Amount of Spending Money a College Student Needs

Amount of Spending Money a College Student Needs Sample Budget Budget Category Annual Amount Sample College Student Budget Clothing $450-$750 Entertainment $1,300 Food (assuming that most meals are eaten on campus) $3,500- $7,500 Gas/Car Insurance $1,000-$5,000 Cell Phone $150-$800 Activities (such as on-campus clubs) $400-$1,200 Gifts $600-$1,100 Books and school supplies $600-$1,200 Electronics $200-$1,200 Travel (amount dependent on how far away from home you go) $300-$1,000 The more conservative numbers add up to a total of $8,500, while the more generous numbers add up to $21,050 per year. Most students will fall somewhere between the two. Since many college students work and earn an average of $195 per week or $10,000 if working part-time year-round, they should not need any help with "spending money." Related Articles What Students Need to Know About College Textbooks What Students Need to Know About College Textbooks Why You Should Pay for College Yourself Why You Should Pay for College Yourself School Supplies for College Students School Supplies for College Students Calculating Needs One of the reasons it is difficult to determine how much your college student may need is that different people consider different things as paid for with "spending money." For example, some people have already factored the costs of textbooks and parking on campus into the cost of attending school. Loans are based on this yearly required amount. However, many parents consider things like books to be something that a student buys during their college career, requiring spending money. Textbooks are extremely expensive with the average new book costing $80 and used versions costing $50 (costing anywhere from $200 to $500 per semester), and they're required. Parking on campus is another hidden cost of college, which can range from $400-$2000 per year. While some may not see a car as a necessity, college students may think otherwise. In order to calculate spending money accurately, you first have to agree on what purchases fall into the category of spending money, and what is simply a cost of attending college. Possible Spending Money Types The following items may be deemed spending money for college students: Clothing Entertainment Food (eating out, ordering pizza, coffee to go, which may not be included in the food budget for the year) Gas or public transportation Cell phone Activities such as soccer club, a dance class, or gym membership Gifts Textbooks and school supplies Electronics (including a computer) Travel allowance (to come home for Thanksgiving, etc.)