1 Ramsey, D. (2013, Sep. 17). The Total Money Makeover: A Proven Plan for Financial Fitness. Thomas Nelson. Retrieved June 28, 2024.
2 Yale University. (2024). Understanding Credit Cards. Retrieved June 28, 2024.
Approved by the assistant vice president of GCU Marketing on July 1, 2024.
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Many students enter college with little to nothing in their bank accounts. College is a time when individuals may have various things they want to do yet have limited money. This is when budgeting for college students is essential.
Dave Ramsey, a famous financial guru, once said, “You must gain control over your money, or the lack of it will forever control you.”1
Gaining an early understanding of — and strategy for — your finances can set you up for success. The strategies and habits you learn now as a college student can help you become more financially secure throughout your life. Here are 10 financial tips for college students to help you get started.
GCU is dedicated to the financial well-being of our students and offers various resources, including our no-cost Financial Literacy Program, available to both prospective and continuing students and their families. To help you plan for all aspects of college, browse our Housing and Meal Costs page to gain a better understanding of the costs not directly related to your studies. Visit GCU’s degree programs page and fill out the form on this page to learn more.
06/23/2025
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06/23/2025
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06/23/2025
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Having a budget can help you significantly with managing your finances. Equally important is developing the self-discipline needed to stick to that budget every month.
Start by listing your monthly income sources and amounts, including wages and allowances. If you built up some savings during high school that you planned to live on during college, then you can divide the total amount of savings by the number of months left until your expected graduation date. Add the final figure to your monthly income total.
Next, write down estimated expenses for the month. Some expenses for a college student may include:
If your monthly expenses exceed your income, you’ll need to look for areas in which you can cut back. For instance, consider canceling unnecessary monthly subscriptions. Often, it’s possible to reduce food expenditures, as well.
Going out to eat with your friends is fun, so it’s okay to do so occasionally. The best way to avoid impulse dining is to create a monthly budget for eating out and keep track of all your expenses (even on the little things, like lattes). Once the budget is spent, you’ll need to either say “no” or come up with other creative, free solutions to bond with your friends.
Still having trouble figuring out how to budget as a college student? Budgeting does not require being a math whiz or a spreadsheet expert. There are apps for that.
Consider downloading a money management app, such as Quicken or Mint, that can help you create and honor your budget. Your bank may also have free tools that can tell you exactly where your money is going. Other budgeting apps you might consider trying may include:
You may want to try a few different apps to figure out which one best fits your needs. Whichever app you choose, be sure to continue using it consistently. Since you probably take your smartphone with you virtually everywhere you go, it shouldn’t be too much of a hassle to quickly update your expenditures in the app each time you pay for something. Tracking your spending is crucial for sticking to your budget.
Do you really need that new top from Target? Or the latest video game? How much do all your monthly subscriptions cost and is it always necessary to go out for coffee?
The more time you take to consider what you want and compare it with what you need, the easier it becomes to distinguish between the two.
Write a list before going shopping and buy only what is on that list. If you have a hard time controlling your spending, avoid going to stores just to “look around.” Another effective strategy is to give yourself a weekly cash allowance instead of always having your debit card on hand.
Some stores offer digital coupons if you sign up for a rewards program. Just remember that a coupon won’t help you reduce spending if it’s for something that you wouldn’t ordinarily buy. In addition, get into the habit of shopping according to sales and buying the generic or store brand version of a product.
Other effective budgeting tips for college students include looking for discounts, both around campus and around town. Many places in Phoenix offer student discounts that can help make a dent in your spending, for example. Bring your ID card to museums, theaters and restaurants, pharmacies and auto repair shops. If you’re uncertain about whether a discount is available, there’s no harm in asking.
While you may feel apprehensive about credit cards, they can be beneficial for establishing credit and building a good credit score.2 Make it a rule to use your credit card only when you already have a plan for paying off the charges within the month to avoid paying interest.
One of the most important financial tip for college students is often, “Don’t spend what you don’t have.” Therefore, only use a credit card when you have the money in your checking account to pay it off immediately. Trouble can start with using a credit card as a justification for buying things. Credit is not free money and your credit rating will likely suffer if you accumulate too much debt.
Many credit cards offer zero interest for the first year. After that, the interest rate increases dramatically. Watch out for this and know what the rate will be if you do carry a balance on your card.
In addition, be wary of rewards and travel point perks. Many of these extras require you to spend a certain amount of money and redeeming the points for actual goods and services can be difficult. Stick with a simple, low-interest card and pay it off each month.
Although the primary focus in college should always be your studies, having a job in college can provide you with hands-on experience, new friends and money to put toward savings and expenses. Having some extra cash may also help if you face unexpected expenses, such as car repairs or a new computer.
A list of financial tips for college students would not be complete without a discussion of scholarships. Many schools offer generous scholarship opportunities to help make college more affordable. Remember, the goal is to save money and avoid student loan debt after graduation. Scholarships can help you with this goal.
Many students apply for a bunch of scholarships as rising college freshmen and then neglect to continue with the search after starting college. You can and should continue to look for and apply for scholarships each year of college. Don’t spend so much time on scholarship applications that you neglect your schoolwork, of course, but do try to commit a few hours a month toward applications.
Is it better, financially speaking, to live on or off campus? It depends. To determine whether living on or off campus is best for you, you’ll need to compare costs across a few different major areas, including:
Campus housing may be a nice convenience for classes and campus life and may be the most cost-effective option depending on where you live. Furthermore, living off campus may be more expensive if you factor in transportation and utilities. Be sure to look at all the options in the area to see what’s most affordable.
If you live on campus, you may be more likely to purchase a meal plan. Depending on your school, meal plan costs can vary and GCU is no exception. Look into each option and be realistic when choosing which one you will use.
If you live off campus (or on campus with the bare-bones meal plan), you’ll need to plan for some non-cafeteria meals. Plan your meals ahead of time and make a list of what you need for the grocery store. Track your anticipated spending and only buy what’s on your list. Hundreds of meal planning tips are available online, and many are specifically designed with a budget in mind.
When you get to the grocery store, compare name brands with a generic version. Oftentimes, the most expensive items will be placed on the shelves at eye level. Generic items usually have the same ingredients as the name brand but are sold at a reduced price.
If you own a car, you’re probably tempted to take it to college with you. As a college student with a car, you may find it easier to commute to an off-campus job, if applicable, and to enjoy spending time exploring the area with friends.
However, owning a car means you’ll be spending money on gas, insurance, parking and unexpected repairs. Consider whether you can reduce expenses by taking public transportation and riding a bike.
