I’m a High School student going into university or college, and I wanted to start figuring out expenses. I know I have to include the price of on campus living, food, tuition, travel, and entertainment (Netflix, cable, stuff with friends…) but I was wondering what other expenses tend to come up, or any that I didn’t name that were important? Thanks in advance!
i’m assuming you’re including school supplies and textbooks under tuition.
personally, I have a side savings in case I get sick. The stuff with friends is probably the hardest expense to predict until a month or two into college. Birthdays, study group meals, club activities, etc.
Toiletries and personal care products.
dorm or renters insurance, if you’ll have a car at school you’ll need a parking pass plus gas and maintenance, if you have a bike some schools require a bike registration fee at DD’s school she rents a bike locker $100 for two semesters, if you plan to do a semester study abroad program passport you might have visa fees.
@turtleflett One thing you could do is to keep track of the cost of your personal products/make up etc is for 4-6 weeks. That will give you an idea for the school year.
Then you might want to consider how are you going to get these items. Are the items brands that can be found at Walmart, Target, Walgreens etc. If not, can they be ordered on-line?
It is hard to predict the randomness of a new group wanting to go get coffee/ice cream/food. What happens with you now? How much are you spending? if you know the college/univ you will be attending, you could see what non-dining hall options are on/near the campus.
If you are in an activity that might conflict with dining hall hours (like marching band practice or a science lab), you might need more $ to buy food for that day/time frame. If the activity involves travel, you might need extra $ for snacks.
If you are joining Zipcar or other car sharing program for errand running, you would need $ to cover the fee.
Another thing to discuss with your parents is how will these items be paid for. Will you have your own debt card and be able to take out cash from it? The money could be from a job or your parents could transfer $ into it. Sending cash thru the mail is not safe. Even getting a check can be a pain to cash unless you have a bank that allows you to take a picture for a deposit. Some campuses have bank branches.
Some families may also have a separate credit card for their college student. The credit card is financially tied to the parent’s card. There is an agreed upon reason for using that card-- like buying books and supplies or an emergency.
Some banks won’t let you have a debt card with the ATM cash withdrawal feature until you are 18.
Some other random things might be buying an activity t-shirt, going bowling, spirit wear for sports, buying hand warmers for outside activities, “dollar store/thrift store” purchases for themed days, hair cuts, dorm storage items that make sense after you have lived there for a while, apple/pumpkin picking activity trips, away game student section seats/travel. Lots of possibilities depending on your involvement.
Have fun!.
What my daughter has found useful is a spending tracker app through our bank (we all have accounts there). It looked at her spending over several months and broke down where she puts what percentages of her budget. Then it created a budget for her. She can change where she spends most of her money if she desires, but it’s been helpful to see where all the little expenses go. Her roommate has a similar app with her own bank. She also finds it useful.
Definitely talk with your parents about what they’ll be covering-our D can access our Netflix from school, for example, and we paid for the dorm insurance through our regular provider. Also look at what your chosen college will provide-at D’s school cable is included in the dorm fee, and she gets a certain amount of “bucks” to spend at the deli on campus that is outside the food plan, which is good for when she has a late class that’s during dinner hours in the caf.
Wow, that seems really helpful ^.^ thank you so much
Thank you everyone for the tips!
My largest expense has been organic energy drinks for Biology study nights.
But most people I know would say that alcohol is there greatest expense by far, some spending over $500 last semester.
I’m glad I don’t drink when I see those kind of numbers.
It’s always good to include a substantial “Miscellaneous Expenses” category on any budget, if you don’t spend it good and if you do, it’s not unexpected.
You should also include clothing. Also possibly furnishings/decor depending on your living situation.
The board part of “Room and Board” can include consummables items like toothpaste, paper towels, sunscreen, razor blades, TP, etc."