Budgeting for College: How to Manage Your Finances

June 04, 2025

College life brings a lot of changes — new classes, new people and new goals. But one thing that doesn’t change is the need to keep track of your money. Whether you're fresh out of high school or returning to school for a second shot at a dream job, managing your finances is one of the smartest things you can do. If you're thinking about attending St. Louis Community College, this guide is just for you.

You might be asking yourself if you must pay tuition up front or how you’re going to pay for college, at all. Consider this your first class, “Paying for College 101.” It provides financial resources for college students and those thinking about going to school. It’s a guide to prepare for financial clarity as you get your degree.

Why Budgeting Matters

Think of budgeting like a GPS for your money. Without it, you might get lost. You don’t have to be rich to start budgeting, you just have to know where your money’s going. A budget helps you pay for school, cover your bills and still have enough left over to grab some Imo’s or go to a Cardinals game now and then.

If you're living at home in North County, renting a place near Forest Park or commuting in from St. Charles, having a budget will give you peace of mind. It helps you avoid stress, late fees and that sinking feeling when your debit card gets declined.

Let’s look at how to budget.

Budgeting for College Students

Step 1: Know Your Income

Let’s start simple. How much money do you bring in each month? Include all the places you get money from on a regular basis:

Pay from a job
Financial aid such as Pell Grants or scholarships
Help from parents or family
Side gigs such as delivering food or babysitting

Write it all down. If your income changes month to month, take an average. Try to be honest. Budgeting only works when you keep it real.

Step 2: Track Your Spending

Before you can control your money, you need to see where it’s going. Start by writing down what you spend in a typical week or month. Include things such as:

Rent or housing
Groceries
Gas or bus fare. (STLCC students, current with their school balance, can ride MetroLink or MetroBus for free!)
Cell phone bill
Streaming services (Netflix, Spotify, etc.)
School supplies
Eating out
Coffee (yes, those $5 drinks add up!)

Use a notebook, a budgeting app (such as Mint or EveryDollar), or even just your phone’s Notes app. For one month, track every penny. You might be surprised at what you find. A few bucks here and there on fast food or vending machines can really add up.

Step 3: Build Your Budget

Now it’s time to create a plan. This is where you balance your income and spending. The goal? Spend less than you earn.

Here’s a basic budget breakdown you can tweak for your needs:

Needs (50% of your income)
These are must-haves:

Rent
Utilities
Groceries
Transportation
Insurance

Wants (30%)
Fun stuff:

Movies
Eating out
Concerts
Shopping

Savings and Debt (20%)
Smart stuff:

Emergency fund
Paying off credit cards
Saving for a car or future apartment

Let’s say you make $1,200 a month working at a store in the Galleria. That means:

$600 for needs
$360 for wants
$240 for savings or debt

Don’t panic if your numbers don’t match that exactly. The idea is to give every dollar a job. If you need more for rent, maybe cut back on takeout or streaming.

Step 4: Find Ways to Save

You don’t need to live like a monk, but saving money in college makes a big difference. Here are a few tips:

Use Your Student Discounts

Flash your student ID wherever you go! Places such as the St. Louis Art Museum, AMC Theatres and even Amazon offer student deals. Some Metro passes are cheaper for students, too. (Free for STLCC students current on their account balances!)

The College also works with several tech businesses to help you save money. Check out the deals you can get from companies such as Apple and Dell.

Save on Textbooks

There are a number of ways to save on textbooks. It’s easiest to use stlcc.textbookx.com, which will offer all of the options you have for the required material. You can also use the listed material ISBN – or identification number – and try a third-party outlet for a less expensive method. (But pay attention to return policies!)

Also, at STLCC, many of the professors use open education resources or OER, which helps reduce how much class materials cost. Students should refer to the Interactive Class Schedule and select “Free” as a characteristic to view all classes that use OER. Students can also work with a student success advisor to identify OER courses.

Split Costs

Having a roommate or even roommates bring down the amount you must pay in rent every month, allowing you to split utility bills, and even possibly share in the cost of groceries. Sharing Wi-Fi, streaming services or bulk groceries is a great money-saver.

Cut Subscriptions

Ask yourself: Do I really need Netflix, Hulu, Disney+ and HBO Max all at once? Try rotating them. Cancel one and switch it up next month.

Cook More, Eat Out Less

It’s tempting to grab a sandwich or coffee on the way to class, but those trips add up. Learn a few easy meals — pasta, rice bowls, sandwiches — and pack your lunch. Your wallet (and waistline) will thank you.

Step 5: Build an Emergency Fund

Life happens. Your car breaks down, your laptop crashes or you lose hours at work. That’s why it’s smart to save for emergencies.

Start small. Set aside $10 a week. Keep it in a separate savings account. Some banks even let you name it “Emergency Fund” to keep you motivated.

Once you’ve saved $500 to $1,000, you’ll feel a lot more secure. You won’t need to reach for a credit card every time something goes wrong.

Step 6: Stay on Track

Budgets aren’t “set it and forget it.” Things change. You might get a new job, or next semester might cost more or less, and utilities bills aren’t the same every month. Check your budget once a week and do a full review every month.

Here’s how to stay on top:

Use reminders to check your bank account.
Set up auto-pay for important bills to avoid late fees.
Review your goals. What are you saving for?

Keep things flexible. If you slip up for one month, don’t give up. Adjust and keep going.

Bonus: Smart Credit Card Use

Credit cards aren’t evil, but they can cause big problems if you’re not careful.

If you decide to get one, use it for small, planned purchases like gas or groceries. Pay it off in full each month, so you don’t build up interest or debt. Never use it for stuff you can’t afford such as vacations or online shopping splurges.

Building good credit now can help you later when renting an apartment or buying a car.

What About Financial Aid?

If you haven’t filled out the FAFSA (Free Application for Federal Student Aid), do it! It’s free, and you might get grants, scholarships or low-interest loans. In Missouri, the deadline is usually around early spring. Get in touch with our enrollment services support team, which is dedicated to making your transition to college as smooth as possible. It provides expert help applying for college at every step along the way.

Services include guiding students and potential students through the college application process, finding the best ways to pay for college, and assisting them in applying for financial aid that fits their specific needs.

Free Resources in St. Louis

Here are a few places that offer free or low-cost help:

Student Advocacy and Resource Center (SARC): With offices on all four STLCC campuses, SARC helps students through many situations that make getting a degree more challenging.
United Way of Greater St. Louis (2-1-1): Call for help with bills, food or housing.
Operation Food Search: Free groceries for students and families in need.
Metro Transit Student Passes: Have we told you that you can get free train and bus passes if you’re an STLCC student and your account is up to date?

Budgeting can sound boring at first, but it’s actually a powerful way to take control of your future. Whether you’re studying nursing, auto technology, digital design or business, learning how to manage your money is just as important as anything you’ll learn in class.

Start small. Track your spending. Make a plan. Adjust when needed. And celebrate your wins no matter how tiny.

Remember, you don’t have to be perfect. You just have to keep moving forward. And with a smart budget in place, you’ll be on the path to crushing college — and life beyond it.