| Student Loans |
This expense is only incurred by students who go to college.
The monthly payment on a student loan is typically 6-8% of a
person’s salary. |
| Car Payment |
The primary factor is whether a new or used car is purchased.
The monthly payment on a car can be as low as $100 per month
for a used car, or as high as $1500 per month for a new luxury
car. |
| Car Insurance |
Depends on location. |
| Gas and Oil |
Anywhere from $60 to $200 per month, depending on the length
of the commute to work as well as other driving. |
| Parking and Tolls |
Depends on location. |
| Repairs |
Students should be encouraged to put aside $50 per month for
repairs on a used car; although a $50 repair won’t be
necessary every month, occasional repairs may cost more. New
cars are typically covered by a warranty, so repairs should
be unnecessary. |
| Bus or Subway Fare |
Without a car, public transportation could range from $50
to $150 per month. |
| Health insurance |
Many employers provide health care, although there may still
be a cost to the employee of up to $100 per month. For health
care without employer assistance, the cost may be as much as
$500 per month. |
| Housing/Rent |
Depends on location, and on whether the tenant owns or rents. |
| Utilities |
Electricity, gas, water, phone, and other expenses depend
on area. Further, students should decide about cable, DSL, and
other optional utilities. |
| Groceries |
Depends on location. |
| Clothing |
Costs will be higher if professional dress is required for
occupation, although at least $50 will be needed per month.
Students should consider how much they spend currently when
making an estimate. |
| Entertainment |
This is an area in which students have great flexibility in
determining the amount they’ll spend. |
| Household Items |
Includes furniture, towels, sheets, cleaning supplies, and
so on. |
| Personal Items |
Things such as books, magazines, sports equipment, toothbrush,
and other items. |
| Medical Expenses |
This is in addition to health insurance. Because this expense
cannot be predicted, students should save $50 a month to protect
themselves in case of an accident. |
| Savings |
Like entertainment, students have great latitude in determining
how much to save each month. In addition, this depends on how
much remains after all expenses are taken care of. |
| Other |
Students are free to add other items that are not listed.
They should estimate the cost of these items. |
Guidelines for Student Budget Sheets