<p>Has anyone tried to calculate how much, if any, they save when a kid is away at college? I'm thinking of things like food, hot water, electricity, gas, high school fees, music lessons, etc. I'm trying to get at how much new costs there are versus just a shift in costs. For example, how much of a college's "room & board" can I say is offset by a reduction in my weekly grocery bill?</p>
<p>So far this year we have saved $750 on auto insurance, about $700 on food, $70 on water bills, $500 on electric and maybe $100 on gasoline. So I’m figuring maybe $2,020 or thereabouts. Room and Board at D’s college is around $11,000. Not a huge savings, but I’ll take it.</p>
<p>30 weeks food at home x $50 per week= $1500 in food costs saved when eaten at college. Add in electric/water/extra expenses - probably at least $2500 total per year saved.</p>
<p>Seriously “$500 on electric”? Does she have long hair and a propensity for blow drying? I can’t imagine how one little girl could cost $500 in electicity in less than a year! Wow!</p>
<p>Can I ask how you saved on insurance? You don’t cancel them, right? You just move them to some kind of ‘away at school’ status?</p>
<p>If my kids goes 2000 miles away for school I may take him off my car insurance. I will save the cost of prom (about $400), music lessons ($740), allowance ($720), AP tests ($390), etc. I kept a spread sheet of expenses over the last year. Not counting food, insurance, gas, and utilities he cost $3000. I also may drop a $700 umbrella insurance policy. So I think it is more like $4000-5000 year. Of course there is his personal expenses that will still need to be covered in some way.</p>
<p>My estimate is in the range of $2K (max) – I would not over estimate the savings potential.</p>
<p>AllThisIsNew – My daughter’s room and study is in a wing of our house that was added over the original garage and which has no direct heat. This means we supplement with electric heaters. Her room also gets very hot once outside temps rise above 70-75 degrees necessitating air-conditioning intermittently from May through September. One of the drawbacks of living in a not particularly energy efficient 70-year-old house.</p>
<p>My auto insurance carrier (state farm) says if child is at college more than 100 miles away and does not take car, discount. Of course no one is saying drop coverage. I would keep the umbrella policy, but more importantly check if it covers dependents at college. God forbid your kid does something and gets sued. </p>
<p>My D lives on a different level than me — doesnt use much heat, but a lot of a/c, so that will be here in summer.</p>
<p>I am planning on cutting my cleaning service from once a week to once every other week (no more kids at home).</p>
<p>Good point regarding car insurance. Our insurer allows us to drop DS from the policy but still covers his occassional driving when he is home at Christmas, etc. They have a “student away” clause.
I find that while we saved on food, electric, and water there were lots of added expenses to having a student 3,000 miles away so it is probably a wash for us.</p>
<p>kayf, I had the same thought but the same wonderful woman has cleaned our house for about 10 years and I am trying to figure out how to approach it. I don’t want to cut into her income.</p>
<p>Our electric bills dropped significantly. S’ room is on another level and we close the vents when he is gone, but he has his desktop computer at school with him and we think it may be from that. Just things like his cell phone charger, iPod charger, extra lights, extra hot water seem to really add up.</p>
<p>Not what you are asking, but what the subject line made me think of. I am absolutely amazed spending time on a college campus how many students I see buying water and vitamin water at $1.50 or more each (paying out of their flexible food accounts.) It seems incredibly wasteful. So my suggestion is to send kids to college with a couple of good quality refillable water bottles - better for the environment and it would save them a lot of money.</p>
<p>Umbrella policies are expensive. A lot of people don’t have them. They cover above and beyond auto and home insurance. I had a party for my DS at the house. Although 30 kids were invited 50 showed up. Made me nervous. Kids went outside and came back in repeatedly. I did some checking and it appeared to be cell phone calls. They were good kids and I don’t think there was alcohol. But what if a fight broke out on my property? I think that after they don’t drive your car and also don’t live in your household your liability is going to be less. Who is going to sue a college kid who has no money? How often do you hear about that? My ex has no umbrella thinking it is not necessary. I kept it because I have an teenage male driver in my household.</p>
<p>There are a lot of variables. We have an umbrella which does not cost much at all. I consider it highly worth it.</p>
<p>From my experience in college, I learned that renters’ insurance is mandatory. The pipes above my dorm room burst during winter break, and water poured in. I didn’t lose much, but my roommate did. The dorm was not responsible for any of her losses. So I will make sure to get DS enough coverage!</p>
<p>At our house, the savings for food will be enormous. This is why I’m preaching to him to eat his meals in the dining hall, so he won’t spend too much on the daily fourth and fifth meals.</p>
<p>
</p>
<p>Auto insurance savings are huge. If the child goes to college beyond 100 miles the insurance will revert the child to “away at school” status and your insurance premium should go back to without the child premium.</p>
<p>My umbrella is $700/year. I think that is a lot. This is state farm and I think I have good discounts in other areas. But I think the umbrella is high. I did some reading on-line and there is some question whether umbrellas are worth the price. It appears it to me they are quite profitable for insurance companies.</p>
<p>Lucy55: We’ve our Umbrella with Geico and it’s premium is less than half of $700/year but it is only for $1M. It seems worth the price.</p>
<p>Hey, thanks. I knew State Farm was high. Mine is also only $1 million. Do you have all your other insurance from Geico? You maybe getting a discount.</p>