Making room in your budget for college tuition when you have other financial responsibilities is challenging. Most adults have a spouse, a family, a home or apartment, a 9-to-5 job, rent, utilities, and medical bills. Adult college students must balance their personal and family finances with college tuition. We understand every adult has a unique situation, but we expect this information to be helpful.
Types of budgeting strategies
The 50/30/20, 75/15/10, 60/40, and pay yourself first (80/20) budget strategies divide money into essential expenses, savings, and splurge spending. Zero-based, line-item, and no-budget methods are more tedious as they track the movements of every dollar spent.
The envelope strategy shows you the money. When you touch the money and spend the cash, you see what leaves and remains. It forces you to remember where the money went and do mathematics. It also teaches you to manage money. As long as you don’t lose the envelopes, what remains from last month rolls over into next month.
These are the most common ones, but there are more. The best budgeting strategy for you is one you can do in succession without tiring out or feeling like a chore. Start with your current budgeting method and the purpose for adopting a new one, and go from there.
What Adults Need to Do to Stretch The Dollar
The other half of budgeting is trying these suggestions to stretch the dollar. It takes a lot of work, but staying the course is critical.
Keep track of spending
Keeping receipts is the first defense in tracking spending habits. It shows the items purchased, how much you saved, the total, and the payment method used. An alternative for losing or tossing your receipt is jotting down what you remember or making a spreadsheet in MS Excel or Google Sheets. Monthly bank statements and credit card bills summarize the transactions. Other proof of purchase papers are voided checks, carbon copy checks, and invoices.
A visual way to keep track of spending is via financial apps. Some banking institutions and online-only digital banks offer budgeting services, but there are also websites and phone apps that specialize in budget monitoring.
Cut back on spending
If you need a reason to cut that cable bill, membership, or streaming service, you uncovered it. That money can go toward books, tuition, or supplies; watch over-the-air digital sub-channels and free ad-supported television (FAST) services like Amazon Freevee or Pluto TV for your entertainment. Big-ticket purchases take a backseat to college, cost of living, groceries, utilities, gas, and healthcare appointments.
While you should cut leisure activities, that isn’t possible with families and spouses. That is where the budgeting strategy comes in. Depending on the choice, you can make room for leisure activities after paying college tuition and bills each month.
Choose a college with a budget in mind
Community college is a great way to save money on classes before transferring credits to a 4-year university. An in-state public university is less expensive than an in-state and out-of-state private college. You could start college at an out-of-state 4-year public university if you find one that offers in-state tuition to out-of-state students. Those programs are:
- neighboring states/border states
- border counties
- state tuition exchanges
Second, directional universities–colleges with a compass direction in their name (southwest, northern, east, west, central, etc.)–are less expensive than the flagship universities.
A third approach is choosing colleges that cater to adult learners with degree completion programs. Adults with military or technical college credits can use them to earn a Bachelor of Applied Science (BAS) or a Bachelor of Applied Arts and Sciences (BAAS) degree. You can also take a credit-by-examination test as a substitute for select classes.
Search for ways to pay for tuition and books
Search for scholarships and grants year-round. They don’t stop after a limited time or target only first-time college freshmen. Hundreds of scholarships and grants are available for sophomores, juniors, seniors, grad students, transfer students, and adult learners. They are essays and contests revolving around academics, athletics, music, hobbies, careers, diversity, demographics, military, financial need, disabilities, and unique circumstances. Some pay for books; others pay for a portion of tuition. Follow the guidelines on how to win, maintain, and renew them. You can find scholarships and grants at:
- the college you attend
- scholarship/grant websites
- churches
- banks and credit unions
- non-profit charities and organizations
- corporations
There are work-study programs that pay for some of your college tuition if you work part-time. Adults can also use their current employer’s tuition assistance or reimbursement benefits. Depending on the program, it pays for college education before, during, or after completing the degree. Student loans are a last resort when you exhaust every other resource. Always start with federal loans because their low interest rates make it easier to repay. However, they give you a limited amount. If federal loans are not sufficient, look into private loans.
Fight for discounts
Adult learners should use their student ID card to score discounts on textbooks, insurance, leisure activities, travel, shopping, and more. You should also sign up for store rewards programs for coupons, sales, and discounts on groceries and household items. Some customize your discounts based on your shopping habits, and some have a points system that leads to free rewards.
While it’s not a discount, you can use campus resources to save money and time. Examples are the health center, gym, career center, and IT department. Since the services are part of your tuition, it would be wise to take advantage of them.
Adult learners are mature and seasoned about budgeting. They must learn to stretch the dollar more to insert college into their finances. By using the college experience to their advantage, being diligent in the savings hunt, and cutting back on needless expenses, they can save and earn more than they spend.