College is the time when many people branch out into the world on their own, experiencing complete independence and responsibility for the first time. Smartly managing your finances can be one of the most difficult responsibilities to master, and the sheer cost of college expenses can make it even more troublesome. With some planning and strategy, some of these costs can be minimized, allowing you to control your expenses and budget. The first step to managing your student finances is figuring out how much you’ll be spending each month on college and other costs, enabling you to create an accurate college budget.
Tuition & Fees
Tuition will be one of the most significant expenses. Attending an in-state public college can reduce tuition costs, with out-of-state public colleges costing over $10,000 more for a four-year degree. Scholarships and student loans may help cover these expenses, depending on your eligibility for each.
Fees are another expense to consider. You may have to pay application fees for each school you apply to. When you’re accepted, you may have to pay a new student fee to hold your spot, a housing fee to reserve your dorm, and a new student orientation fee. Fees can vary widely between institutions, so be sure to ask each school’s admissions office what to expect.
Room & Board
Housing is another significant expense. Colleges commonly require freshmen to live on campus for at least one year, if not more, unless they have a valid exemption. If you aren’t living in a dorm, you’ll need to pay monthly rent, plus account for furnishings, security deposits, and other fees, which can rival dorm costs.
Meals may be covered by a meal plan for the on-campus dining hall. Often required for first-year students, meal plans ensure that you have money dedicated to food and typically cost several hundred dollars and up. If you don’t live on campus, you’ll need to stock your fridge and pantry.
Bedding includes items like pillows, pillowcases, sheets, blankets, and comforters. You may also want a mattress cover for sanitary reasons.
Clothing should include outfits for every season and occasion. You’ll need at least two formal outfits for obligations like professional internships and work-study shifts. Laundry costs – including detergent, dryer sheets, dry-cleaning, and laundromat fees (if you don’t have access to a free washer and dryer) – should also be in your budget.
Toiletries like shampoo, conditioner, soap, toothbrush, toothpaste, deodorant, and any other items you may need will be a recurring expense. Also, remember that you’ll need towels, washcloths, and a hairbrush.
Books & Supplies
Backpacks should be large enough to hold several textbooks and have multiple pockets to keep your items organized. Purchase a sturdy backpack that can last four years instead of buying a new one each year.
A calculator with advanced functions – like a scientific calculator – is recommended if you’ll take any math, science, or engineering classes, even if they’re just to meet your general education requirements.
Textbooks will need to be purchased for most classes each semester. Buying from secondhand or online shops – or renting your textbooks – can help save on costs.
Notebooks, folders, and writing utensils will likely be purchased each semester, but their costs are low, especially if you don’t buy from the college store.
Electronic Equipment and Software
You will need a laptop to complete papers, research, and online exams. While your campus may have some computers for student use, they won’t always be available when you need them.
Subscriptions or online service fees may factor in, too, including your cell phone bill. Specific programs or online educational resources may be required for some classes or majors, such as design or editing software for those in the arts.
Accessories such as headphones, flash drives, privacy screens, protective cases, printer ink, paper, and cleaning supplies – are another consideration. Prices for accessories will vary based on product specifications, and consumables must be replaced as needed.
Transportation
Bus, taxi, or ridesharing will be your main transportation expenses if your college doesn’t allow first-year students to have their own vehicles – or isn’t vehicle-friendly. Utilizing on-campus resources and getting rides from friends can cut down on transportation costs. Some cities or colleges have bus passes that can also lead to savings.
Parking, insurance, and gas will be your main expenses if you do have a vehicle. You’ll likely need a pass for on-campus parking, which usually costs $100 or more per year. Fuel and insurance costs vary widely based on factors like car model, driving habits, and region.
