Financial Expert Warns Students: Budgeting Errors Can Derail College Success

HARRISONBURG, Va. — As students navigate the high costs of higher education, a leading financial expert warns that improper budgeting—not just tuition fees—poses a critical threat to academic and financial stability. Brad Barnett, Director of Financial Aid and Scholarships at James Madison University, stresses that a strategic financial plan is essential for surviving the semester, highlighting common pitfalls and practical solutions for cash-strapped scholars. Barnett advises students and families to begin budgeting long before the first day of class, prioritizing needs over wants. "The first step is to sit down and figure out how much money I have to spend, what I need to spend it on, and what I want to spend it on," he stated. This includes essential classroom supplies and textbooks, but Barnett particularly underscores the necessity of an emergency cash reserve. "The last thing you want in an emergency is to put it on a credit card or take out a loan. You’ve just made the emergency worse and more expensive," he explained. For ongoing funding, he recommends a triage approach: scrutinizing scholarship applications and deadlines, assessing personal resources like family help or summer savings, and seeking part-time employment on or off campus. A significant and often overlooked budget category is food, which Barnett identifies as a prime area for overspending. He notes a common contradiction where students purchase campus meal plans but then dine out, failing to use their pre-paid "meal punches." "They’re basically double paying for food," Barnett said, urging mindful consumption of already-paid-for resources. This disciplined approach must continue throughout the academic year, not just at move-in. Students are adopting creative strategies to stretch their dollars. JMU sophomore Grace Heberer saved significantly by using her iPad for all her notes and organizational planning, eliminating the need to purchase multiple notebooks each semester. Meanwhile, senior Alli Donnelly leverages the local second-hand economy. "I look frequently on Facebook Marketplace... There are a lot of thrift stores in the Harrisonburg area, especially because college students drop their stuff off there," Donnelly said, highlighting how peer-to-peer markets cater to budget-conscious students. These practical tactics, combined with proactive budgeting, can help ensure financial pressures do not undermine the primary goal: earning that diploma.