15 Money Management Tips for College Students

Time-tested wisdom for the new college student.

There's nothing like the feeling of independence of when you're in college, but since it's the first time away from home for many, budgeting and managing money might be tough to master. In fact, 64 percent of college students have run short on funds at some point before the end of their semesters, mainly due to unexpected expenses, according to a 2016 survey by Edvisors.com. With that in mind, here are 15 money management tips that could help equip college students with time-tested wisdom, as well as an arsenal of new apps and web services that should make saving and managing money easier to handle.

Be realistic with loans.

An accepted rule of thumb stipulates that a student should not borrow more money in student loans than what they can expect to earn their first year out of college, says Todd Christensen, director of Education & Bankruptcy Certificate Services, and author of "Everyday Money for Everyday People." "I just spoke today with a fifth-year senior who already has $50,000 of student loan debt, and is planning to get a master's degree to become a school counselor. By the time she graduates, she will likely have $80,000 or more of student loan debt and probably earn about half of that in her new career. That is a recipe for financial disaster."

Apply for scholarships.

There are billions of scholarship dollars going unused each year, Christensen says. "Research scholarships and be willing to write a couple dozen essays."

Try to avoid buying new textbooks.

"Today's budget-minded students have so many more options to save money on books. Electronic versions are often available, and textbooks can be rented online at sites like Chegg and Amazon," says Shannon Vasconcelos, director of college finance for College Coach. Also try sites like campusbookrentals.com, bookrenter.com and Thriftbooks.com. Some universities even offer rentals in their bookstore. Also check if you can borrow them from a library.

Sleep late? Change your daily meal plan.

Students who sleep in on school days should not buy the three-meal plan from the school but the two-meal plan instead. "You'll save a ton of money, some of which you can use to keep a stash of granola bars, apples, and string cheese in your room for breakfast on-the-run," Vasconcelos says.

Resist the urge to keep up with the Joneses.

College is sometimes the first experience of different socio-economic groups, and friendships with students whose parents provide money on demand can make it difficult for budget-minded students to maintain their frugality, Vasconcelos says. "The occasional splurge is OK, but stay strong against pressure to go out for dinner and drinks every night, or to buy the latest gadgets and fashion," she says. "Encourage your friends to take advantage of free entertainment on campus, and find a few similarly economical friends who can appreciate the fun of a movie and microwave popcorn in the dorm."

Explore career aspirations through internships.

College provides a wonderful opportunity to test a new career and find an industry you love. Employers often look favorably upon this experience when you graduate. "If it opens the door to full-time employment in the future, working for no pay now may be worthwhile," says Joseph Santos, director and regional sales manager at Merrill Edge. Also consider federal work-study programs, paid internships, on-campus positions and summer jobs to help save money along the way.

Refinance college debt.

Government loans are not always the best deal and a few bucks a month over the term of the loan adds up, says Rob Werner, president and CEO of Ardent Credit Union.

Don't confuse budgeting with intractability.

Make a spending guide, or budget, to plan what money you have available for various categories, and you decide where to spend it each week. "If something goes up dramatically one month (your computer breaks down), your job is to decide what other area you can scrimp on in order to fill the unexpected need," says John McFarland of the VCU School of Business.

Use cash.

Studies have shown that using cash instead of a debit or credit card results in a reduction of 30 percent of miscellaneous purchases, McFarland says. "Cash creates a sense of loss -- cards create no such feeling," he says. And budget for long-term expenses that are months away so you'll always have enough cash.

Get a student ID card.

This will give you access to the library, computer labs, testing center and shuttle services, as well as possible discounts to local restaurants, theaters, and attractions, says Kate Stephens, author of "College, Quicker: 24 Practical Ways to Save Money and Get Your Degree Faster."

Test to earn credit.

You can potentially earn between three and 12 credits by simply showing up to a testing center and taking a test from the College-Level Examination Program (CLEP) on a wide variety of subjects, Stephens says. "And the best part? CLEP exams only cost $80 plus a small administration fee of around $20," compared to college courses which can run several hundred dollars.

Don't buy brand new.

"Refurbished computers from Apple (ticker: AAPL) are hundreds of dollars less and still come with the same guarantee as a brand-new model," says consumer and money savings expert Andrea Woroch. "You can shop for second-hand clothing from sites like Tradesy.com or Thredup.com, and you can find used sporting equipment for your college sport or those weekend games with pals at SwapMeSports," she says.

Carpool to cut gas costs.

Zimride.com and carpoolconnect.com help to connect passengers with drivers, Woroch says. "Since most first-year college students aren't allowed to have a car on campus, finding other students to carpool with can be a convenient and cheap way to get around town too," she says.

Use discount gift cards.

"From dorm room supplies to clothing, restaurants and even gas, college students can reduce the amount of money spent on everyday essentials by 35 percent just by using discount gift cards from sites like GiftCardGranny.com," Woroch says. "What's more, if you've got a stack of gift cards that you never plan to use, sell them at GiftCardGranny.com to get cash instead."

Consider online classes to graduate on time.

An extra year costs $22,826 in tuition and fees, room and board, books and supplies, transportation and other expenses. In addition, students give up $45,327 in lost wages by graduating late, bringing the total cost to $68,153, according to a 2014 study by completecollege.org. "The extra years can make student loans balloon," says Jennifer McHam of Study.com. "Online courses allow students more flexibility with scheduling and can help students catch up if they fall behind so that they can still graduate on time."

Christine Giordano is a freelance business journalist with a passion to help consumers make educated decisions. Also a columnist for Newsday, you can follow her on Twitter @chrisgiordano.