While the number is dependent on a range of factors, the average amount of spending money for a college student is $2,000 per year or about $200 per month. When figuring out how much money to set aside and deciding how you and your child should split the cost, here are some guidelines and tips to follow.
What is a good monthly budget for college student?
Example college student budget
|Expenses for the semester||Budget for the semester||Budget per month|
|Tuition and fees||$3,800||Spent at the beginning of the semester|
|School supplies||$500||Spent at the beginning of the semester on supplies and books|
What is a reasonable weekly budget for a college student?
|Food (assuming that most meals are eaten on campus)||$3,500- $7,500|
How much should you budget for college?
The golden rule of budgeting says that 50% of income should go towards fixed expenses; 20% towards goals; and 30% should be allocated towards variable expenses. Download our budget template for an easy-to-use spreadsheet!
What is a reasonable food budget for a college student?
College Meal Plan Consideration
The average is $4,500 for eight-month meal plan – though this number can vary greatly depending upon the school. Often, for the first year or two, it is mandatory for students to select a meal plan and this becomes a fixed-budget item in terms of college expenses.
How much money should a college student have in the bank?
How much should a college student have in savings? Survey Finds 1 in 3 College Students Have At Least $1,000 Saved. Young people aren’t typically known being financial savvy.
How much does it cost for 4 years of college?
Annual average tuition at public 4-year colleges and universities
|State||2019-2020 In-State Tuition and Fees||2019-2020 Out-of-State Tuition and Fees|
What is the 50 20 30 budget rule?
What is the 50-20-30 rule? The 50-20-30 rule is a money management technique that divides your paycheck into three categories: 50% for the essentials, 20% for savings and 30% for everything else. 50% for essentials: Rent and other housing costs, groceries, gas, etc.
What is the average living expenses for a college student?
The College Board estimates that the typical living cost for a full-time student attending college during the 2016-2017 academic year ranges from $11,810 on a low budget to $17,620 on a moderate spending plan. The nonprofit finds that more than 50 percent of a college student’s budget is spent on housing.
How much money should you have after graduating college?
During college, don’t worry about saving—take everything you have and use it to pay for college and stay out of debt. After college, target to save at least 15% of your gross income, and a higher percentage as your income increases.
How much money should I have saved by 21?
The general rule of thumb is that you should save 20% of your salary for retirement, emergencies, and long-term goals. By age 21, assuming you have worked full time earning the median salary for the equivalent of a year, you should have saved a little more than $6,000.