Dec. 4, 2004 – One of the biggest challenges for students in college is how to budget their money.

For many, coming to college is the first time they’ve ever been responsible for their own finances. Add that to the fact that they are busy with work and classes, and often make impulsive purchases on the go and you have a recipe for disaster.

“I get an allowance from my parents,” said Laura Vetoyanis, youth ministry senior.

“I allow myself a certain amount for eating and entertainment and otherwise try to save.”

Lauren Holder, biology senior, said she also uses a budgeting approach.

“I set a weekly budget and let myself spend if I have money leftover, but that almost never happens,” she said.

Here are 10 tips for saving money in college:

1. Take advantage of events at your school such as Free Movie Night and events that offer free food.

2. Look for events in the community that are free for the public as entertainment.

3. Use coupons and student discounts whenever possible.

4. Limit your spending amount for each week.

5. If you must buy a big item like electronics or furniture, save up the money during a period of time. You may run out of your usual spending money if you don’t save in advance.

6. Track the money you use and see what can be cut. For example, students who eat out every day may want to start eating more meals at home.

7. Share costs with your roommate. Be sure to get in touch before school starts so you do not end up with two of the same appliances and other items. Groceries are also cheaper when bought in large quantities.

8. Use a budget calculator like the Educaid Budget Calculator to give you an idea of how much money you spend.

9. Learn to economize with tips from the University of Iowa.

10. Most importantly, even if it is difficult, students must remember to ask for financial help when they need it.