Spending money in college

[golfnut]

Just curious what it might cost for college students per month to pay for incidentals i.e. spending money (excluding tuition and room/board). Our son will be starting college in September and we are trying to budget this item. We figure we will let him slide his freshman year iro working so he concentrate on his grades (hopefully this is not wish full thinking) !

Thanks,
Golfnut

[Independent]

We had the same attitude - better to not have a job on campus, at least for the first semester of the first year. But I can't recall the money amount we figured. We did a little clothes shopping in August, told them to send us any book and medical bills, would have set up a cell phone plan (if cell phones had been common then), and said no car on campus.

That squeezed spending down to laundry, snacks, movies, etc.

[ronocnikral]

i disagree, i enjoyed my job on campus. i worked at the financial aid office. i also worked at the desk in one of the dorms on a friday night. i did homework for a couple of hours and then went out. both jobs allowed me to do homework while getting paid. in fact, i probably did my homework because i was just sitting around at the jobs. of course, I would have to file from time to time. and if something came up, everyone was understanding. i made my own schedule.

my discretionary budget in college:
- $300 for ski pass
- $200 for gas money to give roommate for driving (I didn't have a vehicle)
- $0 for hot water, ketchup packets, butter and saltines to eat at ski resort
- $50 for funyans

in all seriousness, if room and board is included, there should be very little extra spending. I would say $100 per month would get them by with a couple extra meals out (my school only had one cafeteria and it was a drag) and a movie or two. let's be honest, i didn't do a whole lot of laundry.

but it's all a matter of opinion.

[LOL!]

A job keeps you focussed on the prize. No job does not mean more studying. It means more Facebook, more AngryBirds, more pizza after 3 am, more beer.

We don't give our daughter in college any allowance at all. She is flat broke and has to use her Christmas money to pay back her loans to go to concerts with her friends. She is even taking back to her dorm toothpaste, soap, and shampoo stolen from our home.

Or she could get a job.

[haha]

IMO it depends on the social makeup and homogeneity of the student body. If it is a lot of rich kids and not many scrabblers, he is going to need some pocket money, or be lonely, or transfer to another type school asap.

Ha

[freebird5825]

I did 15-20 hours per week as a Physics Lab Assistant under the College W*rk Study Program. The job was part of my financial aid package.

I gained skills that came in really handy later in my c*reer. At graduation, I already knew how to operate lab equipment, do inventory, order equipment, and was well versed in lab safety. I also graded papers and supervised the students solo after the professor did the opening spiel. I knew all of the department professors and was given tremendous recommendation letters.

I also learned how to budget my money based on when my weekly paycheck came. No pitchers or pool until all my bills were paid.

[Nodak]

I also did the work study program in both chemistry and physics labs. It was a great experience.

[KM]

As others have said, it really depends. I didn't want either of my kids working while in school either, as I wanted them to focus on their studies and get involved with activities. DD, in particular, had to spend a lot of time studying - school was not easy for her. She graduated with Honors, so in my mind, it was worth it.

We paid for their cell phone, and covered their car insurance and maintenence (no car on campus until they moved off campus). But we didn't give them spending money - they worked during the summer and during school breaks to earn their own spending money. They knew how much they earned during that time, so they knew how much they had to spend while at school. When the car went to school, they paid for their own gas. The first time we went to visit, we left them with extra some money ($100) tucked in their hands as we left. After that, we left them with food from shopping trips.

I don't remember how much DS spent, but I think DD started out trying to keep it to $25/week. But some weeks were less, some more. It really does depend on the school your son is at, as well as the friends and activities he chooses. Whether you give him the money or he earns it himself is really a personal choice, but I would recommend setting some kind of limit that requires him to make some decisions about where he wants to spend it - as opposed to having enough to do whatever he wants.

Books were between $400-$900 a semester, but will vary quite a bit by class, semester, and major. It also depends on whether you can find used ones. Some professors require students to buy the most current version of the text - so finding used might be hard. Others don't care if students use older versions. In some cases, students get away with sharing books. They can be very creative when they are paying for their own books.

[jazz4cash]

My sophomore gets $30/wk and my Senior gets $40. I don't have much justification for those amounts, but the younger one has money saved from working in the summer and the older one shares an apt so her living expenses are higher than living in the dorm. I honestly can't figure out how they don't spend more (but they would if they had more to spend, I am certain). They are really unlimited since they also have a credit card for gas, groceries ( for the senior), emergencies, and stuff they really need (books, etc.) which they do not abuse.

Edit to add...both are daughters which I think are a bit more expensive.

[MovingtotheCove]

We have daughter in final semester. Each semester other than when abroad in London she has had on campus w*rk study jobs for spending money and fun. We pay for tuition, room & board, books, and cover health and auto insurance. She has paid all the rest from summer job money or the on campus jobs. We set up a bank account locally for her in her name in the college location as a Freshman with some "seed money" for any expenses...it was something like $1500 and she has added to it with her jobs and managed it well and never once asked for any money and is now a senior. Again, if room and board paid outside "fun" money needs vary by person and style of living but she is very frugal and practical and has done just fine over 7 semesters....can't really give you a number of what she spends as she manages it herself.

[jIMOh]

$50/week maybe $100/week
depends on if weekend meals are covered (my school had no weekend meal plan). So I paid $10 for a pizza pizza deal and that got me through weekend most of the time. Need another $5 for laundry, and $10-20 for beer and alcohol.

I had a workstudy job for maybe 10-15 hours per week, and that covered all costs.

A FEW POINTS:

Having less free time is better- for time management. My best semesters academically were the ones where I carried 23 and 22 credit hours, plus worked 10-15 hours/week, plus was active on campus in fraternities and similar. Once I gave myself too much free time, and I did terrible those semesters (failed classes, etc...).

Too much time is a bad thing.

[Katsmeow]

Quote:

Originally Posted by golfnut Our son will be starting college in September and we are trying to budget this item. We figure we will let him slide his freshman year iro working so he concentrate on his grades (hopefully this is not wish full thinking) ! Thanks, Golfnut

Ummm....that is what the summer after high school and the start of college in the fall is for. That is, won't your son have a job so he can save up money for spending money?

I had two sons start college this fall. The older was going to be in the dorm and we said we would pay for tuition, room and board but he had to pay books and incidentals. He needed some car repairs so even though working didn't save up the money for books. In retrospect, I wish I had told him he could start college whatever semester he had saved up that money (he had known for years that this was our expectation and shouldn't have waited until the summer to start saving).

We gave him $200 for the fall for gas and for supplies at school and incidentals. Long story short on his story is that he isn't going back in the spring and I think his failure to save for books was indicative of his overall attitude and commitment.

Our younger son is still a minor so lived at home during the fall while attending college. Because he is so young his situation is different. We didn't want him to get a job either but I'm encouraging him to get one for the spring. Yes, he did work hard and did well in his courses. But, truthfully, he had plenty of time to do his studying and to still play videogames, etc. A part time job will cut into his videogames and reading, not into his studying.

[Delawaredave5]

I think our daughter's budget was about $150-$200 per month, not including tuition, room/board, or books.

Friend of mine had a "progressive responsibility" program:
1st year- kid responsible for spending money
2nd year - spending money and books
3rd year - spending money, books, and food
4th year - above plus apartment

Don't think 4th year is realistically achievable with just summer and schooltime parttime work.

[jIMOh]

Quote:

Originally Posted by Delawaredave5 I think our daughter's budget was about $150-$200 per month, not including tuition, room/board, or books. Friend of mine had a "progressive responsibility" program: 1st year- kid responsible for spending money 2nd year - spending money and books 3rd year - spending money, books, and food 4th year - above plus apartment Don't think 4th year is realistically achievable with just summer and schooltime parttime work.

My fraternity dues were about $1500/semester, and that included room and board. If someone lived off campus, it would cost them about $800/ semester for a room.

In 3 months of work (12 weeks) I could pay my rent while working, food while working, and set aside the $1500 needed. Plus I made all my car payments and saved enough for the 3 car payments while at school.

The key to above success is I was not working as a lifeguard, I was co-oping in my field- so when life guards (like my brother) were making $8/hour (or less), I was making $10/hr (as a freshman) and $13/hr by time I was a senior.

[ronocnikral]

Quote:

Originally Posted by Delawaredave5 Don't think 4th year is realistically achievable with just summer and schooltime parttime work.

I think this depends on what your field is. In 2003 my summer internship paid $4000/month. Not bad for a student w/ 2 years of college under their belt. and the following year, I was a TA and a lab rat, I had more than ample amount of opportunities to work on campus. Combine that with taking almost 40 semester hours my first year, I had plenty time to ski, work and go to school. Of course, we all strive for different things and some things come easier to some than others.

Point is, a few bucks go a long way when you're in college. If you don't give them enough, I'm sure you'll hear about it. If you give them too much, I'm sure that will be expressed in silent appreciation. One last story. My cousin, who was given a credit card by her mother for gas and groceries during college was known to say at the gas station, "Go in and get any snacks you want, my mother is buying!"

[TomG]

I had no job throughout seven of my eight semesters in college. Weekly budget could be seen as money earned during the summer divided by weeks in the school year (though high school graduation presents helped nicely)

With an on campus meal plan, I did fine spending zero some weeks

[Animorph]

We gave our DS's control of the money we normally budgeted and spent for them (about $200/month), retaining enough to pay the cell phone bill that still comes to us. We pay for the normal dorm and full meal plan, transportation, and a book allowance. If they can find a cheaper place to stay or eat, they keep the difference. They pay us a small amount when they are back with us for food/entertainment/car costs.

Our first DS graduated with a nice portfolio and bank account. Hopefully the second can do the same. So far so good for the first semester. Hopefully they're learning some simple budgeting, investing, banking, and credit card skills. We're trying not to nag, other than to remind them to pay their credit card bill in full and on time.

[Westernskies]

Agree with other posters about working during college. My best semesters were when I pulled 20+ hours and worked 24-32 hrs/week, left me with less time for extracurricular activities. Extracurricular activities cost money, studying in the library doesn't. Guess which one is more fun?


Of course, the first rule to reduce spending is:

[Rustic23]

We, family of 5 kids, got nothing. We worked during the summer, and were expected to use that money during the school year. DW and I did the same for both of our kids. Both took jobs while in school. Both graduated, however, it took our son twice as long. Actually it took a wife who had her degree.

[REWahoo]

We supplemented our two daughter's summer earnings while they were in college. I don't recall the amount as it has been several years and I didn't begin recording our expenses until after they graduated. It wasn't until then (age 52) that I could visualize the possibility of actually retiring in the next 5-6 years, which caused me to really get serious about tracking spending.