The Hidden Costs of College and How to Budget for Them


The cost of college is out of control.
After you pay for room and board, tuition, a rug, a mini-fridge and all that other cool stuff to fill your super-cute dorm room, you’ve dished out a pretty nice chunk of change. And like it or not, you’re going to have to keep on spending.
 
If you’re not careful, you’ll come across hidden costs that will creep up on you on a daily basis. But don’t worry—HC is here to help you prepare for those unexpected costs and to budget for them ahead of time so that when they do creep up on you, you’re more than ready.
 
Hidden Cost: Your car
Solution: Keep your car at home.
Lynn O’Shaughnessy, author of The College Solution says keeping your car at home eliminates some major potential money-sucks. “You can avoid paying for gas, paying for insurance and paying for potential repairs to your car if you don’t bring it to school with you,” O’Shaughnessy says. She also suggests that you contact your insurance company so that you can take your name off of the insurance coverage while you’re at school and not driving your car or your family car. This is one huge way to save money while you’re off at school. You also won’t have to worry about paying for parking if you leave your car at home!

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