Last night, daughter asked me to set up a budget for her living expenses, and we did that. She's been paying for her clothes, stationery, going out with friends, hobbies, etc. with her own money, but this will be the first time she'll be paying for her own groceries, toiletries, medications, cleaning products, etc. I will be paying for her tuition, text books, health insurance, rent & utilities (included in the rent).
I budgeted $75 for
groceries for her, but told her that the 1st couple of months might be
more like $100 while she gets the staples like rice, oil, sugar, etc.
But I've given her $50 from my July grocery budget and I'm planning to
give her another $50 from the August grocery budget, too, to help defray
the costs of stocking up, and no doubt, she'll receive some items from my stock pile,
$25 per month for toiletries and household products.
$50 per month for going out with friends/eating out/entertainment. She
thought that was too high, but I reminded her, a movie ticket is almost
$15, a cup of coffee or smoothie close to $5, a lunch at a café can
easily be $12.50 and so forth. I gave her alternatives for less
expensive entertainment - rent a movie and invite friends over; have
potlucks, etc. But, even with all that, there will be occasions when it
would be necessary to have a cup of coffee with friends/classmates,
especially when she first makes friends with others in her classes, etc.
So, better to have a budget and be prepared.
$20/month for stationery/supplies: pens, printer ink, etc.
I suggested $20/month for clothing and $10/month for hobbies, as well, bringing up the total to $200/month. Add in another $50/month for medications and she's looking at $250 for her monthly expenses.
She won't have transportation costs because her tuition includes the cost of a bus pass.
she doesn't have a job at present, she'll be paying from her savings.
She's planning to get a part time job once she's there, but that might
not happen right away. She will keep track of her spending and adjust as needed.
Anybody else has any good suggestions for setting up a first budget?