Spending money for on campus students with a meal plan
Can anyone tell me what they spend on average in a week at Michigan living on campus with a meal plan? My friend's daughter told me she spent about $20 a month when she lived on campus. Just trying to make a budget and would like some input!
This category represents every other student expense--transportation, meals not covered under the standard meal contract, long distance phone calls, clothes, personal hygiene, student insurance, entertainment, etc. It is the most variable and personal component of anyone's budget. The financial aid budget allows about $65 per week. Personal spending can make or break a college budget! The most important thing is to set yourself an allowance, keep track of your expenses, and stick to your budget.
(this is based on having the standard 150 meal plan, but i don't understand what that meal plan includes.)
we have a friend who is a freshman and her parents told me (they have 2 other kids that graudated private colleges) to prepare and beware of extra costs (orientation, cable TV, fees for access to some professors websites, etc..) that are part of life at UM that they didn't see at other colleges. I have read about these "extra" costs as being part of life at UM.
That being said their daughter has aq budget of $50/week and generally spends about that.
She does go to parties on the weekend and this doesn't include tickets to sports games.
Our HS daughter has been working various jobs for the past 3 years and is working many hours this semester (while experiencing severe senioritis) and being that she will be using her own money for extra living expenses we told her she should have $10,000 in the bank when she leaves for the 4 years which includes money to spend while home for vacations.
This way she has the option of internships during the summer and not having to worry about a paid job.
It would be great for a current student to give us a realistic weekly spending allowance (assuming standard meal plan and going out on Fri and Sat. nights)
If I could spend as much as I wanted to (ie have money for both necessities and fun), I could get by on $100 a month with enough for incidentals and going out to eat once in a while. I have about $20 a month, and I think I probably need $50 a month to really meet necessities without having to worry about it. Toilet paper, kleenex, shampoo, conditioner, shaving cream, razors, etc etc add up to quite a bit. And I always seem to run out of everything at the same time!
With $50 a week I would need to show almost no restraint. That is a lot more than is actually /needed/ for most kids.
$20/month is very little. I wouldn't recommend trying to go with less than $100/month. The dining halls close early so if you want to eat at night you have to pay for that. You have all your toiletries. You have to wash your clothes. If you get sick you need medicine. There's a lot of things.
My son earns and spends on average between $80 - 100 a week, but his schedule is loaded and a lot of times he ends up eating after dining hall has closed (so as a result, has more meals than he needs on the 150 block.) He also attends a lot of events for his major (eg. concerts etc.) and likely spends a little more on entertainment than average, again, due to in part his major. That also includes a budget for medication, nutritional supplements, fresh fruit, etc. -- all things that cost a little more than average.