Hallie Kraus, CFP®, CRPC®, Private Wealth Advisor at Treehouse Wealth Advisors, weighs in throughout this Chegg Life article on college budgeting that offers tips for students living independently for the first time. She points out that “most universities have some sort of estimated student budget on their website,” and notes, “It’s just a guideline, of course, but I’d recommend students and parents use it as a starting point as they’re getting their finances in order for the school year.”
An often unaccounted for area of expense is transportation, with commutes to various places via multiple modes of travel being an often unavoidable part of the college experience. “Chances are good that you’ll have a lot of irregular expenses. Things like your car registration and oil changes don’t happen every month, but they’re important to prepare for,” Kraus says. By this logic, transportation is a category of budgeting where it would be smart to pack in an extra bit of money, which you can roll over every month depending on how unpredictable your travel may have been.
Other categories of budgeting that this article highlights include:
– Study-based expenses, like subscriptions, programs & software beyond the expected laptop & materials.
– Food, which can be considered through a meal-plan, or accounted for with groceries, delivery, and going-out expenses.
– “Fun and games,” including media subscriptions for music & TV streaming, entertainment, grooming services & general outings.
– Other unplanned occurrences beyond vehicle-related expenses, like lost and broken items.
– Rent, whether in a dorm or off-campus.
– Decor and materials for inside your living space.
– Health & wellness services.
– Phone bills, with an average monthly cost of $152.
Chegg Life is Chegg’s “guide to the real world,” a platform that offers advice aimed at students via blogs and newsletters. Money is one of the areas that Chegg Life covers, along with life skills and health & wellness.
Treehouse Wealth Advisors is a fee-only wealth management firm based in the San Francisco Bay Area, serving innovators, legacy builders, and impact makers. The firm provides personalized financial planning, investment management, and wealth advisory services, helping clients navigate significant life changes while working toward fulfilling and meaningful lives.
