Aside from tuition, how much will I spend in college?

Asking this important question can help you avoid many headaches. As with any budget, when calculating the costs of college, make sure to include even the smallest of costs, and to add a percentage for “Unexpected” costs, or as my friend says, for “Nothing.” This “Nothing” covers all surprises that make you ask “But how? I didn’t spend on anything unnecessary…” And then you see the bills for Starbucks, that nice pen on sale at Office Depot, that book that was 40% off that you could not walk away from at Barnes & Noble…and the list goes on and on.

The first thing to keep in mind aside from tuition is housing and utilities (electricity, water, etc.) if they are not included. Second is food, and it is probably best to experiment for a week to see how much you really spend on food. This will be a bit more complicated to calculate if you share food expenses with your roommates. For two weeks you should keep track of all your expenses including snacks, drinks, movie tickets, etc. For a month pay attention to your toiletries and pharmaceutical expenses. And for two months keep track of how much you spend on clothing. Remember that everything counts, as small as it may seem at the moment, it will add up. Also include expenses for books, printing, lab fees and other materials required for your specific major. Lastly, don’t forget to include transportation costs, whether you own a car or will be taking public transit.

Finally, add 10% to everything for unexpected costs. If the total sum astounds you, perhaps you should consider readjusting your budget by modifying your spending habits.

The time you spend analyzing your spending and creating a realistic budget will save you time and headaches in the future. If you are studying, you want to use your head to increase your knowledge and not to spend time worrying about your bills.