College is an expensive proposition. Once your tuition, fees, and books are paid for, there may not be much left for the other expenses you will have. Most college students need to live on a strict budget.
Exhibit one shows some items you might need to budget for. It doesn’t include tuition, fees, and books. The expenses listed are more of the daily items you need to budget for.
One good way to develop a budget is to keep track of what you pay for on your computer. You can find apps to help you develop your budget and keep track of your expenses.
As with much of college, living with your budget requires discipline and planning ahead.
- Rent – This could be a dorm expense or an apartment
- Food- this could be a meal plan or the cost of groceries if you fix your own meals
- Fast Food/ Restaurant Expenses – meals you buy
- Utilities – money you pay for water, electricity, gas, and sewage.
- Automobile expenses – includes parking, gasoline, insurance, car payment, and maintenance
- Telephone – your cell phone costs
- Socializing – cost for going out
- Athletics – costs related to athletic events (e.g. tickets)
- Entertainment – costs for concerts, plays, or other like events
- Computer – includes upgrades, repair
- Healthcare – this could include doctor’s visits and prescriptions
- Other expenses