Every student’s budget will look a little different. Remember, the cost of living is more than just rent and food. Here are some basic points to consider when putting together your budget:
- What do your sources of income look like? Will you be using money from student loans? Did you find a part-time job? Consider how fixed your income is.
- Have a conversation with your housemates. If you’re splitting bills, prorating rent based on room size, or assigning certain communal costs to individuals, consider how that may affect your individual budget.
- Are your water, heating, and electric bills included in your rent? If not, expect to pay more in the winter months.
- How will you be getting to class? If you’re driving, factor in gas prices, insurance, and a parking pass.
- Is your residence furnished? Do you have cooking equipment? Living furniture, pots and pans, a desk, and a good bed are all one-time expenses, but can add up.
- Set aside money for the unknown. Things like car repairs, fines, and inflation are never hoped for, but can’t be ruled out.
- Factor in fun! Whether it’s take-out or a night out, put some money aside to unwind and make the most of your college experience.
Starting the conversation early will help you hit the ground running with a plan that works for you. You may find these links helpful as you begin the process: