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Author: Vince Shorb

Getting the Most from a College Budget

Unless your Kimora Lee Simmons or Donald Trump chances are you have limits on the amount of money your able to spend. The ability to manage your money in school is important to keeping debt to a minimum while being able to enjoy the fun activities college life has to offer. Of course, as a part of a college budget, it's okay to spend money and purchase the items you want when you can afford it. And if you take the time to be a good shopper, your money will go a lot further - without breaking your college budget!

If you follow a simple student budget, you will have more money available to afford the activities that make college an experience you'll always remember. What's more, you will avoid college debt which means a brighter and richer future for you, your family, and your friends. That is how you will reach your financial goals and enjoy the things in life that make you really like doing.

Listed below are the top money saving tips for college students that will make your college budget stretch further.

1. List what you want - This is a fun exercise that will help you spend money on the things you truly want. Take a pad of paper and write down everything you want. That new sound system, house on the beach, new wardrobe, car, toys, electronics, whatever it is no matter how big or small write it down. Now that you know what you want list them in priority. What is it you want the most; put that at the top of the list and work your way down.

With this list you maximize your college budget and are able to purchase the items you want the most. Seeing the items you want to work toward can provide strong motivation for you to earn the money necessary to buy them. Knowing what it is that you want the most and what will make you happiest is a key component for a developing college student budget that allows you to get the items you want while not overextending yourself.

2. Daily Splurges —Those small everyday purchases that on a college budget plan add up more than you may realize. A four-dollar coffee, during the week, adds up to over $1200 a year of needless spending. That's a 4 star trip to Mexico with your friends for 5 days. What would you rather buy with the $1200?

3. Shopping for entertainment - It can be fun to window shop, but only if you don't lose control every time you spot a "bargain." If you have the will power to keep your student budget, definitely go window shopping and enjoy yourself.

4. The good deal shopper - If you have a closet full of clothes with sales tags still attached, your discount shopping may cause you to get into college debt. Avoid debt by purchasing items that you truly need and will use. If you're experiencing buyers regret after a purchase, don't be afraid to return those items.

5. Compare prices - If you follow the steps above you will avoid buying on impulse and stick to your student budget. This gives you the luxury of being able to compare prices of a particular item so you can take advantage of discount stores and the Internet for tracking down the best price.

6. Off-season Shopping - Buy your snowboarding gear in spring and your summer gear in winter. This will stretch your college savings longer and it could save you at least 30% to 80% off what you would pay just a few months later.

7. Be creative - A little creativity goes a long way, especially when you're tight on funds. Instead of paying $120 for designer jeans, spend $35 for discount jeans pay a tailor $12 to add stitching that mimics designer jeans. You will look great and have money in your newly stitched packet.

8. A Money Diary - Most of us have cash that vanishes each month—to unknown stops for coffee or a quick burger. To understand how you spend your money, write down everything you spend money on: every coffee, every burger, every bus or taxi fare. Keeping a money diary will help you keep on your college student budget.

The purpose of these money saving tip for college students is to make you aware of how you spend your money, and it is the first step in developing a budget. There is a good chance that after an entire month of doing this, you will begin to think a bit more before you spend. After 30 days of keeping a diary, ask yourself: what have you learned? Are there areas where you feel you spend too much?

9. Opportunity Cost - With every purchase you make there is a direct cost (cash) and an opportunity cost. The opportunity cost is the cost of something in terms of an opportunity forgone. In other words, what else you could do with the same amount of money. What is the opportunity cost of spending $470 for an iPhone? It may be very high if it means you will not have the $470 for something that is more important to you.

To maintain your college budget, this is a good exercise to repeat from time to time as your income and circumstances change. Five years from now your spending habits will be a lot different than they are today.

Since there is a limit to the money in the college student budget plan you need to live within your means, let's get real about your budget and your finances. Once you master these money saving tips for college students, saving money to live your dreams will become easier.

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