The cost of tuition and fees accounts for only 39% of a student’s budget for a public four-year education.
Getting ready to head off for college is an exciting time in any student’s life. Once you find an affordable college, you may be ready to sign the check and start packing.
However, there are additional expenses other than what’s included in your tuition bill. Before you or your student starts class, it’s important to create a budget so you both can manage your finances wisely.
Continue reading for these important tips about creating a college student budget!
Talk It Out
When it comes to budgeting for college students, the first step is having open communication about who will be paying for what throughout the year.
Will a parent or guardian be paying for tuition as well as additional costs such as travel, textbooks, and school supplies? Or will the student be expected to contribute in some way?
If you are claimed as a dependent, then your parents or guardians will need to file for the FAFSA or Free Application for Federal Student Aid based on their tax information.
Since this can change from year to year, it’s important to have a discussion before the start of each school year or even each semester.
What Accounts Should You Open?
According to the College Board, the average estimated full-time undergraduate budget was $42,970 for a public four-year out-of-state student living on campus. That’s why you should consider how you can make the necessary funds available to you.
When you are away at college, you shouldn’t walk around with a bunch of cash. Plus, you may not have access to a car to go to an ATM that is off-campus.
If you are planning to open a bank account, you might want to see what ATM is offered on campus. Remember, it will charge you a fee if it’s not the same bank as yours.
Many colleges and universities will offer a student ID card that you can also add funds to. You may wish to discuss ahead of time how much money you will have on your card at the beginning of the year. Your parent or guardian can usually add to the funds throughout the year if needed.
You may also wish to have a credit card for emergencies. Especially if you are traveling alone to campus. If it is your first time opening a credit card, you are under 21 and don’t work full time, you will need a co-signer.
Expenses You Didn’t Think Of
When creating a budget for college students, you will need to consider more than just the cost of tuition, room, board, meal plans, etc.
Budgeting in college also includes school supplies such as notebooks, pens, binders, and paper as well as everything you need to pack so you can live away from home. This includes bedsheets that fit the dorm room beds, laundry detergent, drawers, desk supplies, and possibly even business attire clothing.
Textbooks are another expense that you may be under-budgeting for. Books and supplies tend to cost an additional $1,200-$2,000 which can depend on your major. If you can, find cheap textbooks for rent as it can save you a lot of money. They cost less and you can return them at the end of the year.
Your College Student Budget
There’s a lot to think about when it comes to creating a college student budget. It’s helpful to research some packing lists and also speak to your college admissions counselor about the supplies they recommend.
Looking for more great life tips? Check out the rest of our blog for more helpful information.
