Expenses
The idea is to under-spend and live within your means. List all of the typical expenses and their amounts. First track your spending for a month to see a realistic picture. Save all of your receipts.
- Academic supplies – Count on spending money on textbooks, required materials, such as lab equipment and even uniforms (if you’re a culinary student expect to buy a toque!), office materials, and technology supplies – toner cartridges for your printer, USB storage devices, and other materials.
- Clothing & footwear – Calculate what’s reasonable and what you absolutely need
- Communications and technology – Phone plans, internet connections, cable, and other monthly connections add up.
- Credit card payments – Credit cards are not free money! If you expect your balance to balloon, you have to anticipate that your monthly minimum will, too. Don’t abuse your plastic. See our page on Credit Card Savvy & Security.
- Entertainment – No one expects you to live like a monk, so take into account movie tickets and video rentals, concerts, and dances.
- Food – Include your meal plan, eating out, and snacks and beverages.
- Loan payments – Student loan payments are deferred as long as you’re in school, but you may have car payments or made private arrangements with a lender.
- Maintenance & repairs – If you own a car or electronic devices, include the cost of regularly scheduled upkeep.
- Travel – Got a car? In addition to maintenance, consider fuel, insurance, parking permits, tolls, and (hopefully not!) traffic tickets. If you take public transportation regularly, factor in bus or train tickets. School trips? You may need to lay out a few bucks for transportation and lodging.
- Unexpected expenses – Stuff happens. You may need to replace lost textbooks or other items. If you have a car, anticipate repairs, rentals, and so on.
Average it out. Again, some expenses may only during the school year.
Balance it out. If your expenses are lower than your income, you’re in pretty good shape. If they exceed your income, you will need to be frugal and cut the fat.