When to Save vs. Splurge in College
It’s important to spend your money wisely as you prepare for college. While there are some essential expenses, there are others that can be either reduced or avoided altogether to help you save more money. As you budget for the upcoming school year, keep these tips in mind to help you choose when to invest and when to cut down unnecessary costs.
When to Save
- Meal Plans – The different meal plan options that are available may vary from school to school. Your school may have dining plans where you pay per semester, or you may pay for food items individually. Depending on how your school’s meal plans are structured, it can be a great way to save money while ensuring you eat a nutritious meal to get you through the day. To fill in the gaps when you get tired of dining hall food, you can stock up on a few grocery items so you can cook for yourself on occasion and stay stocked with snacks to grab on the go.
- Transportation – While having a car on campus makes sense for some students, there are a number of associated costs that can add up. You’ll most likely have to pay for a parking pass to park on campus, or you may even have to pay parking fees for parking garages or street parking. In addition to parking, you’ll also have pay for traditional vehicle upkeep costs like gas, insurance, and any needed maintenance. Many campuses have bus systems that run several times throughout the day, making it easy to get back and forth across campus to dorms, dining halls, libraries, and classes. University-operated or city-operated bus systems are often.
- Gym membership – While it’s important to maintain a healthy lifestyle while you’re in college, paying hefty costs for a gym membership isn’t necessary. Many colleges provide free access to fitness equipment and machines as well as facilities like a wellness center, pools, and basketball and other sports courts and fields. If your campus doesn’t have access to fitness options, you may be able to take advantage of student discounts at a local gym off campus.
When to Splurge
- Technology – The equipment you’ll rely on for your coursework will be used nearly every day (if not daily), so it makes sense to splurge a little and invest in high-quality technology that will last until you complete your degree. You’ll need a high-speed laptop or computer with modern programs and capabilities to keep up with your homework, projects, presentations, research, communication with professors and classmates, and more. Quality noise-cancelling headphones are also a worthwhile expense so you can drown out background noise in your dorm, study halls, or other public areas.
- Educational Supplies – There are many ways to purchase learning materials like textbooks, workbooks, and other required supplies. Some students may prefer to purchase these materials used or opt for an older edition of the textbook to get a lower price, or even skip the optional supplies. When it comes to your textbooks and other class materials, it’s worth it to purchase all requested supplies and get the most up-to-date editions. Prioritize these materials in your budget, whether it’s textbooks, a particular calculator model, specific art supplies, etc. This way it’ll be easier for you to make sure you have what you need to success and you can easily stay organized and follow along with your coursework. Plus, you can still usually purchase these materials for a better price online rather than purchasing through the school’s bookstore or supply vendor.
- Practical Attire – While you don’t need to splurge on fancy clothes or shoes you don’t really need, it does make sense to spend extra money on functional footwear and clothing that you’ll use regularly. Budgeting more for comfortable shoes that you can wear while walking across campus is a wise choice, and your feet will thank you. You’ll also benefit from a high-quality raincoat and sturdy umbrella that will keep you dry and comfortable on those dreaded rainy days where you’d rather stay in. Choosing a practical, quality backpack will also benefit you and keep you comfortable as you carry your laptop, books, and supplies back and forth each day.
Spending more money on certain items is a worthwhile investment, since you’ll continue to use those necessary items over and over again throughout your time in college. For more ways to prepare your finances before college, check out our other blogs about college.
At Robins Financial Credit Union, our mission is to enhance the financial well-being of our members and community. We honor this commitment by providing educational content to help you make the most of your finances. Read our other blog articles to help you gain the financial knowledge you need to succeed.