These surprise college costs could leave you $3,000 short this year

Personal Finance


It’s never too early to establish some guardrails for your child’s spending. Draw up a budget for the school year, and get to know the real cost of attending school.

“Do you want to live well at college at the expense of living well after college?” asked Goldrick-Rab.

Go beyond the school’s estimates: Think about the cost of seeing an out-of-network doctor while away at college. Factor in the cost of maintaining your car if you have one. Every cent counts. “Even the estimated cost of books — you should double it to get a sense of what the books cost,” said Goldrick-Rab.

Seek part-time employment where possible: “This is another reason why it’s so important to have a part-time job while you’re in college,” said Sophia Bera, a certified financial planner and founder of Gen Y Planning. “If you want to take advantage of participating in extracurricular activities, there are fees that people don’t think about.”

Track your expenses: Life after college will require you to keep a close eye on every dollar that’s coming in and going out. Maintain a book in which you detail every single thing you spend money on, said Bera.

“Many people say they can’t save $25 or $50 a month, and then they realize they’re already spending $25 a month on soda from the vending machine on campus,” she said.

More from Your Money, Your Future
How student loans are making some people abandon their dreams
Five financial essentials for single parents
Debt is swelling among Americans over age 75



Source link

Products You May Like

Articles You May Like

Wealthiest people are investing in real estate, private equity
Elizabeth Warren says Fed is making the same mistakes as before the crisis
Fed’s Clarida says central bank getting closer to neutral and should be ‘data dependent’ on more hikes
Huawei voice assistant to rival Amazon Alexa and Google outside China
David Tepper’s Appaloosa discloses new position in Apple

Leave a Reply

Your email address will not be published. Required fields are marked *