Toward the end of every semester, college students run out of money and survive on ramen noodles! We’ve all been there, we’ve all learned from our money mistakes, so let’s help the next generation avoid the ramen noodle diet!
10 Tips to Help your college student manage money and avoid the ramen noodle diet!
- Many colleges offer free workshops on money management and budgeting, encourage your student to attend!
- Establish a written budget! Let’s suppose they have $160 a month to cover weekend meals, haircuts, entertainment and clothes. Help them allocate money in each of those areas.
- Write down EVERYTHING they spend money on for an entire month, from a $1 coke to a $15 haircut. This is an eye opener when it comes to wasting money! Just one Starbucks per day can add up to $100 a month! A better alternative might be a coffee pot!
- PAY CASH! If your student has $160 spending money each month, encourage them to get $40 cash out each week and when it’s gone, it’s gone.
- Teach them to love coupons! College publications are full of coupons for restaurants, hair salons and entertainment! Suggest that they keep an envelope of coupons in their car, purse or wallet to avoid forgetting them.
- Groupon is a great option for finding fun on a budget.
- Introduce them to the world of discounted gift cards – the new way to save money! Save up to 35% on clothing, restaurants, movies and more! PlasticJungle.com
- Goodwill, Plato’s Closet and Thrift Stores are a great way to stretch the clothing budget.
- If their expenses are greater than their spending money, they have 2 choices: cut expenses or get a job.
- Introduce them to TheBudgetDiet.com for tips on budgeting, cheap dates, coupons and more! Don’t forget the freebies page!
For more great tips on budgeting for life outside of the classroom, check out these tips for saving on room & board…the other big expense!
What money management tips do you have for college students?