How much to borrow?

[N1DERL&]

Hello!

I know how much my tuition and rent will be for next year but I'm having trouble calculating the "other expenses" category. How much do most of you have for living expenses such as food, clothes, etc....?

Thanks so much!

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[southerndoc]

Are you allowed to calculate it?

My school had set amounts that we were given. One of our branch campuses has a higher cost of living than the other, and when we asked for more money, we were told that an average was done between the two. We couldn't get anymore. I was under the impression that my school had to submit the amount and get it approved by the government.

So, if you're able to adjust it then that's great. Maybe they have changed things. (Or are you taking out alternative private loans for the extra money?)

 

[N1DERL&]

I was talking about private loans. Sorry about the confusion. oops!

I'm guessing that $1000 a month for living expenses. Is this too high? Or should I just play it safe?

Thanks!

 

[tlew12778]

The amount you will need to live on really depends on many variables. For instance, what part of the country will you be in? NYC is far more expensive than say Phoenix. Will you be on a meal plan? If not, then you will need to calculate a good amount of money in for groceries and/or eating out. Also, do you go out often? How often do you like to shop for clothes? Are you living in a dorm or in an apt? Do you plan on having broadband internet access? What about cable tv? Do you have credit card bills you are paying down? Are your utilities included in your rent?

For one person in a large city, you should budget $50/week at the supermarket (this is an average... you can spend a lot less of a lot more depending on your eating habits).

A good way to figure out how much you budget would be to go back and track for the past 3-4 months. Use your old bank statemend, credit card statements, receipts, etc and see where your money has gone. Get a program like Quicken or Microsoft Money to help you out.

 

[N1DERL&]

Thank you for your ideas! I was so focused on food that I completely spaced out about cable and internet access... duh! And excellent idea about quicken... I knew I was putting in my entries for a good reason.