College monthly budget is the most important thing that will help you to survive in the college without increase the amount of your debt. It is important for all students to make a workable budget for your college life and strictly stick to it to make your college life comfortable and free from tension. It can be a first experience for any student to make a college budget so you can take the opinions of some old students or your teachers in it. College life is a great life because during this tenure students learn to live independently without relying on their parents. A college budget will help you to design a realistic picture of your independent life. It is necessary for all students to estimate his/her monthly expenses to live within their income or allowance.
Tips to Design College Monthly Budget
Cost of living and monthly expenses both can vary according to the region and your lifestyle but commonly a budget can be divided into different sections like housing, utilities, transportation and food. Following are some tips that will help you to design a perfect college monthly budget:
Housing cost is the major expense for the students especially for those who are living away from their house. Students living at home incur commuting and transportation costs because living at the home of your parents will save your rent costs. Housing cost may vary according to area and utilities. It will be good to get a cheap room and share it with your friend or class fellow to share your room cost. Estimate your housing cost and include it in your budget.
Here is preview of a free College Monthly Budget Template that can help any student or parent to plan college budget effectively,
There are some basic utilities that are necessary to pay like water, garbage collection, internet service, electricity, cable television and telephone. These charges may vary based on each month according to the size of the home and season. Designate a specific amount on the name of utilities on the basis of your previous expenses.
There are different school expenses like supplies, equipment and textbooks for each semester. You have to estimate a specific amount with the name of education expenses and for this purpose it will be good to use old receipts.
Some hostels offer dining plans on housing fee but if you have to do it personally then it is necessary to limit your food choices. Try to eat healthy but of low cost to save money. You can get the price list of grocery items to prepare your initial budget and after getting accurate amount you can adjust the cost in actual budget.
You can opt for leasing a car on the basis of your monthly income. Although, a personal car is convenient to travel from one place to another but different other expenses also incurred like car insurance, parking, gas, repairs and maintenance. Estimate all charges and divide them by 12 to get exact cost for monthly budget.
It is important part of college life because you have to purchase seasonal shoes and clothes. You have to pay for laundry and cleaning supplies. Some colleges offer laundry services so you have to get list of laundry charges to estimate your budget. Add every expense such as repair of shoes, stitching of cloths and shopping of new clothes according to season and events. This will help you to get an accurate amount.
Here is download link for this College Monthly Budget Template,