According to this chart- we’ll assume that most students are on the “low-cost” plan- the average American college students spend on food anywhere between $42-$55 per week.. Another survey estimates that the average adult spends between $10-12 per day on food, which comes out to about … So, spend 25% of the total cost of your 4 years of college, minus 50% of your student loan debt. “I spent $1,300 of my savings.” Buying a car as a college student is not an easy task, there is a hefty investment at the beginning and then there are recurring expenses on gas and maintenance as well as insurance. I'm currently in college but have no student debt, and I have a decent chunk of savings so I'll be paying for this all upfront. It's easy for college students to overspend. “March, April and May were uncharacteristically high due to spring break and graduation,” Jessica said.

In all I have about $14k-15k to my name. Here, she shares a break down of her annual tuition spending and a snapshot of one month of expenses from her senior year. But buying a car in college and paying for your education can be an expensive proposition. If you take home $2,500, spend $500 on a car.

It's O.K. Rather, it’s to make sure your must-haves are covered first so you know how much you have left for the fun stuff. This sounds simple. The cost of rent, room and board, and transportation for college students depends greatly on where they attend. It doesn’t take a degree in accounting to know that’s a lot of coin. If you make $3,500, spend $700 on a car. Rule of thumb: Spend no more than 20% of your take home pay on a car. How Much Do College Students Spend on Rent and Transportation? Necessities like rent and groceries are more expensive in big cities, but students on rural campuses will spend more on gas or public transportation … This is February 2018 — the last month of college where her spending was typical. Four years cost a grand total of $18,000 and I spent $4,500 on my first car. But the student should track his own expenses as well. It’s great to be able to get in the car and head off somewhere for the weekend, or simply offer your friends a ride to your morning classes. That $237 a month on insurance and maintenance cuts into how much you can spend to buy a car. How much you should spend on your first car completely depends on you as an individual. Finally, the geographic region can heavily impact the amount of spending money a college student needs. Therefore, today, an average year at MIT is $65,000 and the …

But it's a BAD idea.

Take a look at this post from Quora about how much college students spend on food:. to ask your child to keep track of expenses during those first few exciting weeks or months of college. College students spend an average of $16,566 on living accommodations and $2,806 on transportation over the course of their time in school. Consumer Reports shows how you can budget and manage your money in college so you'll have more to spend on the fun stuff. Having a first car as a student is a landmark for some and it’s an exciting purchase.

Answer. As a car fanatic and a life long cheapskate, I have always struggled with how much to spend on a car.

Of course I had no student loan debt.

If, based on the 15 percent rule of thumb, you had $375 in discretionary income, that means you’d have just $138 a month to put toward a car payment.

Obviously though, I don't want to spend all/most of my money on a car. We'll explain below. We all know that tuition keeps rising everywhere (well, almost everywhere); meanwhile, recent reports show the average transaction price for a new vehicle topped $34,000 in August. How much car can I afford?

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