Mobile Menu

  • Banking
    • Best Savings Accounts
    • How to Create a Budget
    • How to Open a Bank Account
    • Money Management Tools
  • Credit Cards
    • Best Credit Card Benefits
    • Credit Score
    • How Credit Cards Work
    • How to Build Credit
    • Top Credit Cards
  • Auto Insurance
    • Best Auto Loans
    • Best Car Insurance
    • How to Buy a Car
  • Student Loans
    • Private Student Loans
    • FAFSA
    • Student Loan Repayment Plans
  • The Ramen Project
  • Search
  • Menu
  • Skip to right header navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Before Header

Start investing in your future

Get Smart About Your Money

  • Banking
    • Best Savings Accounts
    • How to Create a Budget
    • How to Open a Bank Account
    • Money Management Tools
  • Credit Cards
    • Best Credit Card Benefits
    • Credit Score
    • How Credit Cards Work
    • How to Build Credit
    • Top Credit Cards
  • Auto Insurance
    • Best Auto Loans
    • Best Car Insurance
    • How to Buy a Car
  • Student Loans
    • Private Student Loans
    • FAFSA
    • Student Loan Repayment Plans
  • The Ramen Project
  • Search
You are here: Home / The Ramen Project / A Glimpse in the Budgeting Life of a Midwest College Student
unsplash.com

A Glimpse in the Budgeting Life of a Midwest College Student

March 10, 2023 //  by Madeline Cisneros//  Leave a Comment

College comes with all sorts of lessons and learning experiences. Not only must one learn how to adjust to an accelerated academic life, but they also must adapt to living on their own. Paying attention to your spending habits will only pay off in the long run. And if you go to college in a city, you must learn how to practice self-control.

Read on to get a glimpse into the life of a Drake University student’s budget. You might just learn a thing or two.

Major: Double majoring in magazine media and digital media productions and minoring in rhetoric, media and social change

Age: 20

Year: Junior

College: Drake University

How do you pay your tuition and fees?

With Drake we have the tuition guarantee thing, so most of it comes from scholarships and that tuition guarantee thing. And then also I have a loan taken out through Sallie Mae, and that typically covers the rest of the tuition that I need to get covered and books and stuff like that. Oh, and FAFSA is my best friend.

What are your monthly expenses?

$65 for phone bill, $108 for car insurance and credit card bills vary monthly.

How do you pay your expenses?

Typically, I work more than I would this year. I work a Hot Topic and that pays $10 an hour. Usually, I would work like four days out of the week, but because of my internship this year it’s taking up most of my time in the week so right now I’m only working two days out of the week, Friday and Saturdays, and those are usually like five to six hour shifts. I usually just rely heavily on those paychecks, and then if I need any help my mom is one to help, but that’s like a very last resort just because she also has her own bills and everything.

What are your budgeting plans after graduation?

Definitely trying to put more money aside in my savings. I was doing good about that, and then I went to Florida, so I kind of used a lot of my savings. But I think it’s nice to have a rainy-day fund, especially since I’m used to seeing my mom and my family live paycheck to paycheck. So, to get the privilege to make a savings account is really important to me, so I want to put more into that and invest in my future because I want to live in a city after graduation and those apartments are not cheap. So, I want to try to save up for that, and then in the event I don’t get a job straight out of college, that way I have money just in case things go wrong.

How did you spend your money last week?

Sunday, October 23

Nothing, dinner was paid for

Monday, October 24

$10.70 at Starbucks (coffee and sandwich)

Tuesday, October 25

$6.89 at Scooter’s Coffee (Red Bull infusion)

Wednesday, October 26

Nothing

Thursday, October 27

$30.01 for gas

Friday, October 28

$85 for credit card bill

$13.70 for coffee and food

$24.78 for sweatshirt

$72.51 for groceries

$35 for pizza

Spending breakdown:

Food/Drink: $66.29

Entertainment: $0

Personal Care: $24.78

Household essentials: $72.51

Transportation: $30.01

School supplies: $0

Other: $85

How does seeing this influence your spending habits?

Seeing that definitely opened my eyes. I’m aware I spend a little bit more out of my needs, especially right now because I’m not working as much, but seeing that I was like, ‘Oh my God, I’m spending a lot.’ So, I’m already trying to fix that a little bit. I’m trying to be mindful of like if I go out to eat, like just the small stuff that I probably shouldn’t be spending on that I can like not spend on. So like coffees. I’m typically trying to make my coffee at home now, that way I don’t spend like $4 on a Starbucks drink.

Disclaimer: This interview was cleaned up for clarity and succinctness.

Category: The Ramen ProjectTag: bills, budgeting, Drake University, savings, tuition

Related Posts

You may be interested in these posts from the same category.

A UC Berkeley Student’s Budget: First Week Blues

It’s on the House: The Budget of a Penn State RA

What’s My Car Worth, and How Should I Sell It?

Previous Post: « A UC Berkeley Student’s Budget: First Week Blues

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Recent Posts

A Glimpse in the Budgeting Life of a Midwest College Student

March 10, 2023

A UC Berkeley Student’s Budget: First Week Blues

March 9, 2023

It’s on the House: The Budget of a Penn State RA

December 7, 2022

What’s My Car Worth, and How Should I Sell It?

August 31, 2022

Footer

Inspiration

“Every day is another chance to start saving and investing in your future”

Be A Better You

Site Footer

  • About Us
  • Contact Us

Copyright © 2023 Start investing in your future · All Rights Reserved · Powered by BizBudding Inc.