Objective: Self-rationing or one's ability to regulate allocation of resources for consumption can be an inefficient process. Despite the negative impact of self-rationing inefficiencies (e.g. unhealthy food choices), there is scarce research to understand this phenomenon. This study investigated college students' self-rationing efficiency of eating behavior and spending choices, and their relationship to academic performance. Participants and Methods: This study used a combination of a real-time experiment, self-reported surveys (n = 101), and interviews with college students (n = 12). Data was collected using two 24-hour recall periods, online surveys, and semi-structured interviews. Results: College students demonstrated self-rationing inefficiency of eating behavior, but not of expenditure on food. Furthermore, there was a significant relationship between self-rationing inefficiencies in eating behavior and students' academic performance. Conclusions: This study directly investigated self-rationing efficiency amongst college students' food choices and food expenditure, and enhances our understanding of its impact on college students' academic performance.