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How to Set a College Budget

Over 20 million students are attending American colleges and universities and nearly 80% of these students are contributing to their own education costs. This a huge financial responsibility, especially as students embrace unpaid internships and the cost of rent, utilities, textbooks and food.

Keep reading to learn how to create an easy-to-use college budget.

Determine Your Budget Items

determine your college budget at Synchrony Bank

Figuring out what to include in your budget is the first step in creating one.

We have outlined a suggested list of items and how much you should expect to spend on each, but make sure to evaluate every expense—from cheap snacks to car repairs:

planning college budget

Get a Part-Time Job

More than 70% of college students have worked while attending school. Whether you’re working part time or full time to manage your college budget, make sure you track your income and put some of your money in a savings account.

Finding a savings account that offers competitive interest rates with no minimum balance is ideal for the average college student.+

Save for Your College Budget with Synchrony Bank

Now that you’re prepared to create a college budget, reach out to Synchrony Bank to learn more about our offerings. We provide an FDIC-insured high yield savings account that can help you increase your savings and prepare for big expenses like tuition, rent or college textbooks.

Call 844-345-5789 or visit Synchrony Bank online for more information.

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Sources:

National Center for Education Statistics: https://nces.ed.gov/fastfacts/display.asp?id=372

CNBC: https://www.cnbc.com/id/100952906

Trends.collegeboard.org: https://trends.collegeboard.org/college-pricing/figures-tables/average-published-undergraduate-charges-sector-2017-18

Carinsurance.com: http://www.carinsurance.com/Articles/car-insurance-for-college-students.aspx

Creditcards.com: https://www.creditcards.com/credit-card-news/student-credit-debit-prepaid-statistics.php

Georgetown.edu: https://cew.georgetown.edu/wp-content/uploads/Working-Learners-Report.pdf 

+National Average APYs are based on specific product types of top 50 U.S. banks (ranked by total deposits) provided by Informa Research Services, Inc. CD Rates: Average APYs are based on certificate of deposit accounts of $25,000. High Yield Savings Rates: Average APYs are based on High Yield Savings Accounts of $10,000. Money Market Account Rates: Average APYs are based on Money Market Accounts of $10,000. Although the information provided by Informa Research Services, Inc. has been obtained from the various institutions, accuracy cannot be guaranteed


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