

As a student, you can get discounts on many things: 

● Student discounts: Websites like UNiDAYS offer discounts for students on things like clothes, food, and tech. 

● Transportation: Some colleges or cities offer discounted bus or train passes for students. 

6. Start Saving Money 

The sooner you start saving, the better! You can open a savings account and try to put aside a little money whenever you can. Every bit helps when you’re preparing for college! 

7. Learn to Manage Your Money 

College is a great time to learn how to handle your money! Start by keeping track of what you spend now, and set a budget. There are apps like Mint or GoodBudget that can help you stay on track with your finances! 

8. Review Your Budget Regularly 

Your financial situation may change as you apply for scholarships or get a job. Make sure to update your budget when things change so you stay on top of your finances! 

Starting to budget for college now will help you feel more prepared and less stressed when the time comes. Planning ahead, saving, and being smart about your finances will help you focus on enjoying your college experience!

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