College Budgeting 101 - Do You Know About Periodic Expenses?

When budgeting for college, most people think about the major college expenses, such as tuition, fees, room & board, and other monthly expenses. These are great things to budget for, but it is also important to think of the occasional expenses that come up from time to time. Most of these expenses are not directly related to your college education, but are nevertheless expenses you may need to budget for if you plan to spend any money on them. Here is a break down of what some of the less obvious college expenses are:

Health Insurance

Chances are, you will be covered under your parents' health insurance when you start college. If this is not the case, you can get a low cost health insurance plan from your college.

Hobbies

OK, hobbies aren't part of a college education, but if you have any hobbies that you frequently spend money on, it is important to budget for them.

Entertainment

Unless you plan to do nothing but study all of the time, you will probably spend money on some form of entertainment while you are in college. Things you might spend money on for entertainment include movies, music downloads, and nights out on the town.

Gifts

Do you plan to buy any Christmas presents or birthday gifts for others? If so, make a small budget for these items.

Road Trips Home

How often do you plan to visit home during college? Once a month? Once a week? Only during fall and winter break? If you plan to take any road trips home during college, make sure you know how much each trip home will cost you.

Clothing

Do you plan on purchasing any new clothes while in college, or are you going to stick with the clothes you wore in high school? How much do you usually spend on clothes, and how often do you buy them?

Moving Expenses

Most students only have to pay for moving expenses twice a year - when they leave for college, and when they return home. However, if you are planning to live off campus during the upcoming school year, you may need to make a deposit, and even if you plan to live on campus, your college may require you to make a payment for next year's housing arrangement before the end of the current school year.

Automobile Registration & Maintenance

Do you know when your automobile registration is due, and how much you will need to pay? When was the last time you had a tune-up or an oil change? These are things you will have to take into consideration when creating your budget for college, and don't forget the cost of gas and insurance.

These are just some of the many expenses you will need to pay for when you are in college. Make sure to create a budget for them!