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2026-08-18
BUDGETING
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Financial Tips for College Students
Running out of money before the semester ends? You're not alone — 65% of students say it happens to them too. Here's how to build a budget that actually gets you through the year.
College student budgeting is typically a story of trying to stretch every dollar and not quite having enough to get through the year. A recent report by Georgetown University indicated that more than half of all college students struggled to cover their basic needs with no financial cushion for emergency expenses. In fact, 65% said they had run out of money at least once during the past school year.
For in-state students, attending college in Virginia has an average cost of $14,846 per year in tuition and fees, according to CollegeHelpGuide.com. It notes that Virginia is among the most expensive states for public higher education. Adding room and board, books, and personal expenses brings the total average cost to $28,640 per year for in-state students. For out-of-state students in Virginia, their total costs average more than $50,000 per year.
We know many of our student customers struggle with how to manage money in college, so we put together these money tips for college students to help you get through school as financially healthy as possible.
Check Your Credit Score
If you never check your credit score, or if it’s been a while, it’s time to do so. In fact, it’s something you should check while you’re still in high school, or your parents could check it for you. Young people are frequent targets for scams and identity theft because the crime could go unnoticed for years until they start looking for work, going to college, and applying for student aid and loans.
You can check your credit every week for free at AnnualCreditReport.com. Make a habit of checking this at least once per year. You’ll get credit reports from the nation’s three credit reporting bureaus: Experian, TransUnion, and Equifax. If you see accounts you don’t recognize, contact the bureau that has the information in its report. A good credit score is important when applying for loans and financial aid and can help you later on in life, as some employers will check your credit history as part of their hiring process. You can build good credit by paying your bills on time and keeping your debts as low as possible. For some students, high credit card balances and debts become a drag on their finances and can significantly reduce their credit score.
Apply for Student Aid, Loans, and Grants
There are several options for student aid, loans, and grants in Virginia. If you’re thinking of attending college within the next year or two, it makes sense to see what your options are. Here are some resources to consider:
• The State Council of Higher Education for Virginia has information on how to pay for college through state and federal grants and assistance programs.
• The Commonwealth of Virginia also has information on financial aid programs and how to save for college.
• Level up Virginia offers information on Virginia Alternative State Aid (VASA) Applications for state and federal aid, plus details on eligibility requirements.
• A Free Application for Federal Student Aid (FAFSA) can be filed online.
Of course, you can also check with your college or university to see what kind of aid and grant programs they offer.
Put Together a Realistic Budget
Financial experts recommend using the 50-30-20 budget rule. This means 50% is used for your needs, 30% for what you want, and 20% on debts and savings. While this recommendation might not fit some college students, using this as a guideline and actively thinking about your budget is a good habit to get into. Budgeting can be especially important if you’re relying on grants and student loans to pay for college and you receive a lump sum payment at the start of each semester. You wouldn’t want to splurge early on and wind up struggling to get by at the end of the year.
Separate Your Needs, Wants, and Savings
Add up all your income and financial resources, including your savings. Then make a list of your fixed costs, which would include tuition, fees, housing, food, books, basic clothing items, transportation, and personal needs. If possible, try to build a financial cushion into your budget as a type of emergency fund and to cover any costs that are unexpected or higher than you anticipated.
• Needs are things you absolutely must spend money on, such as tuition, fees, textbooks, housing, food, and clothing.
• Wants include entertainment and extracurricular activities, plus things like food delivery and nonessential clothing or personal items.
• Savings and debts include any current debt payments you have, such as interest on student loans, credit cards, and an emergency fund.
Keep in mind that some things could be both a want and a need. Every student may need a computer, but they don’t necessarily need a high-end gaming platform. Learn to differentiate between the two and avoid impulsive spending on something you “need.”
If you’re tempted to splurge on something that you “must have,” try waiting 48 hours before making that purchase and see if your “need” dissipates. Think about the number of times you’ve bought something on impulse, then days or weeks later realize it was a waste of money.
Figure out Your Weekly Limit
After figuring out your budget for the school year, you can break it down into a budget for each semester, month, and week. If you’ll be earning an income and getting paid every week, you’ll have an extra paycheck each January, May, July, and October. If you won’t be working, you’ll have an extra week in these months to budget for. For any surplus you receive, whether it’s an extra paycheck or birthday money from your relatives, try to avoid splurging on beverages or late-night pizza and make it part of your contingency fund for emergencies and unexpected costs.
Look for Deals Wherever Possible
It never hurts to ask if a business offers a student discount, though you’ll probably need to have your college ID with you. Transportation, movie passes, retail stores, museums, subscription and streaming services, and technology companies (computers, software, and cell phones) frequently offer discounts for college students. You can also check with your school to see what kind of discounts they offer.
If you need a particular kind of software for your classes, you can probably get it at a discount or even free through your school. You can also check with your insurance company to see if you can save money on car insurance if you’re a college student, though you may need a particular GPA to qualify.
Additionally, Studentrate.com, UNiDAYS.com, and StudentBeans.com also offer information on student discounts and coupons.
You might be able to save money on textbooks through buying used books from your school’s bookstore or by checking out online options for buying or renting books. These include:
• Amazon
• Chegg
• eCampus
• eBay
For any older books and classical literature that you may have to read, you might be able to read them for free at Project Gutenberg.
Choosing between Apartments and Dorms
Most residential colleges and universities have some kind of on-campus living requirement for at least their first year of school, unless they happen to live with their parents nearby. If you live in the dorms, you’ll be required to enroll in your school’s cafeteria plan. This is typically more expensive than doing your own cooking, but it also saves time from shopping, cooking, and cleaning. If you rarely or never eat breakfast and want to save money, see if you can sign up for just two meals per day to save money.
If you get your own apartment, your costs would obviously depend on what’s available near campus, the kind of accommodations you’re looking for, and your number of roommates. Keep in mind that an apartment lease is for a full year, so you’ll need to budget for your summer rental costs or consider subleasing to someone you trust. You’ll also need to pay for utilities such as electricity and an Internet plan; and possibly heating and cooling as well. Home insurance for your apartment wouldn’t be required but is recommended for financial coverage against fire and theft.
Of course, you’ll also need furniture, cookware, and other essentials. You and your roommates might be able to scrounge items from thrift stores, online sales, or hand-me-downs from relatives. Perhaps the biggest wildcard for apartment dwelling in college is your food budget. While college students are known for subsisting on the cheapest food available, try to budget for some actual nutrition in your grocery shopping—something more substantial than rice and pasta.
Contact Us for All Your Banking and Financial Needs
If you’d like more information on financial issues and student banking tips, please check out our blog or our Financial Health Suite. If you’d like to open an account or compare your checking account options, you can do so online or contact us today to set up an appointment at one of our many locations in Virginia, West Virginia, and the Shenandoah Valley area.