5 Things You Forgot to Include in Your College Budget
Your college years are a time of many different lessons. And I’m not just talking about your math and science classes. For most, these years are a crash course in time management, balance, patience, and not to mention, budgeting.
It’s true that budgeting as a concept isn’t anything overly complicated. It just means making sure that you have enough money to cover all of your expenses. (Though we fully admit that practicing it is easier said than done!)
In college, you know your expenses will include things like tuition, books, and room & board. But what about clothes, spending time with friends, or that extra cup of coffee you like to buy in the morning? Yep, those are expenses too and you need to make sure you include them.
Here are a few easily forgotten items that you should make sure your budget covers.
Car Maintenance
Empty gas tanks. Flat tires. Oil changes. We love the freedom and flexibility we get from having a car until we realize how high maintenance (re: expensive!) they are.
But since cars don’t require maintenance every month, other than filling up the gas tank, many people don’t factor it into their budget. But the thing with cars is that, just because they aren’t scheduled to need maintenance, doesn’t mean they won’t need it. Every once in awhile, your car will need some extra lovin’, and you’ll need to make sure you have some money budgeted in to cover the costs.
Coffee
Cutting that daily Starbucks run is one of the easiest ways to cut down on your spending. College students are notorious caffeine lovers and are regular patrons at coffee shops. But this habit really adds up. If you buy a $3 cup of coffee every day, that’s $21 out of your weekly budget…and $1.092 in a year!
With numbers like those, it’s hard to argue with the logic of just making your coffee at home. Especially now that at-home coffee machines have really stepped up their game to give you that cafe experience from the comfort of your own kitchen.
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But even if you manage to make your coffee at home most days, it’s still wise to set aside a little bit of extra money for coffee runs. After all, are you really going to skip that Starbucks run in between classes with friends? Or resist the urge to get that hit of caffeine late at night when you’re stuck on campus cramming for tomorrow’s exam? I didn’t think so…
Clothing
Even if you aren’t a big shopper, chances are that somewhere along the way in your four years of college, you’ll need some new clothes.
Maybe you’ve moved to a new climate and drastically underestimated how cold those blistery winters really can be. Or maybe you finally realized that it’s time to replace that same tired t-shirt you’ve been wearing since high school.
For many, this will be the first time they need to buy professional clothes to have on-hand for internship and job interviews. Unfortunately, these don’t necessarily come cheap. And don’t forget those interview accessories you’ll need to have on hand too such as a laptop bag, a watch, and a portfolio.
Gifts
Gifts are an easy thing to forget about when building a budget. But if you regularly participate in gift exchanges during the holidays and birthdays, then this is something you’ll need to factor in.
However, I should warn you that this is an area that can cause your budget to spin out of control. I recommend setting only a small amount aside and getting a little creative with your gifts to cut back on some costs.
One of the easiest ways to do this is to simply plan ahead on gifts whenever you can. Make it a habit to save ideas you find by bookmarking the page online or pinning it to a Pinterest board. You can also try getting crafty and putting together DIY gifts to help save even more.
Savings
Savings are without a doubt, the hardest item to budget for. This is especially true for college students who are borrowing huge student loans to pay off high tuition costs. But even so, it’s imperative that you budget in a small amount to put into your savings each month.
Keep in mind that college is only for a short period of time. Before you know it, you’ll be entering the professional world, where you’ll have even more costs to manage. You don’t want to start off your new life drowning in rent and other bills. Starting a savings account, no matter how small it is, can help make that transition a much smoother one.
It’s important that you carefully consider all of your expenses and make sure you have them covered in your budget. Failing to do so can leave you in a real pinch. If you need a little help putting together and keeping track of your monthly budget, there are tons of apps such as Mint and Dobot available that can help make the process a little easier for you.
Originally published at StudySoup Blog — Peer to Peer Learning.
