How Much Does the Average College Student Spend on Living Expenses?

It’s straightforward to find information about college tuition and room and board. But, what about the other expenses that you need to consider?

Average Fixed Expenses for College Students

First let’s begin by making sense of fixed expenses, which include things like tuition, fees, and room and board as well as other bills you may have. Fixed expenses are those that are mandatory and not likely to change on a month-to-month basis.

Read about the average tuition, fees, room, and board for different types of schools here.

If you will be living off campus, you will need to budget for the rent and utilities of your off-campus dwelling. The average costs of these will vary greatly by area, so we have listed some sites with information below. An average price for a cable and internet package is $65 per month. We multiplied that by nine months to figure out your school-year cable and internet budget.

When it comes to other mandatory fixed expenses associated with moving out and attending school, here are a few expenses that are sometimes forgotten. Regardless of whether you are living on campus or off campus, these are very important additional college expenses to consider. Keep in mind that many cell phone carriers may offer college-related or student discounts. In addition, remember that health insurance (if you do not already have it) will sometimes be itemized on your tuition bill. (Read more about college student health insurance here.)

Average Variable Expenses for College Students

Now let’s move onto the variable expenses. These variable expense costs are not necessarily mandatory, but you should expect to budget for them if you choose to maintain a certain lifestyle or participate in particular activities such as sports, hobbies, or visiting home.

It is important to remember that variable expenses may change from month to month, so based on our research, we’ve taken average monthly costs multiplied by nine calendar months (or a regular school year). You may have additional line-items or omit some of these from your budget if they don’t pertain to you or your situation. This is why this portion of the budget is called “variable”, and should stay fluid and flexible, based on your personal circumstances.   

If you choose to have a car while at school, don’t forget to budget for the following line items. Depending upon where you go to school, there may be parking fees, parking passes, or public parking. Figuring all of this out in advance will help to navigate this budgeting expense.

Your social life will depend solely on your personality, plans and recreational preferences. These are the final expenses you will have to consider carefully and may have to adjust depending upon your budget and personal circumstances. Think about and allocate what you think you will spend in one school year.

If you’ve come this far in your research, you’re doing your homework - and that’s the first step towards making a financial plan and achieving your financial goals. Get a budget template from Edmit pre-filled with these averages here!