When I was heading off to College for the first time last year, one of my big questions was how much money do I need in my bank account. So in hopes of helping some of you, I will show you what you need to do and know for how much you will need to put away from your Summer job(s).
For privacy reasons I have not included the numbers. I urge you to look at your typical spending in a month. How many times did you visit Starbucks or Dunkin Donuts? How much is your shampoo and make-up? Feminine products and prescriptions? Did you bring your car? Are you joining a sorority? Be realistic, in my experience you tend to spend more in college then you think you will need. Make a spreadsheet and calculate it out for the time you are at college.
This is a quick spreadsheet I made up of common college expenses. The last line shows you roughly how many weeks in each. This should give you a good idea of how much you will need.
For spending money, look at your shopping habits, if you are a shopaholic like me, then you will need to try and be reasonable in college. Also consider this category your anything “extra”. Money to go out at night? Travel? Anything you think you may want to do or spend money on.
Also, if you are considering applying for a job on campus, I would say do not calculate that in until you are positive you have it. You don’t want to rely on something that you are unsure of.
If anyone has any questions or wants a little extra help in determining a rough estimate of how much they will need, please don’t hesitate to email me (samantha@subtlyfabulous.com). I am happy to answer questions within reason and that respect both mine and your privacy.
