How Much Money To Go With To University
Going to university is one of those big decisions in life that needs a
lot of financial support – from bursaries, financial aid offices, banks,
and parents. Besides tuition, there are living costs to cover. If you
have parents who think a child should earn his own pocket money at
university, you may want to stop reading at this point.
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But how
much money should your parents give you? There’s no simple answer to
this. It will depend on a lot of factors. You will need to sit with your
parent and draw up a budget on the things that you need and the things
that you want. This will not only be a good opportunity to learn the
value of the dollar but also the difference between want and need.
The following considerations will decide how much you should ask your parents for University:-
What Expenses Do You Envision?
You and your family will have to decide what the spending money will
cover. Will it include costs for books and travel expenses? What about
any clothes you buy? What about the social life – is it off-campus?
If you’re on campus in a city, you could find the costs of everything
high but then you have the advantage of shopping online and having it
delivered to you. Will you also have a car on campus? Then you’ll have
to think about parking permits, auto insurance, maintenance/repairs etc.
Impress your parents with a budget and decide who pays for what.
Some of the expenses you’ll want to think about include: your phone
bill, dorm furnishings and linen, food outside the meal plan, money for
laundry, entertainment money, bus passes, the flight or train home,
spring break and other travel for fun, electronics, toiletries,
fraternity or sorority dues, etc.
How Much Money Should Parents Give University Students?
You could, maybe, request your parents to start you off with a little cash in hand, to last until you find a paying job. Many kids start with monthly allowances between $75 and $200, for books, clothes, etc.
Sometimes you’ll find yourself paying out of your pocket money for things you may need in class, such as equipment if you’re a student of architecture. These expenses can come out of your pocket money but once you’ve gauged how much your expenses come to you could plan for future expenses and make your own contribution.
Review the allowance with your parents after a year and make any changes that are necessary. Do your parents want you to be in charge of your own savings or will you let your parents manage any earnings during college? These are a few things to think about.
If you become heavily involved in non-paid activities like student government or the school paper, or if you are a college athlete, then you may need extra help from your parents.
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How much
pocket money you need will depend on which city you are going to study
in. Is it a city where there are issues with water so you’ll have to
spend on expensive bottled water? Or are you going to study in a small
rural college town where the cost of living is low? What kind of
transportation is available? It’s a good idea to write down your
expenditure for a couple of months, and then plan with your parents
based on the average expenses for that city like Dar Es Salaam, Dodoma,
Mwanza.Will You Stay on Campus?
If you stay on campus and live in a dorm, your expenses on everyday things are going to be limited. You could make do with about $200 a month in many cities. But if you are living in accommodation off-campus, your costs for gas, transport, and other miscellanies may add up.
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How Much Money Should Parents Give University Students?
How Much Will You Spend on Food?How Much Money Should Parents Give University Students?
Are you going to be on a meal plan? If so, you won’t need to spend more than a couple of hundred dollars a month. The dorm kitchen will at least dish out three meals a day and you won’t have to worry about how much you’re spending on a day to day basis for food.
But a meal plan can cost around $3000 a year. Some experts are of the opinion that college-goers can do their own cooking and make more nutritious meals with a little careful budgeting. In that case, you may need a little extra pocket money.
In fact, sometimes cooking for yourself may be the only option since your irregular schedules (if you’re studying theatre for instance) may not match with dining hall hours. Learning to cook is part of important real-world education, and it’s a good time to learn how to budget as well.
Are Your Parents also Paying for Tuition?
If your parents are paying for tuition, then their resources are already strained. In that case, your parent could talk to you about the state of affairs and ask you to find ways to make your own pocket money.
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