Average Monthly Spending For a College Student: Monthly Budget

Going to college can be an expensive endeavor. Tuition, room and board, books, supplies, transportation, and other costs add up quickly. As a college student, it’s important to budget wisely and not overspend each month. Setting a reasonable monthly budget will help you stay on top of finances and avoid getting into too much debt while in school.

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Typical College Expenses

Here are some of the typical costs college students face each month:

Tuition and Fees

Tuition: $500-$1,500 per month depending on if you attend a public or private university
Lab fees: $50-$200 for science labs or speciality classes
Activity fees: $50-$500 to access gyms, sports, clubs, health services

Housing

Dorm room: $500-$1,000 per month for a shared dorm room
Off-campus apartment: $600-$1,200 for rent per month with roommates
Utilities: $75-$150 for electricity, internet, etc.

Textbooks and Supplies

Books: $80-$120 per month depending on number of classes
School supplies: $30-$50 per month for notebooks, pens, backpack
Computer and accessories: $50-$150 per month for laptop payments or new equipment

Food

Campus meal plan: $300-$500 per month for limited dining hall access
Groceries: $200-$300 per month for cooking your own food
Eating out: $100-$250 per month for restaurants, fast food, coffee shops

Transportation

Gas for car: $80-$160 per month depending on commute
Car payment: $200-$400 per month if financing a car
Public transportation: $50-$100 per month for bus or trains
Parking permit: $40-$80 per month for campus parking

Personal Expenses

Entertainment: $100-$250 for concerts, movies, events
Clothing: $50-$150 per month depending on needs
Toiletries: $30-$80 per month for soap, makeup, cleaning supplies
Health insurance: $100-$500 per month depending on your plan
Gym membership: $30-$60 per month for campus or private gym
Cell phone bill: $40-$100 per month
Miscellaneous: $50-$150 per month for unexpected costs

As you can see, costs add up quickly. A student living on campus and getting a meal plan may spend $2,000-$3,500 per month on average. An off-campus student cooking their own food could spend $1,500-$2,500 per month typically. Your actual costs will vary based on your university, program, lifestyle and location.

Recommended Monthly Budgets

When determining a monthly budget, experts recommend allocating your costs as follows:

Housing: 30% of budget

Housing takes the biggest bite out of your monthly costs. On average, aim to spend around 30% of your monthly budget on rent, utilities, and other housing-related expenses if living off campus. Dorm costs may take up to 50% of your budget.

Food: 15% of budget

After housing, food is typically the next greatest expense. Try to keep grocery costs, eating out, and meal plans to around 15% of your total budget. Look for ways to save on food like cooking at home.

Transportation: 10% of budget

Your commute to campus and getting around town should aim to take up about 10% of monthly costs if possible. Cut transportation costs by biking, taking public transit, or carpooling when you can.

Tuition: 20% of budget

Tuition and fees should make up around 20% of your monthly budget on average, but can be higher for expensive private colleges. Apply for scholarships, financial aid, and look for ways to cut tuition costs.

Entertainment/Miscellaneous: 10%

Aim to spend 10% or less on non-essential expenses like entertainment, clothing, hobbies, and other personal expenses each month. Cut costs by finding free or cheap events and activities.

Savings: 10%

Ideally, you should budget to save at least 10% of your monthly income while in college. Build an emergency fund and save for future expenses like a car or grad school.

Debt Payments: 5%

Keep student loan and credit card debt payments to 5% or less of your monthly budget. Live frugally to avoid needing large loans.

This budget breakdown leaves you with a small weekly allowance for personal spending while covering your needs. Adjust percentages based on your unique costs.

Average Monthly Cost Breakdowns

Here are two sample monthly budgets based on typical costs:

On-Campus Budget

Expense	Amount	Percent
Tuition and Fees	$1,000	20%
Dorm Housing	$500	30%
Campus Meal Plan	$400	15%
Textbooks	$100	5%
Entertainment	$150	10%
Transportation	$80	10%
Miscellaneous	$50	5%
Savings	$200	10%
Total	$2,480	100%

This sample budget would be typical for a student living on campus with the average costs. The housing, food, and tuition provided by the university makes up 65% of the monthly spending.

Off-Campus Student Budget

Expense	Amount	Percent
Tuition and Fees	$1,000	20%
Rent + Utilities	$800	30%
Groceries	$250	15%
Transportation	$200	10%
Entertainment	$200	10%
Savings	$300	10%
Debt Payments	$150	5%
Total	$2,900	100%

In this sample budget, the student lives off campus and has higher costs for rent, food, and transportation. But they save more and have lower activity fees. Their higher income covers the increased costs.

Determine your own expenses and desired lifestyle, then create a personalized budget to guide your spending.

Ways To Save Money For a College Student

Follow these tips to keep college costs down and stick to your budget:

Live with roommates to cut housing and utility costs
Cook at home and pack lunches rather than eating out
Buy used textbooks or rent instead of new
Use public transportation and walk or bike if possible
Take advantage of free activities and entertainment on campus
Find a part-time job for additional income
Set up a savings account and automatically deposit funds each month
Avoid credit cards and only borrow what you absolutely need in loans
Apply for scholarships, grants, and financial aid to help with tuition
Look for student discounts everywhere from transportation to shopping
Stick to your budget and track spending carefully each month

Common Monthly Spending FAQs:

How much should I budget for food each month?

Budget $200-$300 per month for groceries if cooking most meals at home. Eating out and coffee shops can add $100-$250 or more per month. Meal plans cost $300-$500 typically.

Is $600 a reasonable amount for rent?

It depends on where you live – rent varies greatly by location. Splitting a two or three bedroom with roommates can make $600 achievable in many college towns. Live further from campus to save more on rent.

Should I pay for Netflix, Hulu, and other streaming services?

While streaming services are nice to have, they aren’t necessities. See if you can share logins with family or friends. Or rotate subscriptions month to month to keep costs down.

How much should I budget for gas and car expenses?

For a used economy car with a short commute, budget $80-$120 for gas, $100 for insurance, $50 for registration/taxes, and $100 for maintenance per month. Increase costs for long commutes or newer cars.

Is it ok to spend $150 per month on clothes?

That’s a bit high for most college students unless your work requires professional attire. Aim for $50 per month, using sales and second-hand shops to keep clothing costs low.

Should I include vacation costs in my monthly budget?

It’s smart to budget and save up for vacations rather than funding them through loans. But avoid allocating vacation money from monthly costs – save separately for vacations instead.

Create Your Own Monthly Budget

List all your sources of income – your job(s), financial aid, family support, etc.
Document all your expenses based on actual spending, estimates, or averages.
Categorize expenses into set budgets for housing, food, tuition, etc.
Adjust budgets to equal your income and align with recommended percentages.
Track actual spending to fine tune your budget monthly.
Look for places to cut costs if needed to align with income.
Budget savings for emergencies, future expenses, and financial goals.
Avoid taking on unnecessary debt by sticking to your budget.

College is an exciting time full of new experiences – don’t let financial worries weigh you down. Create a monthly budget that covers your needs while allowing room for fun. Live frugally and take advantage of student deals to keep costs down. With smart budgeting, you can make the most of your college experience!

Setting Financial Goals

In addition to budgeting expenses, it’s important for college students to set financial goals to work towards. Having goals provides direction for your finances and helps ensure you’re budgeting and saving appropriately. Consider setting SMART goals:

Specific – Clearly define what you’re saving for.

Measurable – Set a specific amount to save.

Attainable – Make sure the goal is realistic within your timeframe.

Relevant – Choose meaningful goals that align with your values.

Time-bound – Give the goal a specific deadline.

Here are some examples of financial goals for college students:

Save $2,000 in 12 months for a study abroad trip
Pay off $5,000 in student loans within 2 years of graduating
Save $500 this semester for textbooks and supplies
Invest $100 per month while in college for retirement
Build a $1,000 emergency fund in 6 months

Set a mix of short-term and long-term goals and break bigger goals into smaller milestones. Automate savings contributions each month to work towards targets. Track progress and adjust your budget to accelerate reaching your goals when possible.

Increasing Your Income

To create more room in your budget, look for ways to increase your income while in college. Here are some ideas to earn extra as a student:

Get a part-time job 10-15 hours per week
Freelance in your field – tutoring, web design, writing, etc.
Participate in paid surveys, studies, or clinical trials on campus
Sell class notes, study guides, or summaries to other students
Become a rideshare driver, food delivery driver, or virtual assistant
Offer your services on task sites like TaskRabbit for odd jobs
Sell unused items, clothes, or electronics you no longer need
Use cashback apps and websites when shopping online

Finding just 5-10 extra hours of work per week at $10-$20 per hour can provide an extra $200-$400 per month. That gives you more breathing room in your budget. Consider your skills and schedule to find the right income sources for you.

Handling Unforeseen Expenses

No matter how carefully you budget, unexpected costs inevitably come up. Car repairs, medical bills, family emergencies, and other surprise expenses can derail your budget. Here are some tips to handle unforeseen costs:

Build an emergency fund with at least $1,000 to cover surprise expenses
Cut discretionary spending temporarily to free up cash
Consider using a credit card strategically for short-term financing if paid off quickly
Communicate with professors, banks, or creditors to request deadline extensions if needed
Ask family if they can loan you money interest-free in an emergency
Use campus hardship funds, short-term loans, or apply for scholarships
Increase work hours or find a temporary side gig if possible

Having a plan in place helps minimize stress and prevent having to take on additional debt when emergencies arise.

Managing Debt Repayment

For many students, some debt through student loans is necessary to pay for college. But it’s important to borrow only what you absolutely need and have a repayment plan:

Research starting salaries in your field to determine affordable loan amounts
Stick to federal student loans first before considering private loans
Make in-school payments towards loans when possible to reduce interest
Sign up for income-based repayment plans to cap payments after graduation
Refinance or consolidate loans at lower interest rates when you have good credit
Make loan repayment a priority in your post-college budget
Consider living at home temporarily after college to maximize loan payment capacity

Managing college costs through strict budgeting and smart debt minimizes the burden once you graduate.

Handling Budgeting Challenges

It can be difficult at times to stick to your college budget, especially balancing needs like:

Affording essential textbooks when funds are tight
Paying for professional attire for internships and jobs
Finding safe, affordable housing near campus
Getting access to reliable transportation
Paying for unexpected medical costs not covered by insurance

Here are some strategies to overcome budget hurdles:

Apply for every scholarship and grant possible, no matter how small
Consider sharing textbooks and supplies with classmates
Take advantage of free resources like wardrobe closets on campus
Prioritize more affordable housing further from campus if needed
Use public transportation options and budget for Uber/Lyft in a pinch
Call doctor offices to negotiate cash discounted rates when possible
Use student health insurance and campus health services

Don’t be afraid to ask for help from financial aid advisors, campus resource centers, or peers for budget advice and support.

Enjoying College Life on a Budget

While budgeting is important, don’t forget to leave room in your monthly costs to enjoy college! Look for low or no-cost activities like:

Attending free concerts, comedy shows, and events on campus
Joining low-cost campus clubs based on your interests
Taking advantage of discounted student tickets for plays, museums, and movies
Participating in affordable intramural or club sports
Trying new hobbies like disc golf, hiking, or photography
Volunteering on or off-campus to give back and make connections
Exploring your college town by walking/biking historic neighborhoods
Relaxing on campus quads, libraries, and recreation facilities
Hosting potlucks or game nights with friends instead of going out

Finding ways to enjoy college life within your budget will reduce stress and help you make the most of your student experience.

How you spend your money each month as a college student impacts your future financial freedom. Create a realistic budget, make adjustments when needed, and stick to it to make your college funds last.

Budgeting Tips for Different Living Situations

Your monthly costs and budget will vary significantly depending on where and how you live during college. Here are budgeting tips for different living situations:

Dorms

Take advantage of a meal plan to get affordable meals
Split costs of dorm supplies like fridge, microwave, decor with roommate
Be mindful of utilities like electricity that may be metered separately
Don’t overspend on dorm furnishings – check thrift stores first
Weigh high dorm costs against commuting from home or getting an apartment

At Home with Parents

Pay rent if you can afford it to contribute to costs
Help buy/cook food and share groceries to offset costs
Pay for your own gas, car insurance, parking if commuting
Splurge on special dorm supplies since you save on rent
Save aggressively since living expenses are low

Off-Campus Apartment

Find roommates to share costs – rent, utilities, wifi
Furnish on the cheap from thrift stores, friends, family
Budget higher utilities, internet, maintenance costs
Reduce transportation costs by living near campus
Cook meals at home and pack lunches to save

Greek (Fraternity/Sorority) Housing

Account for dues, fees, and house charges in your budget
Leverage meal plans and discounted room rates
Clarify what’s included – some houses have higher utility or cleaning fees
Share supplies and storage space to save
Take advantage of leadership experience for your resume

Look for the living situation that best balances your costs with needs.

Budgeting Tips for Students with Families

Being a college student with a family brings added financial responsibilities:

Account for costs of childcare, diapers, and increased food expenses
Look for universities with family housing and childcare subsidies
See if you qualify for Head Start, WIC, SNAP, Medicaid, or other assistance programs
Ask about childcare exchanges or co-ops to trade sitting with other student parents
Share living costs with other students or young families when possible
Take courses part-time or online to reduce childcare needs
Choose a flexible job that accommodates school schedules and kids
Take turns caring for children between you and your partner to reduce childcare costs
Accept help from grandparents or extended family when available

While challenging, many student parents successfully complete college degrees with proper budgeting and support. Don’t be afraid to reach out to campus groups and financial aid specialists tailored to your unique needs.

Budgeting for Study Abroad

Studying abroad is an amazing college experience if you can budget for it. Here are some tips:

Add study abroad costs to your 4-year education budget early
Shift around school terms to travel during lower-cost times
Apply for all available study abroad scholarships and grants
Use student loan money if needed – investment for experience may be worth debt
Sublet your room when abroad and pause gym/club memberships to save costs
Get student discounts whenever possible for airfare, trains, attractions
Budget for basic private rooms and skip expensive hotels
Cook meals at your accommodation when feasible
Limit trips home and expensive travel when abroad

Make studying abroad attainable through advance planning, scholarships, budgeting, and choosing affordable program locations.

Handling One-Time Costs

In your first year or when transitioning between on/off-campus living, you may encounter large one-time costs for:

First month’s rent and security deposit
Furnishing a new apartment – sofa, bed, kitchen supplies
Tuition deposits to secure enrollment
New computer and dorm electronics
Textbooks for multiple classes
Storage fees when moving between terms
Travel costs to/from campus
Security deposits for utilities

It can be hard to pay for these big expenses, especially before you receive financial aid refunds. Here are some tips:

Ask parents or family to help with upfront costs if possible
Apply for the maximum loans your first year to have funds for deposits, furnishings, and books
Save up all summer for first quarter expenses
Sell your car or other assets you no longer need
Tutoring or umpiring sports can bring in cash quicker than traditional jobs
Donate plasma – you can earn $250-400 per month
Split costs with roommates when furnishing a shared apartment

Anticipate large initial costs each year in your budget and find creative ways to fund them when needed.

Final Thoughts

Budgeting for college is challenging but doable. Set reasonable spending estimates, track your actual costs, and adjust your budget to align with income and financial goals each month. Take advantage of discounts, deals, and student resources to lower costs when possible. Don’t forget to enjoy all the fun experiences college has to offer while following a budget!