The student’s budget: A look at how college students spend money

Posted April 22nd, 2009. Categorized under Life. 18 Comments

I was browsing through sites with StumbleUpon when I came across this pretty picture:

Posted by Westwood College, this picture provides a pretty interesting breakdown of spending by college students. Definitely worth a look!

I was surprised at how much discretionary spending makes up. As a college student, I do my best to be thrifty whenever possible — I avoid eating out more than I have to, I avoid spending too much money when not necessary, and so forth. It’s interesting knowing that cutting back on the discretionary money can cut back expenses for the average student by such a significant amount.

The high credit card debt is a bit scary as well — you definitely want to graduate school with as little debt as possible.

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18 Replies to “The student’s budget: A look at how college students spend money”

Comments:

1. Bill

April 23rd, 2009 4:45 am

I was surprised to see that, in inflation-adjusted dollars, the cost of college seemed about the same in 1915 (chart bottom) Maybethings haven’t changed as much as we thought.

2. jho87

April 25th, 2009 11:58 am

Discretionary spending is where it is bad for me. I find that I probably spend way to much at times which is not good because if I spent less I can definitely save more money,

3. DS Fly Fishing Reviews

May 13th, 2009 10:27 am

I’m willing to bet that a high percentage of students (now and in 1915) are bankrolled by loving parents. Every parent should take a look at this chart – certainly an eye opener. I’m willing to bet the discretionary spending is much less for the self funded student.

DS Fly Fishing Reviews’s latest post: The Adult Elk Hair Caddis Dry Fly

4. Paul

May 13th, 2009 11:17 am

@ DS: Oh definitely, I believe that as well. The students I know who pay for themselves are very careful with their money.

5. The Medical Blog

May 24th, 2009 9:22 pm

@ jho87, yes if we spent less of course we save more , the best way to save is keeping it in a bank, each time you can cut back and avoid even one of your expenses, then a sum will saved.
I think food is the easiest way to spend money on campus and quite quickly.

6. Certifications

May 30th, 2009 12:42 am

students could’ve saved that 4% on books & supplied :) not surprised by 90% students own mobile , no matter if u have a book or not , must have a mobile man

7. Fast food statistics

June 8th, 2009 9:02 am

I am a college student living in the LA area. I could probably get away with spending $5 a month!! I have everything I need at school. I get snacks from the dining hall. I walk. I attend lectures/film screenings on campus for entertainment.

8. Paul

June 8th, 2009 11:32 am

@fast food: I know what you mean. I do my absolute best to avoid spending money and could get by not spending money. But every now and then, it’s nice just to get out and do something.

9. Eric from YNAB Coupon Code

September 24th, 2009 11:03 pm

One of the traps I fell in to while in College was credit card debt. There were so many offered on campus for stupid things like tshirts and other giveaways. What a mistake!

It wasn’t until I got out of College that I learned to budget and actually was able to get out fo debt and start creating a nice savings for myself. I just wish I didn’t start in a hole!

10. Chris from Fast Food Recipes

October 6th, 2009 2:51 pm

Hahaha, you hit this right on the head. I cant believe how much my roommates used to spend absolute junk even when they had no money.

11. Julie from Handheld Thermometer

November 17th, 2009 8:03 am

Fast food, drinking are probably a high part of the discretionary spending. Those credit card companies are killing some students with debt. An interesting read! Keep up the awesome posts!

12. Maureen from Student Lingerie

November 20th, 2009 4:52 am

Yeah, eating out always takes a massive chunk out of the budget, fast food places especially make such a killing as they take every single penny they possibly can :(

13. Best student credit cards

December 10th, 2009 9:45 pm

I am a college student. the best way to save is keeping it in a bank. I think food is the easiest way to spend money on campus and quite quickly.

14. Getting Free Money

January 4th, 2010 3:54 pm

Lets not forget the huge tuition debt many graduates face these days, low tuition is becoming a significant element when choosing a college.

15. Nancy from Pickleball Equipment

January 11th, 2010 7:00 pm

My partner just started college last semester as a “reentry” student who was a displaced construction/landscape worker. We are adjusting to budgeting to a one income household, using grants and loans for him to attend school full time. We also try to keep the loans at a minimum so when he graduates we are not looking at huge debt. We live close enough to college so he saves money on eating at home, packing a light snack and saving on travel expenses. The chart was very interesting to see.

16. OSavvy

October 29th, 2010 11:34 am

what im wondering is where is the food on the chart? what percentage is for food?

17. saltwater fishing

February 24th, 2011 6:38 pm

I cant believe how much my roommates used to spend absolute junk even when they had no money.

18. MediaMate

July 5th, 2011 11:16 am

I agree that food is one of the biggest portions of where my money goes. When it comes to clothes and whatnot, I only buy what I need.

Advertisers try and aim at college students to get us to think that we NEED their products. They also know we read our college newspapers more than people read the regular newspapers.