
Between textbooks, food, tuition, and living expenses, the cost of colleges and universities racks up almost instantaneously. With this being said, it’s easy to accumulate debt. From meal prepping to going out less, it’s easy to start saving money while living on campus.
Tuition / Room and Board
When applying to college, the biggest mistake students can make is looking past the cost of living and tuition. Top 20 colleges and universities are often the most expensive to attend, ranging from $50,000 to $80,000 a year, excluding room and board expenses. Yes, scholarships are awarded to students who apply, but is not always enough. It’s always best to talk it over with a guidance counselor and/or parent or guardian before committing.
Materials and Essentials
Textbooks and other essential school supplies are often a burden on many students’ wallets, with textbooks ranging from $80 to $400, the average sitting at $105.37. The average four-year public university student pays an estimated $1,226 on textbooks annually. To cut back on this cost, many online textbook websites, such as OpenStax, are able to provide students with quick, easy access to textbooks, and even literature. Schools also typically use technology rather than the “old fashioned” pen and paper method while teaching students. A budget friendly laptop is the go-to option, as it allows for a better investment in the long run.
Meals and Food
Though this not the answer most students want to hear, budgeting meals is extremely important. The cliche instant noodles, mac and cheese, and frozen pizzas are all affordable options. Many students forget that most freshmen are required to purchase meal plans for at least their first year, leading to the abundance of unused credits left in accounts at the end of the year. To mitigate this, use meal credits consistently throughout the year, saving money.
Factoring your Purchases
Adolescents and young adults are the most notorious for making menial and consistent purchases; most of which are impulse buys. Factoring your purchases can help to fight against the impulse of buying things you don’t actually need. The two quintessential categories: needs and wants. Think to yourself– do you actually need this? If you do not necessarily need something, your mind will obviously still allow you to want to purchase it, despite the fact that you might not be able to afford it. Rather than making an impulse purchase, consider it, then save for it.
Conclusion
Overall, college can be extremely expensive when not budgeted correctly. If you can afford to live without having to budget, it is obviously easier than someone who cannot. It’s always best to talk to an expert or someone you trust, such as a financial advisor or college counselor. Before attending colleges and universities, plan to budget your expenses before attendance, as you never know what endeavors are ahead.
Works Cited
“10 Cheap and Easy Meals for College Students | BestColleges.” Www.bestcolleges.com, www.bestcolleges.com/student-finance/cheap-easy-meals-college-students/. Accessed 7 Aug. 2023.
Hanson, Melanie. “Average Cost of College Textbooks.” EducationData, 12 Aug. 2021, educationdata.org/average-cost-of-college-textbooks.
“Mapping Your Future: Start Budgeting.” Mappingyourfuture.org, mappingyourfuture.org/money/budget.cfm#:~:text=Think%20of%20your%20budget%20 as. Accessed 7 Aug. 2023.
“The 50 Most Expensive Colleges in America, Ranked.” Www.cbsnews.com, www.cbsnews.com/pictures/the-50-most-expensive-colleges-in-america/51/.
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