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Top 5 Mistakes College Students Make Regarding Money

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COLLEGE Expenses to Expect Imagine working every day at a full-time job plus overtime, but instead of getting paid for it, you have to pay your boss. This is almost akin to what college is like. Everyone is aware that attending college is expensive, but it’s crucial to understand exactly what expenses you may anticipate while there.

TUITION/FEES Depending on the college you choose to attend, tuition prices will vary greatly. The average cost of a four-year bachelor’s degree is between $10,000 and $37,000 annually. The expected tuition costs for your courses as well as any additional fees for supplies or field trips for certain classes are included in these sums.

HOUSE FOR STUDENTS Depending on the type of housing you select, student housing costs will vary; the most popular choices for student housing are dorms, apartments, and Greek homes. Depending on whether you are attending a public or private university, the typical cost of living in dorms on campus ranges from $8,000 to $10,000. Remember that if you live in a dorm room, you won’t have a kitchen of your own and will likely need to purchase a meal plan if you want to eat your meals on campus. Investigate the various affordable student housing possibilities in the area where you attend college. Living at home occasionally to save money may be worthwhile if you’re attending a nearby college.

Bedding, storage, kitchenware (if in an apartment), and any other stuff you might need or want when leaving your house should all be factored in.

GROCERIES/FOOD Due to the lack of a kitchen, as was already said, living in a dorm will be a little different from other housing alternatives. You might want to buy a microwave or mini-fridge to keep food supplies in your dorm. Including meal plans, shopping, and eating out, the average American college student spends $42–55 per week on food.

When estimating how much money will be spent on either meal plans or groceries, many students have a tendency to overlook the cost of eating out. You probably will occasionally eat out, whether on dates or with friends and roommates.

TEXTBOOKS/SUPPLIES When you were younger and your mother took you shopping for back-to-school items at Target and Walmart, do you remember doing that? Well, it doesn’t end when you go to college, except that your school supplies may cost a lot more money and you might not have your mother with you. Textbooks might be quite pricey, but there are less expensive options if you rent or buy old books. Even if a cheaper digital version of some textbooks may be available, some professors still want a physical copy for their classes.

There are a few other supplies to consider in addition to textbooks. The cost of a laptop will vary based on the brand, storage capacity, and whether it is new or old. While school libraries typically have computers accessible for use, having a laptop will make it simpler to complete your schoolwork whenever and wherever you want. If your classes require a lot of printed materials, you might also think about purchasing a printer for accessibility and convenience, though depending on how frequently you print, it might be less expensive to use the school’s printers.

TRANSPORTATION/PARKING If you’re fortunate enough to live on or near a university campus, getting around might not be your top priority. But if you don’t have a car and want to go on in-town excursions, you might need to check into buying a bus pass depending on where you live. Keep in mind that there will likely be expensive parking pass fees for both your apartment and on campus if you intend to drive to university.

Stress at college is already too great. It’s a good idea to make a budget and set out all of your anticipated costs before you find yourself in debt later on. Learn what to anticipate in advance so that you can, if necessary, apply for a job or a scholarship to help with your money.

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