With tuition, fees, housing and meals offering a constant strain on students’ wallets, managing finances in college can be difficult. For Ari Meyerowitz, a 21-year-old UF business administration senior, paying for food has been the hardest cost to manage other than tuition and housing.
“One thing that definitely opened my eyes was budgeting for cooking for yourself,” he said.
In-state freshmen typically spend around $25,830, which includes tuition and other personal fees, while out-of-state students reach roughly $54,010, according to UF’s attendance cost breakdown. UF students are also facing rising tuition costs this year, making it more important to budget.
For financially independent students like Meyerowitz, it can be helpful to find ways to cut spending and make extra cash.
Meyerowitz suggests students find ways to build their portfolios while making money, he said. He produces photo and video content for clubs, organizations and Greek life and said it’s a great way to market on social media while gaining professional experience.
"As you continue to grow and build your platform to be very reputable, you can start to land bigger clients," he said. “With bigger clients come bigger budgets.”
To save grocery costs, he recommends shopping in bulk at stores like Sam’s Club, he said, because of its “significantly discounted” products. He warned other students to shy away from ordering food delivery because of the added fees.
“There’s definitely a time and place to get it, but I would say avoid making that a habit just because you don’t want to cook,” he said.
Students shouldn’t hesitate to ask for help managing finances, he added, especially if it’s their first time doing so alone. He said he found it helpful to talk with tellers at his bank, where he received advice on using credit card points, opening a new account and setting a monthly budget.
But Meyerowitz cautioned students against being tightfisted and recommended they set aside money for pleasure.
“If you have the ability to spend on experiences that can’t come back, and you’re in a situation where you’ve worked hard enough to have enough money to do that, those are important considerations, too,” he said.
Outside help
UF offers resources aimed at helping students save money.
The Field and Fork Pantry on campus offers free groceries for all UF students and staff, while UF Safe Rides by Uber offers up to 40% off ridesharing for eligible students.
Students can receive financial aid and scholarship guidance through UF’s OneStop services. Financial aid advisers are available to meet by Zoom, phone or in-person at Criser Hall.
Maxim Dolinsky, the director of professional development for undergraduate finance students, emphasized the importance of money management for students. Although it’s common practice for students to have less money in their bank accounts because they have to pay expenses like tuition, he warned students not to make unnecessary purchases trying to impress people.
“Overspending: It’s not a math problem, it’s not a problem of lack of tools,” he said. “It’s generally behavioral.”
To avoid needless spending, Dolinsky suggested students track their monthly purchases on apps like Monarch Money, which provides a breakdown on income, expenses and financial goals. Though tracking may not be sustainable in the long run, he said it can be beneficial for students to see “where the money is going” in the short term.
For guidance on budgets and investing, he recommended the book “Psychology of Money” by Morgan Housel.
One investment tool is Robinhood, an app that automatically deposits money into investments. Dolinsky said depositing anywhere from $5 to $20 per week may accumulate into a significant fund.
Dolinsky suggests starting budgeting and investing early, because the habits can help students financially in the long run.
“The biggest asset that students have is their youth,” he said. “The earlier you make better decisions, the more the effects of it will compound over the years that follow.”
Laura Serrano, a 21-year-old UF business administration junior, uses Zupp, a discounted meal app, where she said she can save “a couple dollars every month.”
Serrano heard about the app from a flyer posted at Pokébowl Station, a Midtown food spot. After downloading it, she received a 50% discount and saved $7 the same day.
Now, she serves as a Zupp ambassador, helping with events like the shopping pop-up held at Nine 31 Apartments Sept. 30, where small businesses like Made Gracefully Company, Matcha Meyer and Sugar Baby featured their products for students.
“Our slogan is ‘Never pay full price again,’” she said.
Zupp offers discounts and freebies for restaurants near campus like Tela, Bolay and Piesanos.
It also has a check-in system that allows customers to earn points that can later be redeemed for items or gift cards at local food spots.
New members get their first month free, she said, and the payment is $6.99 per month from then on. But Serrano said the app ends up paying for itself because the amount saved outweighs the amount spent.
“Ever since I’ve gotten it, I’ve saved over $500, and I’ve been using it since freshman year,” she said.
As a “girl with a shopping addiction,” Serrano said, she’s thankful for the help saving money.
“In the long run, you get to see ‘I’ve saved all of this,’” she said. “I’m so proud.”
Contact Alana Nguyen at anguyen@alligator.org. Follow her on X at @Alana_Nguyen12.
Alana Nguyen is a first-year journalism major at the University of Florida. She is a General Assignment writer for The Alligator. When she's not writing, she enjoys running and reading travel magazines.
