College Living: Have Control Over Your Expenses

The college expenses that you will incur will largely depend on your lifestyle choices. You can get the best out of college by simply saying on a limited budget. Always make sure that you have enough funds for fees, accommodation, traveling, meals and other living costs. Additionally, you may want to consider the basic costs such as cloths, utensils etc. A couple of college living costs will probably come up and try to confuse your careful budget. When going to college you need to be aware of these costs as well as all the saving techniques.

What are some of the factors that influence the cost of college living?

1. Type of Accommodation

Housing costs vary a lot depending on whether it is on-campus (dorm/hostels) or off-campus living (rentals). Most colleges recommend that the freshmen should choose on-campus living. This is why it is important to determine your living costs in advance prior to joining college. The dorm rooms are normally furnished, with kitchen/dining arrangements and also Wi-Fi set up.

However, off campus living does not come as easy as on-campus living. You will have to deal with expenses such as furniture, food, utilities (water & electricity) and rent. The renters’ insurance is an additional cost although it is a very good idea. Before signing a lease you definitely need to consider a couple of things.

2. Classes and Parking Fees

Some of the classes that you are required to attend might charge a fee for lab items and other extra materials used for studying. You need to conduct a research beforehand and find out which classes come with an extra cost and plan for then adequately. Additionally, some big colleges charge for parking fee on the campus. These parking costs rely on your lifestyle choices. Some students prefer walking or cycling. Others prefer driving. Nevertheless, driving comes with additional costs such as parking fee, maintenance fee, insurance charges, traffic tickets and gas costs.

3. Traveling

College students normally take time off each year to go home or visit family. Always include gas money or flight tickets in your budget. Make sure you plan ahead in order to get fair prices because some of these trips may take place at heavy travel times. Decide on the number of trips you are going to take in a year and how important it is to travel and see the family. You might also consider using technologies such as Face Time and Skype in order to avoid some of these traveling expenses.

4. Club Memberships, Fraternities and Sororities

These school clubs can prove to be quite costly especially the Greek system. Obligatory charges may be expected (from moderate fees to costly ones), and joining midway through the year can mean paying for the past months, which can actually double up the charges. Furthermore, being part of a Greek system may mean additional costs for things such as traveling, costumes for events etc.

CONCLUSION:

Create a Budget

Once you get a good idea of how much college will cost, forming and sticking to a precise budget for yourself can help you avoid financial worries. The budget is supposed to help you know where you are spending most of your money and where you extra cash is coming from (part-time job). If you happen to spend less than what you earn, then your budget is properly organized. However, if you are spending more than what you earn, it might be wise to create a new budget and cut back on some unnecessary spending habits.

Granted that you are starting out college, this may be the first time that you will responsible for your own budget. Educate a new college student on how to be responsible when it comes to college living by sharing this article on Twitter and Facebook. Everyone needs to be prepared for all the responsibilities that come hand in hand with college.

REFERENCES: https://www.scholarships.com/resources/campus-life/college-costs/college-living-expenses/

http://www.smartaboutmoney.org/Hot-Topics/Back-to-School/Getting-a-grip-on-college-living-expenses

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