Balling on a Budget: Tips to Attain Financial Wellness as a College Student

College is hard enough as it is: students have to worry about the stress of work, which includes maintaining good grades and meeting deadlines, all in addition to prioritizing the things they love to do, like extracurricular activities and socializing with friends. Part of that social aspect, though, let’s be honest, is spending money. 

There are very few things you can do for fun that don’t involve spending money, especially for girls. We love to get mani-pedis, shop, go out for drinks and take spontaneous weekend trips to new and exciting destinations. But all of this does come with a cost— and an expensive one at that. We all want to get to the point where we feel comfortable with our spending, all while meeting our current and ongoing financial needs. So, how do we learn to budget properly so that we can do all of these fun things without breaking the bank? Never fear, we at The Edge are here to help. 

A budget is better than no budget at all

Though budgeting might seem boring, it will help you avoid the awkward situation of getting your card declined when you’re out with friends. If your parents give you a monthly allowance, plan out how much of that will go towards food, gas, textbooks, utilities (if you live off-campus) and other personal expenses. The rest of that money can go towards those fun social activities mentioned earlier.

Consider getting a job

… and put a portion of each paycheck into savings. According to experts, at least 20% of each paycheck should go into a long-term savings account. There are numerous job listings on and off-campus that you can take advantage of through the Elon Job Network. This way, you don’t have to feel guilty asking your parents for money each month and have the opportunity to become financially independent. It also eliminates the stress of pulling from savings each time you run out of money in your checking account, as it will be constantly replenished. 

Take advantage of free events and student discounts

Instead of going shopping on a Saturday and blowing all your savings, attend a football game on campus. Not only do you get free tickets, but most of the time, different student organizations serve food and give merch, all free of charge. In the past, Elon has offered free concerts, movie showings, food truck fests and so much more. Follow the @elonsub Instagram to stay up to date on upcoming events! 

You know what they say, a penny saved is a penny earned! The less money you spend now, the more you’ll have later. If you don’t already know, most online and in-person stores offer student discounts if you present your university ID or email. One of our favorite websites to score discounts is UNiDAYS because it’s fast, easy and totally free. 

Set aside an emergency fund

Let’s be real—shit happens. 99% of the time it’s completely out of your control. Cars break down, family emergencies incur and your immune system completely crashes. In these cases, you may need to make visits to the mechanic, trips home or doctor visits. Getting funding for these unexpected expenses will reduce stress and improve your finances. Since this is money you want to get quickly, it needs to be different from your long-term investments. Save smarter, not harder. 

Don’t borrow more money than you expect to earn

Keep track of your total debt while in school. If it is less than your potential annual income upon graduation, you should have nothing to worry about. In short, be smart about taking out loans, especially if you’re financing your own education. 

Everyone’s financial situation is different, so you need to find the right resources that best suit you and your needs. These tips are just the start of a successful financial future.