Living the College Life: How Can I Get by With a Very Limited Cash Flow?

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We covered food about 13 chapters ago, didn't we? But we return to it here because students repeatedly cite food costs as a big part of overspending"and a key way to cut down their expenses. Food costs can insidiously absorb a huge portion of students' spending money, whether it's $1 a day for a soda, $4 for an occasional latte, $5 for a fast-food meal every few days, or $20 to $30 for a weekly trip to a decent restaurant.

"I was so surprised my freshman year at how much money I blew through the first semester," says Kim Powers (Ithaca College). "There were certain nights I couldn't go out and do things because I simply did not have the money." Food was one of the top expenses, she realized. She and her friends frequently partook in a college tradition"ordering in late at night"and the costs added up faster than a pepperoni pie disappears during finals week.

Cutting down on those expenses is not easy, but it's not impossible, either. It usually comes down to a combination of self-­discipline and the ability to maximize the cash that you do have.

"College students get very creative when it comes to having a limited cash flow," says Sabryna Phillips of Loyola Marymount University. When it comes to food, for example, she suggests keeping an eye out for the many campus events where snacks are there for the taking.

For the times that you get pizza or fast food, keep an eye out for coupons or specials. Even if you only get a free soda out of the deal, that's still an extra dollar or two in your pocket.

When it comes to her budget, Amelia Hall always takes care of essentials first, and considers any other expenses, such as dining out, to be luxuries. She avoids going out to eat, and tries to save extra money from her part-time job for crises that inevitably arise.

No matter what size town or city your college is located in, there are bound to be a number of free or low-cost entertainment options. University of Pennsylvania student Darryl B. Wooten has taken advantage of cultural offerings at his school and in the city of Philadelphia. Find those events, he advises, by reading guides and newspapers, and inquiring at information kiosks on campus and in the city.

Northwestern University student Jake Carter lives in an off-campus apartment and agrees that getting friends involved can keep a lid on expenses. Instead of going out to dinner, a group of students can plan a meal, for example, with one or two taking charge each time. Making the meal together can be more fun than going out to eat. And the costs won't be too high if students plan sensibly. "Almost all college students are in the same boat financially, so it helps if you split costs among a group of people," says Jake.