A weekly grocery run, one late-night delivery, and just a few hangouts with friends–that’s all it takes for a college student’s budget to vanish by Sunday.
At Guilford, where students juggle schoolwork, jobs, and social lives, managing money often comes down to tough trade-offs. Gage Tawney, a freshman at Guilford, knows the feeling.
“My biggest challenge has been deciding between going beyond my set budget for a more fun college experience, or being more grounded to my budget,” said Tawney.
To strike that balance, he tries to prioritize how he spends money daily, especially when it comes to food and fun.
“Most of my spending is on buying food off campus instead of using my meal plan, and social activities with friends,” Tawney said.
Tawney noted that while social activities are often non-negotiable, eating off-campus is something that can be substituted with the already-paid meal plan.
Meanwhile, August Hutchins, a Guilford College junior, has been saving money since he was a kid.
“Since I was younger, I would save birthday and babysitting money,” said Hutchins.
As he moved through college, Hutchins noticed that while his overall approach to budgeting hasn’t drastically changed, his spending on social activities did.
“Except for probably spending on outings with friends, ride shares, and meals out, I don’t believe my savings and budgeting have changed that much since freshman year,” he said.
As both students navigate the challenges of balancing fun and financial responsibility, they’ve developed strategies. For Tawney, it’s all about setting a personal budget and tracking the spending carefully.
“I do keep a personal weekly budget that I track if I go over and by how much and try to balance out weeks I spend too much with weeks I spend under,” he said.
Tawney’s financial goal is to maintain a balance between overspending and underspending, ensuring that his weeks are relatively even in terms of his budget.
Hutchins has learned to adapt his budgeting approach as his college years progress, especially when it comes to meal plans and social activities.
“I’ve been able to save money with the 100 Block Meal Plan, but nearing the end of this semester, I’m currently out,” he said. “I’ve been able to use the extra money saved for DoorDash or night outs, but friends have been able to help swipe me in.”
Hutchins also helped establish the Pay it Forward Program, which allowed students to donate their unused meals to others in need. Due to budget cuts, the college had to eliminate the initiative.
As Tawney reflects on how to change his habits, he emphasizes the value of balancing weekly and monthly spending over time to stay within budget. More than anything, he encourages students to take advantage of the resources they already have.
“They should also try to consistently eat what is included in their meal plan when motivated and hold off on fast food or restaurants for when they truly feel a deep desire for it,” said Tawney.
Similarly, Hutchins, now further along in his college career, continues to build on his early saving habits by taking advantage of resources like scholarships and support programs to ease financial pressure.
“I have my checking and savings account, and I’m still applying for scholarships so I can save more money,” said Hutchins. “I just applied and was granted the Dana Scholarship.”
In addition, as part of Guilford’s Ethical Leadership Program and Bonner Program, Hutchins is able to acquire scholarship money and participate in governmental work study, which further helps him manage college expenses.
For Tawney, learning to manage money in his first year has meant recognizing patterns and making adjustments based on them.
“I have learned that my motivation for saving money goes along with my desire to continually eat in the cafe or grill for my meal plan, and that I spend significantly more money on the weekends,” Tawney said.
Tawney now tries to commit more intentionally to using his meal plan, especially if he’s gone off track the week before.
Hutchins, on the other hand, shares practical habits that have helped him stay financially steady. After recently obtaining his first credit card, he set up automatic payments to ensure his bills are always paid on time.
“I connected my billing to my bank account, so every month it automatically pays, and I don’t have to worry about it,” Hutchins said.
Hutchins also offers a simple, time-tested method for making smarter spending decisions: think before you act.
“If you want something, don’t buy it immediately. Sleep on it for one to two nights, and if you’re still thinking about it, it might be the right purchase,” said Hutchins.
