As a college student, managing finances while studying can feel like a balancing act. I am not quite in the real world as an adult, but I am too old to ignore my responsibilities. From rent to groceries, utilities, going out money, and more, the costs of college living can add up quickly.
We’ll break down a budget for a college student into a few main categories that will help you plan out where and how your money will be spent.
As your biggest monthly expense, rent depends on a few key details like location, amenities, and whether you live alone or with roommates.
Usually, for undergrads, staying in campus housing is easiest for those who have never lived alone, and is also often required by the school for at least the first year. Ranging between $12,000 and $18,000 yearly at UIUC, depending on your dorm building and meal plan, this can cost roughly $ 1,500 or more per month. Now don’t you worry – most of the time this is paid for by loans, scholarships, or maybe mom and dad if you’re lucky!
If you decide to live off campus, your rent will be paid every month, usually on the 1st of every month. If you choose to live near Campustown or Green Street, these apartments tend to run higher in cost than those that are further out. Location is everything, and if you want to be closer to campus and the bars, you will end up paying more per month.
Many students choose to go for housing options that are further out from campus, which brings rent down significantly.
The hidden costs of apartments and utilities vary by month, and depending on whether you are running AC or heat, they can be low or extremely high. Some apartments will include certain utilities, and some will not. Make sure you know what you need to pay for at your residence, and look for apartments that help cover some of those unexpected costs.
This can be around $40-80 a month, depending on how many people you live with and if you’re running the A/C or heat.
This is often included in rent, but make sure you read over your lease thoroughly. If it’s not included, you can expect this bill to cost under $30 a month.
A necessity for students; you can customize your type of Wi-Fi and speed, saving you money month after month. Expect about $20-40 a month if you live with roommates.
Also often included in your lease is trash pickup. This is usually a small bill and can range from $5 to $10 a month.
Food can vary widely based on habit, dietary preferences, allergies, and more. It can also vary based on whether you cook most of your meals at home, eat out frequently, or rely on prepped or frozen meals. The cheapest option for students is eating food at home as often as possible. Your grocery bill will be higher, but at least you will avoid the DoorDash fees.
If you plan to mostly cook at home, groceries will probably cost around $35-50 a week, depending on what you like. Choose cheaper stores over more expensive ones and forgo the brand names at checkout.
With no shortage of dining options near UIUC, it is inevitable that you will want to eat out sometimes. Whether that’s once a week or once a day, meals will run at least $10 but are more typically costing around $15-20, depending on where you eat and if you ordered it for delivery.
UIUC has a very walkable campus, and even provides buses along the campus for quick travel between classes. You can also invest in a bike, but if you want to drive, there are options as well.
Permits can range from $400 to $600 a year, but give you the option to be mobile and get places in and around Champaign quickly and efficiently. On top of a parking permit, it costs money to upkeep your car and pay for gas. Many students drive cars, but if you want to, make sure you are prepared for the costs associated with it.
The costs of textbooks and school supplies can vary, but they can be done in a thrifty and cost-effective way. Try finding used versions of your textbooks or buying them at a discounted rate from students who took the class before you. Investing in school supplies in the off-season so that everything is on sale can save you money for the start of the year while crossing another thing off your to-do list. Textbooks on average can cost $200-600 a semester, and school supplies around $50. Always check if your textbooks are available online for free!
Varying person by person, setting money aside to have fun is crucial to your budget. College is not just about studying; your social life and downtime matter too. Things to think about when it comes to creating your personal budget:
No matter your income, budgeting comes down to balancing essentials and fun. Rent and utilities are a huge factor in your month-to-month budget, but the smaller categories like eating out, entertainment, and more can slip by without a budget to keep them in check.
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