College athletes have unique challenges when it comes to managing finances. Even with scholarships, many expenses, such as meals, transportation, and personal items, are not covered. Without smart money management, these costs can quickly add up. Whether you’re on a “full ride” or partial scholarship, these ten budgeting hacks will help you stretch your money and focus on excelling both on and off the field.
Budgeting Hacks for College Athletes
1. Understand Your Costs. I didn’t consider that items like gas money, bus passes, toiletries and more wouldn’t be covered by my scholarship when I signed my NLI. There are so many expenses that a scholarship doesn’t cover, so start by listing all your expenses—textbooks, housing, meals, transportation, personal items, and entertainment. Knowing what you spend your money on is the first step to creating a budget. Categorize your needs (essentials) versus your wants (non-essentials).
2. Take Advantage of Free Campus Resources. Colleges offer many resources, such as free tutoring, gym access, health services, and even free meals during campus events. As a student-athlete, you may have access to additional benefits like meal plans, training facilities, and counseling. Maximize these resources to cut costs.
3. Meal Prep to Save on Food Costs. Even if your scholarship includes a meal plan, there are often times when you need to buy food outside of campus. I can say from personal experience, three meals a day won’t cut it when you have 2-3 workouts a day, especially during preseason. Meal prepping can save a ton of money. Invest in a small rice cooker or slow cooker for affordable, homemade meals. You’ll spend less than eating out or ordering delivery.
4. Track Your Spending. Apps like Mint, YNAB (You Need a Budget), or even your banking app can help you keep tabs on where your money is going. Seeing your spending in real-time is a game-changer when trying to stick to a budget.
5. Prioritize Saving. Even if it’s just $5 or $10 a week, set money aside in a savings account. Unexpected expenses will come up, and having an emergency fund can keep you from relying on credit cards or loans. Automate your savings to make it effortless.
6. Use Your Status as a Student-Athlete. Many businesses, from restaurants to clothing stores, offer discounts to college students. Some might even offer extra perks for athletes. Carry your student ID everywhere and don’t be afraid to ask for discounts—it adds up over time.
7. Share Costs With Teammates. Housing, transportation, and even subscriptions like Netflix or Spotify can be shared with teammates. Splitting costs for things like rideshares or groceries can lighten the load for everyone. Just make sure to split expenses fairly.
8. Take Advantage of NIL Opportunities. Even if you’re not a top-tier athlete, NIL (Name, Image, and Likeness) deals can provide extra income. Smaller endorsements, paid social media collaborations, or hosting youth camps can add to your budget without taking up too much of your time. Hosting clinics, personal training sessions, or taking on non-athletic tasks like tutoring can be done in the off season when you’re not as busy.
9. Limit Credit Card Use. Credit cards can be useful, but only if you use them wisely. Avoid carrying a balance month-to-month by paying off your bill in full. High interest rates can trap you in debt, which can take years to pay off after graduation.
10. Seek Out Scholarships and Grants. Even with athletic scholarships, there are countless other financial opportunities available. Many scholarships are designed for specific demographics or fields of study. Take time to research and apply—every little bit helps reduce out-of-pocket costs.
Budgeting as a college athlete might seem overwhelming, but a little planning can go a long way. By taking control of your finances now, you’re setting yourself up for success long after your playing days are over. These budgeting hacks are designed to help you stretch every dollar and focus on what matters most—your education and athletic career.