How to Calculate How Much to Save Yearly for College
Many students choose to save and budget their money over the summer so that they don't have to work during school. Here is a simple way to figure out how much money to save for a full year of college.
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Instructions
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1
Most schools have a "Tuition and Fees" section of their website (see the link in the References section for an example). Find this page on your school's website.
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2
Figure out tuition costs first. This will be the biggest chunk of the money you will need. Tuition is listed either per semester or per credit hour. If it's listed per semester, take that number and multiply it by 2 to get your total tuition costs for the year. If listed by credit hour, take the number and multiply it by the number of credit hours you are taking for the year (a full-time student might take 30 credit hours in year, for example).
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3
Figure out total housing costs. If living on campus, the Tuition and Fees page will tell you how much housing costs per semester. Multiply that number by 2 to get your total yearly housing costs. If you are living off campus, take your monthly rent and multiply it by 9 (for all 9 months you will be in school).
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4
If you're living off campus and the rent does not include utilities, add about $1,000 per year to cover those costs.
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Factor in food costs. If living on campus, the prices of the meal plans per semester will be listed on the Tuition and Fees page. Multiply that number by 2. If living off campus, add about $1,500 to your expenses for the year to pay for food.
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6
Save about $1,000 for books and class materials for the year. This money will go toward supplies for school projects, fees for museums, or plays that you are required to see.
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7
Save an extra $1,000 for health care or other unexpected circumstances.
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8
Add the amounts from Steps 2 through 7 to get the yearly cost of school. Subtract any loans or scholarships you have and you will get the amount you need to save for the school year.
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