Money concerns are a major stressor for many college students. A 2024 study by Ellucian, an higher education technology solutions provider, found that nearly 80% of undergrads report that financial stress is negatively impacting their mental health and 57% are choosing between college expenses and basic needs.
However, paring down costs and increasing income is allowing many college students to make it to their educational finish line.
To understand how some are handling the financial pressure, we spoke with college students from across the country to find how much they’re spending on a weekly basis and to learn how they’re making it all work.
Prioritizing Expenses at Providence College
Serena Daaboul is a neuroscience major starting her sophomore year at Providence College in Rhode Island. She spends between $80 and $140 per week.
Daaboul says that may not seem like much, but navigating the financial challenges of college life is a constant exercise in prioritization, especially while honoring her Lebanese heritage. Generosity and maintaining a well-dressed appearance are important, but she’s found balance. Daaboul feels fortunate to have received a scholarship at Providence College, where tuition is $63,550, because she didn’t want to put her parents in debt.
“I’ve learned how to budget my money wisely, allowing me to feel and look my best while still being able to spoil my friends without breaking the bank,” she says. “Some weeks are simpler when there are fewer unforeseen costs, but others require meticulous preparation and adjustments to stay within my budget.”
[Read: How to Make a Budget — and Stick to It.]
The juggling act has made her more resourceful and adaptable, skills Daaboul believes will serve her well in her academic and future professional life. Still, she does feel anxious about money.
“I try to be optimistic, but I’m a realist,” she says. “I’m still a kid. My future into adulthood is coming shortly and I hear about so many people living at home, struggling and in debt. If I play my cards right and work hard at school, I think things will go my way.”
Hustling at University of California, Berkeley
Benjamin Njila Fields is a Ph.D. student in the sociology department of University of California, Berkeley. His weekly spend is around $210. “I keep a rolling average of $30 a day,” Fields says. “I eat a lot of noodles and Chipotle.”
Because life in the Bay Area is notoriously expensive, Fields is maximizing money-making opportunities so he can complete his doctorate and travel in his downtime.
“I’m a real hustler,” Fields says. He earns money with teaching assistantships, a stipend and summer research grants, which cover his costs.
“I’m always willing to work extra,” he says. Among his jobs: internships, his own perfume business, gig work on platforms like Fiverr and selling copies of his book, “Understanding Credit and Finances: How to Improve Your Credit Score.”
Fields grew up in Oklahoma with a single mom, food stamps and very little money to go around. As a teenager he worked at a Subway franchise and thought owning a store epitomized success. His outlook changed when he went to Cornell University, double majoring in public health and sociology, taking on eight minors and studying abroad.
“College is 100% worth it,” Fields says. “When I look back, the life I live now is lavish,” he says. “I just keep comparing myself to it. I’m happy with the grind. I enjoy it. Now, being a millionaire isn’t a goal, it’s a given.”
Setting and Following Personal Rules at Arkansas State University
International business and marketing major Lauren Maness, is a junior at Arkansas State University. She’s been tracking her monthly expenses with her credit card statements. In August she spent $391.97 which makes her weekly spend $97.99.
“Luckily, my college tuition and housing were paid for by scholarships, so all of my ‘fun’ and grocery money comes from my job with the Kays Foundation Scarlet to Black Program for Financial Independence,” she says.
[These Are the 10 Cheapest Grocery Stores in the U.S.]
Maness is acutely aware of her cash flow. For example, in August, she noticed that the majority of her funds went to fast food, totaling $142.50. She also bought a $112.50 new pair of shoes, purchased $106.02 worth of gifts for family and friends, and $31.66 went to other expenses like a date night and a trip to Walmart.
“I have been raised to be very mindful of my spending habits,” Maness says, explaining that she sets rules for herself, including getting the best deals.
“I was actually eyeing that pair of shoes for a few months and determined where they were the best priced. I ended up finding a place that had them at the cheapest price, offered a student discount and I bought them over tax-free weekend,” she says.
She also makes her money work for her by opening a high-yield savings account and using her Discover it credit card for all of her purchases so she can earn cash back.
“I used to be terrified of credit cards, but I realized that all of my money would be coming out of my personal checking account either way so I might as well make 1% cash back on all purchases or 5% back on the purchases that qualify for the special categories that change each quarter,” Maness says. She always deletes the balance by the due date to avoid interest fees and build her credit score.
“My plans for the future are to really dive down on my expenses and budget better as well as save more,” Maness says.
[Ways to Save Money on a Tight Budget]
Saving for Future Goals at University of Massachusetts Amherst
Cameron Chabot, a film studies major, is entering his junior year at University of Massachusetts Amherst. Currently his weekly spend is averaging between $270 and $300. “It covers gas, food, insurance, stuff like that,” he says.
Chabot is a restaurant server who works every night to save for his upcoming move to Los Angeles, where he plans to finish his degree.
“I budget based on how much I make in a month and charge everything to my credit card,” Chabot says. “But I have a personal limit, and if I surpass that I don’t charge anything else. When I go out I’m usually the designated driver, so that’s the least of my expenses.”
He also decided to go to a well-priced institution. Although his first choice was Emerson College, the yearly tuition is a steep $55,392. So he decided on UMass, which is a bargain at just $17,357. Because he also was awarded a scholarship, Chabot is paying only about $12,000 a year for his education.
“I’m very strict with myself,” Chabot says. “Because my mom helps and I work a lot, I can graduate and not be in debt.”
Still, there have been plenty of unplanned expenses, like an $80 math program that he was required to download in his freshman year.
“College life is not what I expected,” Chabot says. “Since I was younger I always wanted to work in the film industry. I had an emotionally hard time paying for something I didn’t like so I had to break the barrier and alter my path. Los Angeles is a tiny bit cheaper than where I am in Massachusetts.”
Chabot worries that he may never feel financially ready. “It all starts to feel overwhelming,” he says. “The pressure gets more intense. I can’t miss a day of work.”
College Students May Struggle, But Many Find a Way to Make It Through
Despite challenges, these students are succeeding and looking forward to what’s ahead, but none said it was easy. Overall, meeting their weekly costs is doable but stressful. To make it though, students are budgeting, tracking expenses, working hard, using credit cards wisely and making tough financial choices.
In the end, though, they’ll be able to look back with pride. And maybe they’ll tell their own college-bound children about how they lived on Ramen noodles, checked their balance before making even the smallest purchase and hustled their way to the next stage of their lives.
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Budget Breakdown: How College Students Spend Their Money originally appeared on usnews.com
