Expected and Unexpected Costs in Your College Budgeting You Should Be Aware Of

It’s not easy being a college student trying to live on a budget. There are so many costs that you suddenly have to take into consideration that your parents previously had the privilege of worrying about for you. What’s even scarier is that while you can expect some of these costs, others are most certainly unexpected.

To help you combat both the expenses associated with being a college student, let’s take a look at what you might have to pay out of your budget.

Expected Costs of College

Some of the costs you might expect to come out of your budget each week, month, or semester:

• Tuition/Room and Board/Housing – Whether you’re living on campus or plan to acquire housing somewhere in town, you can expect to pay your school’s tuition, room and board on campus, or rent an apartment nearby.
• Dining Costs - If you don’t live on campus, you can also expect to put food into your budget. Your “eat out” expenses and “late night studying snacks” should also be taken into consideration.
• Textbooks/Lab Supplies – Seeing that you’re a student, you can definitely expect to pay for your textbooks and other supplies related to your coursework. The good news, however, is that you can often purchase your books used online at a reduced cost. You do have to be diligent about getting them in before classes begin however.

Unexpected Costs of College:

Some of the costs that you may not have been aware of that will come out of your budget each week, month, or semester:

• Laundry – One major cost associated with college that could be unexpected is laundry. While you may think about the obvious expenses listed above, sometimes you can forget to factor into your budget how much it will cost to pay for washing, drying, laundry detergent and dryer sheets.
• Accessories for Dorm/Apartment – After you’ve paid room and board – or your first month’s rent – you may forget that you’ll need sheets/blankets for your bed, towels to shower, a microwave/fridge (if you’re in the dorm), and furniture with all the fixins’ if you’re renting an unfurnished apartment.
• Parking Pass – If you drive, you will very likely have to pay for a parking pass to not only park in your dorm’s parking lot, but to park anywhere else whether you live on campus or not.
• Auto Insurance and Gas – Now that you’re out of high school, you’ll start to understand the real cost of driving. Your parents are unlikely to pay for your gas and insurance at this point, so make sure you’re prepared. You’ll also have to consider maintenance and repairs for your car.

Depending on the school you attend, there may be some other unexpected costs to consider, such as out of state tuition and taxes. So it’s a good idea to conduct as much research as possible to make sure you budget accordingly for the school year.