There’s no denying that college can be very expensive, especially if you’re attending an out-of-state college or a private university. Those costs are amplified if you’re moving out on your own, and in addition to college tuition, there is rent to think about as well. While living expenses and tuition are some of the more significant costs of college and what always comes to mind when thinking of college expenses, there are other costs to budget for as well. In fact, some of these college expenses are frequently overlooked, so it’s important to remember that as a college student, you may need to budget for:
Textbooks and supplies
Required textbooks and course materials can easily tack on an extra few hundred dollars per semester. Although this is often an unavoidable expense, there are some ways to cut down on this cost: you can rent textbooks, purchase used, or invest in a tablet and download textbooks for a fraction of the cost.
If you move far away for school, you’ll likely be visiting home at least once a year. These travel costs can add up over the course of your college years, especially if you’ll need to purchase airfare. These expenses begin before you even start college if you plan on visiting different campuses in person before making your selection, and you’ll need to budget for these additional travel costs.
If you’re not relocating for college, you won’t have to factor in travel costs, but there are still commuting expenses to consider if you’re not living on campus. You may need to buy a car, and car ownership goes beyond the initial purchase price. There are gas costs to consider, plus the basic upkeep that is required to keep a car running. If you have a long commute to and from campus, you’ll put wear and tear on your car faster, which means you may need to repair or replace certain things (such as tires) more frequently.
If you are leaving home, there are moving expenses to consider. You may need to hire movers, materials (such as boxes and packing tape), a truck or moving van, and so on. And unless you plan on staying in the same place after graduating (which won’t be an option if you’re moving into college housing or a dorm room) then you need to double this expense, since you’ll be moving again once you’re done with school. Even if you’re staying in the same city for your move, these costs can add up quickly, but are especially significant if you’re moving hundreds—or thousands—of miles away.
If you’ll be living on your own for the first time, you’re likely already aware that you’ll have bills that you didn’t have before, such as rent and utilities. But it’s the little things that can really sneak up on you, and are just part of the cost of everyday living—such as toiletries, miscellaneous items around the home, and so on. These are unavoidable, yet often underestimated expenses to keep in mind.
Do you need extra cash to take care of college expenses? Peachtree Financial Solutions may be able to help if you’re receiving long-term payments from an annuity. Contact Peachtree Financial Solutions today to learn more about selling some or all of your future payments and receiving a lump sum of cash.
Nothing above is meant to provide financial, tax, or legal advice. You should meet with appropriate professionals for such services.