Summer Session Budget Problems?
I am planning to attend my school's summer session. I am having a hard time deciding whether I should commute or live near campus. My commute round trip would be around 80 miles per day, and about 400 miles per week. The figures I used for the cars were based on the average mileage of the cars. Summer Session is June 24-September 11.
Total Financial Aid: $7233
Tuition and Fees: $2168
If living on/near campus:
Money Left (Food, Hygiene, etc.): $2769
Money left (Gas, Possible car repairs, etc.): $5,065
-Assuming I have 1994 Nissan Altima, my GAS budget will be: Approximately $2,600-$3200 *This will leave me with anywhere from $1865-$2465 if tank fills on $50.
-Assuming I have bought 2003-2004 Honda Civic, my GAS budget will be: Approximately $800-$1,400
*This will leave me with anywhere from $3665-$4265 if tank fills on $50.
Based on these figures, would it be smarter to live on/near campus or commute?
- BeeLiz19Lv 78 years agoFavorite Answer
It's all about figuring what you can afford, most important thing to know is that A) You're given $7233 for 10 weeks, minus tuition/fees, you're left with $5065 for the time. You have $506.50 a week for your life.
10% of your income should go to long-term (Retirement) savings: $50.65 a week towards this stuff, but what I would do is put $25.65 towards retirement, and bump the other $25 to your emergency fund.
15% of your income goes to debt repayment/emergency fund. You have $75.97 a week to put towards this, but boost it up to $100.97 to boost your savings.
35% of your income goes to housing (rent, mortgage, bills, utilities). You can afford $177.27 a week. Now if your rent is $2296 for the whole ten weeks, it's costing you $229.60 a week, which is more than you have. You can either decide to pull this $52.33 from transportation/life, or go with the other option.
15% of your income goes to transportation (gas, insurance, repairs, bus). You have $75.97 a week, or $759.75 for the period, which according to you is not nearly enough for either car. You can almost make it work with the civic, but you CAN NOT make it work with the Nissan. With the civic you need to pull $40.25 from another category if it only costs you $800, which is not realistic.
25% of your income goes to life (food, entertainment, clothing, gifts, travel, medical, wants, phone, internet, cable, other). You have $ 126.26 a week to live off for this stuff, which is manageable if you make sure to put a little money aside each week for every thing, that way when the random/big expenses come up, they don't suck your bank account dry.
Staying at home and commuting is just not feasible. It's easier to live on/near campus and pull the $52.33 from your transportation fund. The remainder transportation fund can be put towards savings for a car, or any other projects.
- Anonymous8 years ago
Commute and try to share car fuel price with any friend on same school
Do not shy about this , frankly tell your friend its being expensive to go single