The Definitive Guide to Planning a College Budget
College is a major investment in your future. But with tuition and other costs on the rise, it can be hard to figure out how to pay for it all.
The cost of college has increased by more than 1,200% since 1985. From textbooks to housing to healthcare-related expenses like insurance and lab fees, this will add up quickly. Fortunately, there are some things you can do to keep your budget under control and still get the most out of your college experience. Read on for some tips and tricks that will help you plan a budget that works for you.
THE COST OF COLLEGE HAS INCREASED BY 1,200% SINCE 1985
Today, college tuition is reaching exorbitant heights. With tuition and other costs on the rise, it can be hard to figure out how to pay for your degree.
Luckily, there are a few things you can do to keep your budget under control and still get the most out of your college experience!
1. Cut down on housing expenses: It’s easy to spend $3,000-$5,000 a year on housing if you live in an expensive city like New York or San Francisco. You’ll want to look into living off-campus if possible or find roommates that share an apartment with you. If you can’t find cheaper housing options off-campus, try living nearby where the transportation is cheaper (but also make sure you’re not too far away).
2. Analyze what classes matter: Once you know which classes are important for your major, don’t waste money taking them as electives. This will save you tons of money over the course of your degree.
3. Know how much insurance costs: Insurance companies have created more ways than ever to estimate the cost of their plans so that they can maximize profits from their customers’ premiums without having to worry about
HOW TO SET UP A BUDGET
College is a major investment in your future. But with tuition and other costs on the rise, it can be hard to figure out how to pay for it all.
The cost of college has increased by more than 1,200% since 1985. From textbooks to housing to healthcare-related expenses like insurance and lab fees, this will add up quickly. Fortunately, there are some things you can do to keep your budget under control and still get the most out of your college experience. Read on for some tips and tricks that will help you plan a budget that works for you.
HOW TO SAVE ON TEXTBOOKS
College textbooks can be costly. The average college student spends more than $1,200 per year on textbooks and course materials. What can you do to avoid this expense?
First, make sure you shop around for the best price. Try not to buy your books at the campus bookstore because that can cost an arm and a leg!
Next, use libraries. Your school may have them, or they might be nearby- either way, it’s worth checking into. You typically don’t need to purchase a library book, but if you do want one, then you’ll save a ton of money.
When it comes to buying used books, try not to worry about using the “wrong” book from the wrong semester- many schools allow students to sell their old books back or have them donated after they’re finished with them!
TIPS FOR ON-CAMPUS HOUSING
One of the biggest expenses you’ll have while in college is housing. So, you might be wondering how to make your living situation manageable.
If you’re looking for on-campus housing, the first thing to consider is if your school has a meal plan. If they do, that’s a huge saving right there! You’ll also want to find out what kinds of amenities are included with your room and when the best time is to move in.
If your school doesn’t offer a meal plan or if you’re not looking for on-campus housing, try looking into campus apartments. They’ll often come with all the same comforts as on-campus living and can be found at a fraction of the cost!
Finally, don’t forget about scholarships and grants. These options can help you reduce the amount of money you need to pay back once you graduate!
SAVE MONEY BY COOKING YOUR OWN FOOD.
Cooking your own food can save you a lot of money. You can use the money saved on groceries to pay for your tuition and other expenses related to college.
In addition, by cooking your own food, you’ll have more control over what goes into your meals. There’s no need to spend extra on prepackaged foods when you can make a meal on your own and save yourself some money at the same time.
SAVING ON HEALTHCARE EXPENSES
If you’re paying for health insurance, your deductible will often be $1,000 or more. That means you’ll have to spend about $1,000 in out-of-pocket costs before your insurance kicks in.
But there may be ways to save money on your deductible. If you’re a student and work part-time or if you live with a family member who is eligible for Medicaid, these are two of the cheapest plans that are available.
You don’t have to be under a certain income level to qualify for these plans either! For example, if you’re married and both of you make less than $57,000 a year, then both of you could qualify for Medicaid.
Some other ways to save on healthcare expenses include signing up for an employer-sponsored plan like an HSA (Health Savings Account) or FSA (Flexible Spending Account). These accounts allow employees set aside pre-tax dollars each pay period so they can use it when they need medical care.
As an alternative, it’s best to invest in a good plan that is affordable and has no deductibles. The best way to find that is by shopping around for different plans in the marketplace. This will help you find an affordable plan with a high deductible and low annual out-of-pocket costs.
What should you do now? Start shopping around for health insurance plans today.
SAVING ON TRANSPORTATION
Most students have to commute to campus, which is often the largest expense for them. But there are some ways you can save on transportation costs:
-Carpooling with friends or coworkers
-Using public transportation (buses, trains, and buses)
-Renting a car if you need one
-Taking advantage of ride-sharing options such as Lyft, Uber, or Sidecar.