As I stood right outside of my dorm room my freshman year, I cautiously unlocked my phone and chuckled to myself. 

I probably looked like someone who saw a funny Tiktok or Instagram reel. What I saw was far more laughable– The state of my bank account. While Harvard does have a very robust financial aid program that has been incredibly helpful for many low-income students, including myself, habits and resources on managing expenses are just as important for your time within and well beyond college. That being said, I had not developed a budgeting plan that worked for me until well into my sophomore year. 

1. My Budgeting Rule

I learned to follow the 50,30,20 rule: With paychecks, scholarships, or financial aid I would save 50% of it, spend 30% on my necessities (like toiletries), and spend 20% on anything else. This obviously looks different for each person but just reflecting on what your needs are and allocating accordingly can be a great headspace to start budgeting.

2. Commutes

Many students use the commuter rail to travel around the greater Boston area and beyond! While a two-way ticket costs around $2.40, I like to use T-Passes (also called Charlie Cards) which are pre-loaded cards you can scan to ride. For frequent riders, you can use auto-pay which will refill these passes at the end of every month. When using rideshare services  (Uber, lyft, etc.) try to split with friends and make the most out of student discounts! If a place is not too far and I have time, I love to walk. It feels even better because it doesn’t cost a thing!

3. All for One, One for All!

I can’t stress this part enough! I would have never been able to budget without being able to split commute fares, off-campus dinners, and more with friends. Even if it’s just one other student, it can be truly helpful in making things just that little bit more affordable and enjoyable.

4. Sco(o)ping the Sample Scene

While I don’t always have luck, I am often searching for free samples around Harvard square. One of my favorites have been free falafel from Falafel Corner and frozen yogurt samplers from Berryline. There are so many spontaneous free samples so you never know what you may find around the corner (pun intended!).

5. Making the Most out of Food on Campus

The most free food I have gotten has definitely been from attending various club and residential House events! Though I have enjoyed amazing meals at larger club events, in my residential House, Kirkland House, students and House faculty have hosted many weekly events and traditions. From pastries at tea seminars to cookies in the common room and restaurant outings, it is so fun to try a wide variety of foods with an even more amazing community.

6. Got a discount?

The last and final tip is to always ask if there’s a student discount! It took me a bit to get more comfortable asking, I was surprised by how many shops offered discounts or items covered with student identification (ID). A few include the Greek restaurant called Saloniki's offering free fries with student ID, Luxor Cafe gives a 10% student discount, and more! While it can feel a bit awkward and even scary sometimes to ask, the worst they could say is no!

The financial challenges of college life are definitely real! However by making the most of campus community, friends, and keeping a good eye out for discounts you can most definitely ball on your budget!