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College has a reputation of feeling like one giant invoice, and that is not too far off base. But finding harmony between affordability and lifestyle needs inside the budget of a college student is not impossible. Figuring out how to survive on a minimal or nonexistent income during your years as a student comes down to simply determining what is and what is not essential and sticking to a budget. Since there are some factors that are nonnegotiable, tuition, housing, and class materials for example, getting ahead of the curve and deciding how much money to allocate where, and also where that money is coming from, is going to help alleviate financial pressures as you focus on graduation.
Needs vs. Wants
This conversation is not just limited to your college years but developing the capacity to live inside your means as a young adult will serve you all throughout your life. Transportation is a debatable topic that could be classified as both a need and a want, either way, if you plan to have a car with you at school, you will need to budget for it. Some campuses do not allow first year students to have cars, but if that rule does not apply to you then asses what you envision needing your car for.
Before you make the investment, browse through car buying resources available to you both online and in person so that you have a baseline knowledge of the options and can make educated comparisons that suit your specific needs. Cutting costs with a used vehicle is a great budget saver, not having to pay out lease payments, and carry full insurance on the vehicle will save you money. On the flip side, used vehicles can potentially cost more in maintenance and repair, so take that into consideration. Gas mileage is a common variable that can make these decisions, if you are not using your car daily and instead maybe just to commute to and from your hometown and your school of choice, the cost of gas will not have that large of a toll on your month to month spending depending on the frequency of your travel.
Start a Side Hustle
If you have determined it is necessary for you to have a car with you at school, might as well use it to pay for itself, right? Side hustles are a great opportunity for college students to earn cash without having to commit fully to a specific job or schedule. There are meal delivery services, and ride share companies that offer employees the flexibility to work on demand, which is ideal when classes and extracurriculars can take up so much of a student’s time. Knowing what your car will cost you each month between payment, gas, insurance, and maintenance will define for you how much you need to earn from a side hustle to cover the cost, or to earn more to be in the profit margin. The almost 24-hour clock of a college town gives you access to money making opportunities that extend well beyond traditional business hours.
