When you talk about college expenses, most people only think about tuition. However, there are a whole lot of other costs you incur while you are at school. These expenses force people to either get other jobs or find a way of saving.
When thinking about college expenses most will think about the and textbook cost but many will fail to think about the small expenses such as utilities, renters insurance, and entertainment costs such as the occosinal eating out and streaming services.
College expenses to expect
Food and housing
Most freshmen on campus get food and accommodation included in their tuition. If they are going to live off-campus, then they need to budget for both. In most cases, even the ones that are on campus tend to need extra money for food or snacks. The campus meal plans are not always the best or the most fulfilling. Get yourself or your child some additional money in the tuition budget for food and board if you want them to stay comfortably.
School supplies and stationery
When you talk about books, you might think they are a trivial expense. However, college books are expensive. If you factor in the cost of pens and papers for the entire year, the expense isn’t that small anymore. But books and stationery are not enough. There are other school supplies like laptops as well as software that bump up the figures.
While on campus, you will need to travel a lot. Moving between your house and school, if you live off-campus or going into town for food or shopping, requires a bit of money. There are also trips going home or on summer vacation that involves planning and money. All these expenses need to be planned for in advance.
Besides food and rent there are a few other living expenses that you might not of thought of like renters insurance and utiliites like constellation energy. Some expenses that are small but might add up are toiletries and personal expenses such as clothes. All work and no play make Jack a dull boy. Your living expenses should also include an allowance for entertainment such a night out or weekend getaway.
Learning to budget and money management
With limited finances in college, it is essential to gain some money-saving tips as well as money management. There are a few tips that could get you through your budgets.
1.Talk to your financers or someone older about it
The first step in budgeting is getting the figures right. You should talk with your folks or guardian regarding your college expenses such as tuition, living, and any other expense you might get. This is the point where you also seek a credit card or a checking account to put all your upkeep money.
2. Evaluate your expenses
Before you can even budget the money you have or will be getting for your tuition and upkeep, you need to understand your expenses. Get a breakdown of your expenses such as books and school supplies, rent, food, transport, clothing, as well as any other costs in the order of urgency. You’ll probably need a laptop and printer for your research as well as assignments.
3. Evaluate your spending and make some cuts
Spending money is always easier than earning. If you have a limited budget, you have little choice but to evaluate your spending and make cutbacks where you can. Monitoring your expenses allows you to make savings in some instances, thanks to the cuts you make. Star
4. Remember the future
The future is always fraught with insecurities. There are unforseen circumstances that may cause you to need money fast, like car repairs and emergency medical vist or a unplanned trip for a much needed vacation. These are some of the areas you need to keep in mind as you drawing up your budget. You shouldn’t overspend, forgetting a rainy day.
Ways to save
1. Use reusable water bottles
Bottled water is expensive when you can buy a reusable water bottle and refill whenever you are going out. Frugal living will save you the most.
2. Cook your meals
Eating out seems like a fun thing to do. However, it is pretty bad for your pockets. You’ll realize you save a lot more when you cook your meal rather than going out. Limit your eating-out trips to just once or twice a month.
3. Have a change jar
This is a very effective way of making savings. Rather than spending all your change or giving them away, put aside a small jar to save them. Once your jar fills up, you’ll be surprised by how much savings you have.
4. Limit your caffeine
There are a few beverages as addictive as a tall latte. If you get one of these lattes every morning, your average college expenses will shoot up.
5. Take advantage of free campus events
Going out doesn’t have to expensive. There are lots of free campus events that are fun. You only need to follow the campus calendar keenly to be in the loop. You can limit the entertainment budget and use it for something else.
6. Switch your lights off
One of the biggest expenses for most students is utility bills. Paying for your water and electricity won’t be that high when you turn off your taps and lights whenever you are not using them or when you are going out.