5 Tips for Managing Money in College
Managing personal finances can be challenging for anyone, even more so for those in college. For the first time, you may be primarily in charge of your own expenses and income. Whether you are living on campus and taking a full class load or have gone back to school while working, here are five tips for managing money in college and keep stress at bay.
1. Create a Budget
Tracking income and expenses is crucial for managing your finances. You’ve heard the saying “fail to plan, plan to fail.” Creating a budget of planned spending greatly reduces the risk of overspending that can lead to debt. Estimate your expenses for areas of spending, such as giving to your church, food, toiletries, entertainment, etc. and determine what you can afford. A spreadsheet or budget app makes tracking easy. Let it be your guide when unexpected or unplanned expenses come up. Also check with your school about resources that help students manage money. For instance, Wesley at UCF offers Money Mondays, a weekly financial literacy series.
2. Focus on Free Fun
Having fun can be expensive. Even a night out at the movies may set you back $50 for two tickets, popcorn, and drinks. Take advantage of free activities offered by your school, campus clubs, and local churches. Music concerts, film festivals, and comedy acts are common campus events. The Campus Engagement Office at Methodist University even hosts themed trivia nights and fitness classes. Flex your school spirit at sporting events, usually complimentary for those with a student ID or head outdoors for more cost-free fun such as hiking, ultimate frisbee, or yoga in the park.
3. Take Advantage of Student Discounts
Being a college student comes with finance-friendly perks. From discounts on computers to half-price meals at the local burger joint, many businesses have students’ limited resources in mind. Have your student ID handy and make it a habit to ask about any available deals. For some examples, check out this list of the 50 best student discounts in 2025.
4. Make Savings Automatic
Spending while in college is inevitable, but saving money is just as possible! Even small sums compound over time and provide for the future or emergencies. Many people add “savings” to their monthly budget, putting away a certain amount before spending in other areas. Many banks and credit unions even allow you to set up direct deposit and automatic transfers to savings accounts. Receive money for birthdays or at Christmas? Make a point to put a percentage into savings. You may also want to check out apps such as Smarty Pig by Sallie Mae, a free digital piggy bank.
5. Give More, Spend Less
Kindness costs nothing. Volunteer at a local animal shelter, clean up your favorite park with friends, or sing in the choir at a nearby church. Many schools have organizations designated to help students find ways to give back, like the Center for Leadership and Community Engagement at American University.
Bonus Tip!
For most students, personal finances are secondary to figuring out how to afford college. In fact, nearly 75% of U.S. students receive some sort of financial aid1. Scholarships from the United Methodist Higher Education Foundation, totaling more than $2 million annually, help Methodist students attend the 100+ United Methodist-related colleges, universities, and seminaries. See if you qualify and apply today.
Establishing a few good habits and discipline makes managing money in college a breeze. These tips will help you build financial confidence while earning your degree. If you know a student heading off to college soon or struggling with finances, share this article today.
1 According to the National Center for Education Statistics, 2023