What Monthly Expenses Will You Need to Include in the Creation of a Budget for a College Student?
- College students who live in the dormitory may have to pay up front for the school's meal plan, while others may have to set aside a certain amount of money for groceries each month. Even if a student has a meal plan, she will still probably want to eat off campus at least a few times a month or get snacks from the vending machine in the dorm, so she should budget money for eating out and other food expenses.
- Although some schools require you to pay tuition up front, you also may have the option of a payment plan, which will let you pay a set amount each month. You'll also need to purchase books or other materials for class. The cost of books can vary greatly, so it's a good idea to budget too much in that category rather than not enough. Spread your book budget out over the quarter or semester by buying the books when you need them instead of all at once at the beginning of the term.
- Include an amount for transportation in your monthly expenses. The cost of this expense will vary depending on a wide range of factors. Consider factors such as if you have a car at school, if your school charges for parking, the cost of public transportation in your city and how far away your home is from your school. If you live off campus and take the train or subway to school, figure out the cost of a monthly pass. Average the amount you've spent on gas and maintenance over the past year to determine the monthly expense for driving a car.
- You'll have a number of other expenses as a college student, from rent to the costs of having a social life. Look at your income and determine what you can afford. In some cases, renting off campus can be cheaper than living in dorms. Other monthly expenses may include the cost of health insurance, unless you're still on your parents' plan, the cost of any medications you're taking and the cost of personal items, such as soap and shampoo.