Need Help With College Budget

[jc3900]

Ok, I am starting college in like two weeks. I am planning to do some tudoring and work about 10 hours a week. If I am lucky, I'll get a job tudoring with High School Students where I can really bring it in. Anyway, how much money do you think I need to live on per week/month if gas/car insurance are allready covered. I was thinking like $60 a week. Is that unreasonable low, reasonable, unreasonably high? I need to budget fairly well as I am taking a ski trip in December which is going to drop me down $1700 or so.

[boosami]

At $60 a week, it would take you more than 7 months to save $1,700 for a ski trip. Do you already have this money saved up?

We need to know your expected expenses. Do you have any bills you have to pay on a regular basis? Is room and board already paid? What about school supplies and books?

You want to know how much it will "cost to live." We need to know what you consider living! On what will you be spending your money?

[jc3900]

I have allready paid for my books and supplies will be bought and paid for when I am ready to go. Room and Board are allready included with my tuition bills. Gas and auto insurance won't be an issue as my dad is covering that. I do have a gf who is attending a different college 15 minutes away and that will likely incur some of my expenses. Besides going out with her on occasion to grab a drink or bite to eat, the Misceleneous category is really what is coming to mind. If it helps, I can say that I am not high maintenance by any stretch. Oh and the ski trip is mostly covered. I just want to budget my other expenses whatever they might be to have something left over after my first semester.

[boosami]

1) How much more do you need for the Ski Trip?
2) How many times do you expect to be going out for dinner/entertainment a week?
3) Do you know if you will actually be getting paid $60 (or whatever), or will taxes and other stuff be taken out of it?

Your budget should include:
- Savings for the Ski Trip - $??/wk
- Irregular expenses (misc stuff like deodorant, toothpaste, shampoo) - $2/wk
- Dining and entertainment - $??/wk
- Other savings - Whatever's left over!

[jc3900]

The ski trip will allready be saved for. I just want to limit my costs. The only thing from that list that I can see myself needing to cover is the Irregular and Dining and Entertainment. I really just need to start college soon so I can actually see what I need money for and what I don't need it for. In two weeks I will get to find out.

[boosami]

Given that, I think $60 a week is a reasonable amount for spending on irregular expenses and infrequent dining out/entertainment (about once a week). I'd encourage you to save at least 10% of what you make for unexpected expenses or other purchases, like gifts for your wonderful girlfriend.

Weekly Budget - $60 Total
Misc Expense Savings - $2
Dining Out/Entertainment - $52 (ex: dinner $20 + movie $20 + lunch $12)
Other Savings - $6

Monthly Budget - $240 Total
Misc Expense Savings - $8
Dining Out/Entertainment - $208 (ex: 5 dinners + 3 movie + 4 lunches)
Other Savings - $24

[anonymous_saver]

Personally, I think $60 sounds like a lot in a week! I'm a FT worker, and I think I spend about $60 on that kind of stuff every two weeks, and I have no debt. Hmmmm... maybe a comprimise would be about $40-$50, and sock away that extra each month towards an emergency fund? Just a thought.

[jIM_Ohio]

Given that, I think $60 a week is a reasonable amount for spending on irregular expenses and infrequent dining out/entertainment (about once a week). I'd encourage you to save at least 10% of what you make for unexpected expenses or other purchases, like gifts for your wonderful girlfriend.

Weekly Budget - $60 Total
Misc Expense Savings - $2
Dining Out/Entertainment - $52 (ex: dinner $20 + movie $20 + lunch $12)
Other Savings - $6

Monthly Budget - $240 Total
Misc Expense Savings - $8
Dining Out/Entertainment - $208 (ex: 5 dinners + 3 movie + 4 lunches)
Other Savings - $24

This did not look like my college budget

Freshman plan
Meal plan covered Mon-Fri meals
$15 for pizza friday night
$8 for friday night six pack
Saturday
leftover pizza for lunch
$15 for saturday six pack
$5 for dinner- assuming you went in on whatever takeout group was getting.
Sunday
no breakfast- usually had oatmeal in dorm room
$5 take out for lunch
$8 take out for dinner

That is $56 and no girl friend in the picture.
If you need caffeine for an all nighter, add in $2 for a 6 pack- probably 1 six pack per week.

Sophomore and Junior meal plan
$15 for pizza friday night
$15 for friday 12 pack
$5 for dinner saturday
$15 for Saturday 12 pack
$13 on sunday for meals

$63 without girlfriend and no bar trips

Senior meal plan
$15 for pizza on Friday
$20 for case of beer Friday
$40 for friday bar trip

$15 for Saturday meals
$20 for case of beer Saturday
$40 for Saturday bar trip

Sunday
$15 for meals
$150+/week as a senior easy with no girlfriend in budget.

After I read this before posting, I bet a college kid could drink cheaper beer than I posted. If you are not a drinker, be careful- as I have seen many a freshman corrupted by a social lubricant known as natural light, busch light, keystone light or coors light.

One of biggest difference between me now and 15 years ago in college is I drink much better beer- tough to find a Sam Adams 12 pack for cheaper than $13 now a days.

[boosami]

Beer = $1 cup with unlimited refills at a house/frat party. And that includes the mandatory keg stand.

[noppenbd]

Beer = $1 cup with unlimited refills at a house/frat party. And that includes the mandatory keg stand.

Wish I had gone to your school! At U of MD the cups were $5.

[jIM_Ohio]

Beer = $1 cup with unlimited refills at a house/frat party. And that includes the mandatory keg stand.

We kept beer in the coke machine and charged $.50/can.

I am sure there are cheaper ways to drink than what I posted, but in any case it was not in the original budget.

[kork13]

i just graduated college, and had a similar situation as you. Tuition, room/board, meals, etc. were all paid for. I still paid for my phone and car, but taking those out, I lived on about $200-$300 per month. So without getting into specifics (see above for those... they did a good job of it), yes... $60/weeks seems reasonable.

[cargirl86]

Just got out of college a little over a year ago ... I spent about $50 a week on 'fun' expenses, like dining out. Just keep in mind that you WILL want to dine out, especially later in the year. Dining room food gets very old, very quickly.

Also, not sure if you are into this sort of thing, but if you want to join any Greek organization, honor society, etc., you will probably need to pay dues of some sort.

I'm certainly not the best person to ask for advice on saving money/staying out of debt, BUT I must say ... live it up as much as you can in college. Don't neglect your studies or drink all the time or spend incessantly ... but don't be so stingy that you miss out on certain experiences you'll only get to have in college. Have fun!!!