7/7/2023 0 Comments Student monthly budget plan![]() Basically anything that will vary from month to month. These are things like the aforementioned laundry, entertainment and groceries, but also clothing, toiletries, food outside of her meal plan, gas and other transportation costs. Here’s a sample budget for an entire semester, to guide you: Other school-related costs, like books, campus room and board, and tuition, should come out of the money you’ve saved for college, loans, or scholarships. A cell phone payment and any other monthly bills will be tacked on as well. If she’s living off campus, you can add rent and utilities in here. Some of these are easy – if she’s going to have the same car, you know how much her car insurance or payments will cost. Add all of those up, throw in any savings she’s accumulated over the summer, and you’ll have a nice framework for your budget.Įstimate fixed expenses. Instead, you need to set a reasonable limit on the total amount she can spend, based on how much she’s bringing in – from you, a part-time job, scholarships or grants. Neither of you know what to expect, so setting a strict limit in each category – groceries, entertainment, laundry – just won’t work. Before we go through the steps of coming up with that budget, I want to be clear about one thing – for all to go smoothly, you both need to be flexible here. Here’s a crash course in how to do it, as well as some sample budgets and a worksheet to get you started. Whether she’s getting a job, you’re providing her with spending cash, or a combination of the two, you want to make sure that the well hasn’t run dry come October. ![]() ![]() ![]() I know the to-do list is a mile long at this point, on it everything from purchasing a shower caddy to sorting out those student loans.īut at some point before you drop your freshman off, I encourage you to sit down, together, and make a budget. In just a few short months, your kids may be heading off to college – many for the first time. < Back The Money Mom: Budgeting For College Students ![]()
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