Reining in college spending

You can save yourself money in college if you keep tabs on your spending.

College is full of opportunities to spend big – parties, spring break trips, text books and a new laptop. But if you’re not careful, your spending can spiral out of control. Read on to learn about how you can rein in your college spending, so you don’t graduate deep in debt.

Housing
A good way to control your spending in college is to examine your housing arrangements. It may be less expensive to live in on-campus housing than it is to rent a house or apartment. Or, if you really want a place of your own, consider a roommate. That way you share the expense of rent and utilities.

Utilities
If you already have a house or apartment of your own, examine your phone, cable, and internet services for ways to save. Do you really need digital cable with premium channels and DVR? In the winter, up your thermostat a few degrees and save on your heating bill. If you and your roommates have cell phones, you may be able to do away with the long distance charges on your landline. Or, depending on what kind of cell phone plan you have, you may be able to do away with your land line altogether. These small changes can end up saving you big bucks in the long run.

Your social life
When you go to college, you will most likely form a new circle of friends. It can be very easy to be swept away into social activities that require you to spend money. You may also feel pressure to buy new clothes for all the different events you’re invited to. This is a sneaky way that you can end up deep in debt before you graduate.

Technology
Many schools today require students to have laptops. So when looking for a computer for school, consider your options. First, consider your needs. If all you use your computer for it to access the internet and write papers, you can easily get by with a lower-end new computer. Or, try used. Many computer and technology companies offer excellent refurbished computers. These computers, if they come from a reputable company, can be reliable and inexpensive alternatives to the newest models on the market.

No matter if you have a generous allowance or are struggling to make ends meet working while in school, you need to know how much spending money you have. At the beginning of the month, start with how much money you have to spend. Then subtract rent, utilities, and food. Whatever you are left with is all you have to spend. If you find that there’s not much left, you need to ask yourself serious questions about your finances and determine if you can really afford a new outfit for each party, or if your spending will leave you in serious debt by the time you graduate. Credit cards are an easy way to spend, but that money does have to be paid back – with interest.

When examining your college spending, remember this: you are going to college to further yourself. If your spending is excessive and you wind up in serious debt, you may have to play catch up once you get your degree.