Monthly College Cost Estimator

Leaving for college is an adventure, full of surprises and opportunities, but also mostly expenses. Leaving home and moving into a dorm room makes you realize just how much you use throughout the day that costs money. Shampoo, parking, movies, and medicine – it all adds up fast when you’re out of the house and in college.  With the free monthly college cost estimator, you can organize not just what items you’ll need, but also how much money you’ll need.

How to use the Monthly College Cost Estimator

Download the monthly college cost estimator and it will open in Excel. The spreadsheet is pre-filled to help guide you. The top gray and yellow portions do not need to be edited by you, as they will update automatically with the data you fill in below.

In the white portion, you’ll see descriptions of multiple expenses for daily college living. The monthly cost is listed next to it, and then a column where you can choose to add it to the total.  In the first example, the cost of doing laundry is factored into monthly needs, but NOT into the total cost because the person can do their laundry for free at their home. The “Add to Total” section is created to help you keep track of monthly needs, and which of those you require money for.

Enter in your own costs, notes, and any additional expenses for the month, and you’ll see the top yellow portion adjust to show the money you will need.

Tips on using the Monthly College Cost Estimator

• Take a few days to put together this spreadsheet. Research what your college provides (Wi-Fi, printers, etc) and what other students say they’ve had to pay for themselves. Also spend a day writing down items you use daily, such as shampoo or contact lenses cleaner, and add those items to the list.
• Create this expense sheet at least one month in advance so you can work with your parent(s) on arranging where the money will come from.
• Each month in college, review the spreadsheet and see if you need to add or change anything on the list. Perhaps during finals you’ll need additional funds for coffee.
• Use the yellow portion as a budget restriction to follow. For instance, don’t spend more than the money allotted for entertainment, because then you’ll be taking money from something else.

Download the Monthly College Cost Estimator

Template courtesy of Microsoft