A rough guide is about $400 a month for a college student, which gives you a bit of money to spend on a few dinners out but cooking mostly at home. When you go to set a budget, you can set it based on what you’re currently spending or try and set it slightly lower so you can start saving money straight away.
How much should a college student budget for food?
Considerations for an Additional Food Budget
An individual college-aged student will spend approximately $163-$367 monthly according to the Official USDA Food Plans. The USDA website provides different costs for men and women and also provides four levels of estimates: thrifty, low-cost, moderate-cost, and liberal.
What is a good monthly budget for a college student?
While the number is dependent on a range of factors, the average amount of spending money for a college student is $2,000 per year or about $200 per month.
How much should I budget for food monthly?
So, how much should you budget for food? When budgeting for food, you should plan to spend a minimum of $250 per adult, and $150 per child each month. For example, a family of four with two children should budget $800 per month. This budget should cover groceries and dining out on occasion.
What is a reasonable food budget for 1?
Average grocery bill for 1 If you’re a single adult, depending on your household budget, look to spend between $175 and $345 each month on groceries.
How much should a college student pay for rent?
Given that rent can be the most significant expenditure for a student, outside of tuition, establishing a monthly budget with a comfortable rent is crucial. Ideally, your monthly rent and utilities bill should be no more than 30% of your monthly net (after tax) income.
How much money should I save for college spending?
Since many college students work and earn an average of $195 per week or $10,000 if working part-time year-round, they should not need any help with “spending money.”
|Food (assuming that most meals are eaten on campus)||$3,500- $7,500|
How much money should a college student have in savings?
If you’re on top of your budget and not overspending, Steinberg recommends college students keep around one to two months worth of their income in checking and put everything else in a high yield savings account or a retirement fund.
How much does a college student spend on clothes per month?
How much money should I have saved by 21?
The general rule of thumb is that you should save 20% of your salary for retirement, emergencies, and long-term goals. By age 21, assuming you have worked full time earning the median salary for the equivalent of a year, you should have saved a little more than $6,000.
What is the average monthly food budget for 2?
These details suggest that the minimum average food cost per month for 2 adults is $685. Meaning, an average family of two spends about $8,220 a year.
How much money should I spend on food a week?
Here’s what the USDA recommends per week for a family of four, defined by the USDA as a male and female 19 – 50 years old and two children 2 – 11 years old: Thrifty: $131 – $150. Low-Cost: $167 – $197. Moderate-Cost: $206 – $246.