Once you know what money you can put toward your college budget, you can take a look at your expenses. When creating a budget, think about the following costs:. The average cost of tuition and school-mandatory fees is dependent on the type of school you choose. At a public four-year school, the average cost for an in-state student is $10,560, according to The College Board. If you opt for a private school, the average cost is $37,650..
You may find it helpful to divide that amount by semester or by month. By working with shorter increments, it may be easier to track your spending.Make a list of all of your school-related expenses, including tuition, rent, groceries, insurance, utilities and textbooks. Ideally, there should be a little extra money after your fixed expenses are paid to cover additional costs or emergencies that pop up.
For example, let’s say you currently subscribe to three streaming services for entertainment at the cost of $10 each. By canceling all but one, you’ll save $20 per month—that’s $240 per year, and $960 over four years.Get a roommate to split housing and utility costs4. Think About Goals When creating your college student budget, make sure you think about your educational and financial goals. For example, you may want to study abroad for a semester or buy a car once you graduate. To make your goals a reality, set aside a little money each month so that you’ll have the cash you need.After creating a budget, make sure you check it often. It’s a good idea to review your budget weekly or monthly to help you stay on track.
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