Keeping Your Financial Life Organized
Typical Monthly Costs
Some typical monthly costs could include:
Rent
Utilities
Food
Entertainment
Internet
Cell Phone
Transportation
Car Insurance
Health Insurance
Renter's Insurance (if not already included in rent)
Muncie Utilities
Some apartment complexes in the Muncie area cover utilities, but some do not. You can also call utility companies and ask for the typical monthly costs for your new addresses.
If you venture outside of the university area for apartment hunting, contact your complex to find out who the utility providers are. These can change from area to area.
Food Without a Meal Plan
If you decide not to purchase a meal plan for the school year, most of your groceries will probably come from supermarkets. Having a budget and a set amount of money per month to spend on food is extremely helpful. Also, always making lists of what you need before you go shopping can help with impulse purchases.
According to the USDALinks to an external site., the average amount of money spent by one person is on:
(updated Feb. 2024)
Male: $84.24 per week; $364.80 per month
Female: $67.20 per week; $291.00 per month
Entertainment
Entertainment does not have to be expensive for a college student. In fact, many companies offer discounts for students.
Common Student Entertainment:
Amazon Prime: $7.49 per month or $69 per year, can be shared (Student DiscountLinks to an external site.)
Hulu: $2 per month, which can be shared (Student DiscountLinks to an external site.)
Spotify: $5.99 per month, which includes Hulu (Student DiscountLinks to an external site.)
Transportation
Many students who live off-campus use, on average, two tanks of gas per month. The average tank of gas today is around $60. Fuel Economy is a great resource for you to estimate your fuel prices.
Renter's Insurance
The landlord of your apartment or house has insurance, but it probably only covers the building where you live, not your belongings or your liability for accidents. If your possessions are stolen during a break-in or damaged by a fire or severe weather, a renter's insurance policy can allow you to recover their value. The average renter's insurance in Muncie is $12-$15 per month. NerdWallet is a great resource to find out where to buy renter's insurance.
What Do I Need to Move Off-Campus?
Moving off-campus can cause you to incur some costs, which is why it is important to know them before you decide. Many complexes require a security deposit to cover damages that can happen while you live in your apartment. If there are no damages, that deposit will be returned to you after your lease is over. If you do not want to buy furniture right now, many complexes offer to furnish the apartment for a fee. . You also might now have to pay for complex parking as a fee. All of these are great to consider before you sign a lease.
Some Expenses You May Incur Include:
Application Fees
Security Deposit
Parking
Furniture Expense *If a Furnished Apartment
Furniture *If Not a Furnished Apartment
Trash and Recycling Fee
50/30/20 Rule
The 50/30/20 rule for budgeting is a helpful guide for where your money should be going month to month. Like all habits in our life, budgeting is one that takes time and commitment. Please note, all college students have different budgets based on varying factors.
What Goes Into This Budget:
50% for Needs
30% for Wants
20% for Savings
Make Your Own Budget
Every person's preference for creating their budget is different. Some like to use Excel, Sheets, or just paper. Whichever your choice, one key part of budgeting is expense tracking. This means looking at your bank or credit card statements to see how you actually spend your money month-to-month. We may think we spend a certain amount under a category of our budget, but sometimes we spend more or less than we think. Once you make a budget, do not expect it to stay the same. Instead, allow yourself the time to adjust it each month based on what you see you spend on average from your expense tracking.
What is My Financial Aid?
Before a semester begins, you should be able to see your financial aid through Banner Self Service or My Account while logged into your myBallState Links to an external site.. In your My Account at the beginning of the semester, if your scholarships, grants, or loans are more than the costs you have incurred are more than your tuition or expenses, the balance will be a negative number. This will be the refund you will receive from the school that will be deposited into the bank account tied to the school. Many students who live off-campus and have refunds use them for paying rent and other expenses. Make sure to delegate the money properly if you receive it so that you will have enough to cover those expenses month-to-month.