#Budget planning for college students how to#

Students who are relying solely on financial aid and scholarships will need to use a different approach than those who will also be working while they are in school. How Do You Factor in Different Money Sources for a College Budget?Īnother aspect of creating a budget for college students that can vary from one person to the next is the source of their money. If not, then adding a new one to the list is wise. Ideally, your student should sit down and consider what they need to spend money on and determine if it fits into an existing category. Additionally, some may need to add more categories to their college student budget based on their unique needs and situation. Not every student will need to plan for all of the categories above. Discretionary spending (entertainment, social activities, and travel).Personal care (everything from grocery store items – like shampoo, toothpaste, and laundry detergent – to haircuts).Transportation (anything from bus passes to gas and maintenance for a vehicle to parking passes).Here is an overview of common college student budget categories: Their college student budget will differ dramatically from those created for students who live on campus or off-campus on their own, so following a typical college budget template might not fully suit their situation.īefore your student creates their college budget, they need to consider which categories apply to them. If your student needs to create a budget for college students but is living at home while they are in school, then their housing and food costs may be covered by their household. However, other costs, like housing, food, and transportation may or may not be a factor for your student. Some factors only apply to your student, so relying on an average college budget as a guide may not be ideal.įor example, nearly every typical college budget needs to address tuition and fees. While many budgets for college students address similar kinds of expenses, each one is unique.

#Budget planning for college students how to#

2.4 How to Create a College Student Budget with Parental Contributions.2.3 Related Video: Budgeting For Teens – A Guide For Parents of College-Bound Teens.2.2 How to Create a Budget for College Students Who Work.2.1 How to Create a College Budget for Students Using Financial Aid, Grants, and Scholarships.2 How Do You Factor in Different Money Sources for a College Budget?.