How much money should a college student spend per month?

While the number is dependent on a range of factors, the average amount of spending money for a college student is $2,000 per year or about $200 per month.

How much does an average college student spend a month?

Students in California spend about $2,020 per month or $18,180 annually per nine-month academic year for expenses outside of tuition. 64% of respondents viewed the cost of college and balancing school and work responsibilities as the biggest obstacle to succeeding in college.

What is a reasonable monthly budget for a college student?

Monthly Expenses

Expense Budgeted Actual Cost
Rent $685 $685
Utilities $20 $18
Internet $15 $15
Groceries $200 $105

How much does the average college student spend on personal expenses?

3. Personal spending outweighs spending on academic needs. An analysis of available data shows that throughout a 4-year degree students spend close to $53,000 on personal expenses. This is around 12% more than the average expenditure on academic needs during the same period.

What is a reasonable food budget for a college student?

Your grocery budget will depend a lot on how much money you have to spend, how much you cook yourself versus eating out and what your tastes are. A rough guide is about $400 a month for a college student, which gives you a bit of money to spend on a few dinners out but cooking mostly at home.

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How much should a college student pay for rent?

Given that rent can be the most significant expenditure for a student, outside of tuition, establishing a monthly budget with a comfortable rent is crucial. Ideally, your monthly rent and utilities bill should be no more than 30% of your monthly net (after tax) income.

What do college students buy the most?

Although this may not seem like much, on a national scale that number adds up: college students have an average combined $417 billion in spending power.

The “Non-Essentials”

  • Restaurants – 99%
  • Beauty – 76%
  • Fashion – 70%
  • Electronics – 60%
  • Live music – 59%
  • Media – 57%
  • Gyms and fitness – 38%

How much does a college student spend a month on food?

An individual college-aged student will spend approximately $163-$367 monthly according to the Official USDA Food Plans. The USDA website provides different costs for men and women and also provides four levels of estimates: thrifty, low-cost, moderate-cost, and liberal.

How much money do college students have in their bank account?

Most Students have $51-$500 in their Bank Accounts

399 student responses over 82 schools. The majority of students (23% of respondents) reported having $51-$500 in their bank accounts. This is a very low amount and can definitely be concerning.

How much do college students spend on food per week?

Answer. According to this chart- we’ll assume that most students are on the “low-cost” plan- the average American college students spend on food anywhere between $42-$55 per week. Another survey estimates that the average adult spends between $10-12 per day on food, which comes out to about $70-84 per week.

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How much does a student spend per month?

The average student living costs are about £795 a month (or £183 a week), with our findings revealing that the Maintenance Loan often falls way short of covering students’ living expenses. It’s probably no surprise that rent takes the biggest chunk out of the student budget.

Notes for students