HOW TO MAKE A
FINANCIAL PLAN FOR
CULINARY SCHOOL
10 PRACTICAL TIPS FOR STUDENTS
WWW.ESCOFFIER.EDU
Most students - whether they’re pursuing a vocational credential, an
associate degree, a four-year degree, or a graduate degree - need to keep
their expenses in check while they’re getting their education.
Your specific financial plan for culinary school will depend on your personal financial
circumstances. Start by reviewing these tips to see if you can trim down your costs and improve
your finances during your time in school.†
†
This guide is for informational purposes only and not meant to give professional financial
advice. Always consult a financial advisor regarding your specific situation.
HOW TO MAKE A FINANCIAL PLAN FOR CULINARY SCHOOL 2
CONTENTS
01: HOW YOU CAN SAVE MONEY ON LIVING EXPENSES 4
02: HOW YOU CAN SAVE MONEY ON SCHOOL EXPENSES 12
03: HELP REDUCE FINANCIAL STRESS WHILE IN SCHOOL† 16
This guide is for informational purposes only and not meant to give professional financial advice.
†
Always consult a financial advisor regarding your specific situation.
HOW TO MAKE A FINANCIAL PLAN FOR CULINARY SCHOOL 3
01
HOW YOU CAN SAVE MONEY ON LIVING EXPENSES
HOW YOU CAN SAVE MONEY
ON LIVING EXPENSES
Start your financial plan by looking for ways to build a budget and reduce your
living expenses while you’re in school. With some smart planning, you may be
able to keep your costs low and still enjoy yourself!†
01. Make a BudgeT
02. Automate Your Bill Payments
03. Look for Student Discounts
04. Shop In Bulk if You Can
05. Eliminate Unnecessary Subscriptions
06. Look for Free Entertainment
HOW TO MAKE A FINANCIAL PLAN FOR CULINARY SCHOOL 4
01
HOW YOU CAN SAVE MONEY ON LIVING EXPENSES
01.
MAKE A BUDGET Create a budget to keep your goals on track.
It’s not the most exciting piece of advice. But it may be the most practical.
Until you know how much money is coming in and how much money is going out each month, you may
never know whether or not your finances are on track.
A smart budget could include spending goals for different categories, like food, transportation,
entertainment, utilities, and insurance. When you know that you have limited food dollars each month,
it can put that impromptu pizza delivery order in context and help you make a smarter decision.
There are many different budgeting methods. Some people choose to use a simple spreadsheet where
they can track their spending. You could create your own custom spreadsheet or do a quick Google
search for a pre-made template.
HOW TO MAKE A FINANCIAL PLAN FOR CULINARY SCHOOL 5
01
HOW YOU CAN SAVE MONEY ON LIVING EXPENSES
01.
MAKE A BUDGET
A budget could help you stay on top of
your spending each month.
Useful apps can help, like You Need a Budget (YNAB) or Mint.
You could also use an app like You Need a Budget (YNAB) or Mint for your budget. These apps let you
manage your finances from your smartphone wherever you go. Plus, they may integrate with your
checking account, so your expenses upload automatically to the proper categories. These apps may also
send you notifications when you approach the limit for your monthly spending in each category.
For an even simpler approach, you could try the envelope method. Here’s how it works: set a
spending budget for categories like entertainment, transportation, groceries, and dining out. Then,
withdraw cash to cover each category, and put that cash into individual envelopes with the category
name on the outside. Spend the cash from the appropriate envelopes throughout the month. And when
it’s gone, it’s gone! No more cash for that category until next month. This method can work especially
well for people in cash industries like servers and bartenders, who don’t always make it to the bank to
deposit their tips.
HOW TO MAKE A FINANCIAL PLAN FOR CULINARY SCHOOL 6
01
HOW YOU CAN SAVE MONEY ON LIVING EXPENSES
02.
AUTOMATE YOUR BILL PAYMENTS
Late fees and interest charges are NO fun. And they can add up quickly.
The average American loses $577 annually to late fees, overdrafts, and the ensuing damage to their
credit. No one wants to throw away that kind of money!
To help protect yourself, consider automating your bill payments. Many banks offer online
banking tools that let you set up automatic payments. You may be able to pay your utility bills,
rent, credit card bills, cell phone, and even student loan payments on a recurring schedule every
month. This can keep you on top of those payments and prevent costly late charges.
You could also schedule monthly transfers into a savings account or an investment account. By
automating your savings, you can prepare for unexpected expenses without even thinking about
it. Just make sure there are enough funds in your checking account before your bills come due to
prevent overdraft fees with your bank.
HOW TO MAKE A FINANCIAL PLAN FOR CULINARY SCHOOL 7
01
HOW YOU CAN SAVE MONEY ON LIVING EXPENSES
03. Look for local businesses that offer student
discounts to save on everyday expenses.
LOOK FOR STUDENT DISCOUNTS
A student ID can be your ticket to discounts all over town.
Many businesses, especially those near schools, offer deals on food, public transportation,
movies, and more. Prioritize buying from businesses that offer student discounts so you can take
advantage of those deals.
And if you’re not sure where to start, ask your school! They may have a list that they can share.
HOW TO MAKE A FINANCIAL PLAN FOR CULINARY SCHOOL 8
01
HOW YOU CAN SAVE MONEY ON LIVING EXPENSES
04. SHOP IN BULK IF YOU CAN
In general, the larger the quantity of something you buy, the cheaper
it may be per ounce or per product.
Buying in bulk can be great for household needs like paper towels, toilet paper, canned food, dry
goods like beans and rice, and cleaning supplies.
Now, buying in bulk may also come with a higher upfront cost. If you only have $50 for groceries
for the week, it’s understandable that you wouldn’t want to spend $15 on an economy-sized pack
of chicken. But if you can afford it and have the freezer space, then you can save on that chicken by
the ounce. And if you’re starting an online culinary school program, you may want to consider bulk
purchases for items you know you’ll be using all the time in your culinary curriculum, like salt and
pepper, olive oil, and butter (which you can freeze).
05. ELIMINATE UNNECESSARY SUBSCRIPTIONS
Subscription services are a common part of our everyday lives. But if they’re not being used, they
can add up and be a major drain on your budget. Which subscriptions are must-haves, and which
ones can you do without? For example, if you have a gym membership that you only use a few
times per month, you may wish to cancel it in favor of at-home workouts. (There are tons of helpful
workout videos on YouTube!)
Also, think about where you’re doubling up. Do you really need Netflix and Hulu and Peacock and
HBO Max and Amazon Prime Video? Maybe you can cycle those subscriptions based on when
your favorite shows are released. Or if you have a roommate, you can cover Netflix while they
cover HBO Max.
HOW TO MAKE A FINANCIAL PLAN FOR CULINARY SCHOOL 9
01
HOW YOU CAN SAVE MONEY ON LIVING EXPENSES
06.
Boulder, Colorado has plenty of natural beauty to
explore…and much of it can be free!
LOOK FOR FREE ENTERTAINMENT
A life on a student budget doesn’t have to be boring. There is plenty of free
entertainment out there if you know where to look.
The library is an amazing resource for free books, but many also offer free movie rentals. You may not
find the most recent blockbuster release, but you may find slightly older movies, plenty of classics, and
even TV box sets.
You can also look for free events like live music, community theater, and movies in the park. You can go
for nature walks or hikes on local trails. And many museums offer a free day once a month, or a student
discount every day.
HOW TO MAKE A FINANCIAL PLAN FOR CULINARY SCHOOL 10
01
HOW YOU CAN SAVE MONEY ON LIVING EXPENSES
FREE FUN IN AUSTIN, TX
AND BOULDER, CO
Attending culinary school at Escoffier on the Austin or Boulder campuses?
Here are some ways you could have fun for free.
FREE ENTERTAINMENT IN AUSTIN, TEXAS
– Walk or bike the Ann and Roy Butler Hike-and-Bike Trail circling Lady Bird Lake
– Visit Zilker Park in the heart of the city to play disc golf or have a picnic
– Climb the 109 steps at Mount Bonnell for stunning views of the Colorado River
– Follow the Tejano Walking Trail to discover culturally important sites in East Austin
– Window shop the boutiques and shops on South Congress
FREE ENTERTAINMENT IN BOULDER, COLORADO
– Hike the trails of Mount Sanitas or the Flatirons for gorgeous views
– Visit Red Rocks Amphitheatre. Concerts aren’t usually free, but you can visit the
park and amphitheater for free on non-concert days to hike and see the sites
– Wander Pearl Street Mall to people watch and peek in at the many charming
boutiques
– Take a walking tour to spot sculptures and murals throughout the city
– Visit the Boulder Museum of Contemporary Art to explore genre-defying exhibitions
for free every Saturday
HOW TO MAKE A FINANCIAL PLAN FOR CULINARY SCHOOL 11
02
HOW YOU CAN SAVE MONEY ON SCHOOL EXPENSES
HOW YOU CAN SAVE MONEY Culinary students working in the
Boulder campus kitchen.
ON SCHOOL EXPENSES
The other side of saving money during college or postsecondary school is
keeping your education expenses in check.
Use these next four tips to try to minimize the cost of your education so you can start your post-
school career in a stronger financial position.
07. Apply for Scholarships (and Keep Applying!)
08. Attend School Online So You Can Live At Home
09. Buy Used AND ELECTRONIC Textbooks
10. Borrow Responsibly
HOW TO MAKE A FINANCIAL PLAN FOR CULINARY SCHOOL 12
02
HOW YOU CAN SAVE MONEY ON SCHOOL EXPENSES
07.
APPLY FOR SCHOLARSHIPS
(AND KEEP APPLYING!)
Minimizing the amount you pay out of pocket for tuition is one of the
smartest moves you can make during your post-secondary education.
And one way to do this is through scholarships and grants. Leave no stone unturned in the search for
scholarship money! Consider these sources:
– SCHOLARSHIPS DIRECTLY FROM YOUR SCHOOL
– SCHOLARSHIPS FROM PRIVATE COMPANIES IN THE INDUSTRY YOU WISH TO PURSUE
– SCHOLARSHIPS FROM TRADE GROUPS IN THE INDUSTRY YOU WISH TO PURSUE
– NEED-BASED SCHOLARSHIPS
– SCHOLASTIC SCHOLARSHIPS
– COMPETITION-BASED SCHOLARSHIPS
– SCHOLARSHIPS FROM YOUR EMPLOYER
– SCHOLARSHIPS BASED ON YOUR DEMOGRAPHICS OR LIFE STAGE
Specifically, culinary school students have a lot of options when it comes to scholarships. The Escoffier
Scholarship Foundation offers need-based scholarships to select students. And groups like the National
Restaurant Association, state restaurant associations, and the American Culinary Federation offer
financial awards as well.
The hunt for scholarship money doesn’t end when you enroll in school. You can (and should) continue
applying for funding throughout your entire college or vocational school career. If you can secure a
handful of $500 or $1,000 scholarships, you could save thousands in tuition and interest payments in the
following years!
HOW TO MAKE A FINANCIAL PLAN FOR CULINARY SCHOOL 13
02
HOW YOU CAN SAVE MONEY ON SCHOOL EXPENSES
08.
ATTEND SCHOOL ONLINE
SO YOU CAN LIVE AT HOME
One of the costs associated with postsecondary school is living expenses.
We discussed tips to reduce these expenses above, but what if you didn’t have to move out on your
own at all?
With an online program, many students can continue to live at home while they get their education.
This means they may save on the costs of relocating, which may include rent, security deposits,
setting up utilities, moving trucks, and much more. Plus, students don’t have to pay to maintain a car
or pay for public transportation to get to school.
Even adult students who already live in their own homes can avoid relocating and save on
transportation costs by attending school online. There are plenty of benefits of attending school on-
campus, but if this doesn’t feel like an option for you, online instruction can be a great alternative.
This option isn’t limited to students in a traditional university setting. At Auguste Escoffier School of
Culinary Arts, students can pursue online education in culinary arts, baking & pastry, plant-based
culinary arts, hospitality & restaurant operations management, food entrepreneurship, and holistic
nutrition and wellness. Depending on the program, live lessons, pre-recorded videos, reading, and
completing cooking assignments in their home kitchens can give online students an in-depth, hands-
on education similar to their on-campus counterparts.
Note that depending on your situation, attending school on campus may be a better option.
Check our articles on why you should attend culinary school in Boulder or in Austin.
HOW TO MAKE A FINANCIAL PLAN FOR CULINARY SCHOOL 14
02
HOW YOU CAN SAVE MONEY ON SCHOOL EXPENSES
Second-hand texbooks
09. BUY USED & ONLINE TEXTBOOKS 1 can be found online or in
used bookstores.
Textbooks can be a substantial expense for college students.
In some classes, a single new textbook could cost hundreds of dollars. Second-hand textbooks can
sometimes be found online or in bookstores for a fraction of a new version. As long as it’s the correct
edition and it’s in decent shape, a used textbook can be just as useful while saving you a lot of money.
Many textbooks are also available as e-textbooks, which can be far less expensive than physical ones.
10. BORROW RESPONSIBLY
Many students use student loans to cover some or all of their education.
Loans can make postsecondary education possible for students who would otherwise not be able to
afford it, and they’re a wonderful resource! 2
Just remember that any amount that you borrow must be repaid, with interest. Instead of borrowing
extra to cover living expenses, it may be better to cut your costs and possibly get a part-time job to
cover the bills while you’re in school. You may thank yourself later.
1
For students who attend the Austin campus, required textbooks must be purchased prior to the start of
any course. Students may elect to purchase books from the institution after admission for an additional
cost. For Boulder students, required textbooks must be purchased prior to the start of any course. Stu-
dents may elect to purchase books from the institution after admission for an additional cost. Access to
the State Food Safety Certification Course will be provided during the first week in school.
2
According to the National Center for Education Statistics’ College Navigator, 54% of Boulder students
and 76% Austin students who entered postsecondary education for the first time received some financial
assistance in 2021-22 for those who applied and qualified.
HOW TO MAKE A FINANCIAL PLAN FOR CULINARY SCHOOL 15
03
HELP REDUCE FINANCIAL STRESS WHILE IN School †
HELP REDUCE FINANCIAL STRESS
WHILE IN SCHOOL†
Each individual’s financial picture varies depending on how much they earn
and how much they spend.
By tracking your expenses and making some smart changes, you may be able to make your time in
school less stressful and more enjoyable!
To start painting your financial picture at Escoffier, get in touch! Our Financial Aid Department can
answer your questions about funding and help you to understand the resources available to you.†
HOW TO MAKE A FINANCIAL PLAN FOR CULINARY SCHOOL 16
ONLINE PROGRAMS BOULDER, CO CAMPUS AUSTIN, TX CAMPUS
ADMISSIONS: ADMISSIONS: ADMISSIONS:
1-877-452-5489 1-877-249-0305 1-833-443-0618
[email protected] 303-494-7988
[email protected] [email protected]FINANCIAL AID: FINANCIAL AID:
1-877-452-5489 Option 1 FINANCIAL AID: 512-451-5743
[email protected] 720-204-3486
[email protected] [email protected]CAREER SERVICES: CAREER SERVICES:
1-855-224-0453 CAREER SERVICES: Marc Doherty
[email protected] Kate Sweasy 512-381-7252
720-457-4214
[email protected] [email protected] 6020-B Dillard Circle
637 South Broadway, Suite H Austin, TX 78752
Boulder, CO 80305
For additional resources, visit www.escoffier.edu.
*This information may not reflect every student’s experience. Results and outcomes may be based on
several factors such as geographical region or previous experience.
**Consider your situation and resources to determine what is affordable and on budget, for you.
†
This guide is for informational purposes only and not meant to give professional financial advice. Always
consult a financial advisor regarding your specific situation.
Copyright ©️ Auguste Escoffier School of Culinary Arts. All rights reserved.
Version 1.0 effective date April 25, 2023
