The cost of living on your own

Here’s a list of monthly expenses you will likely have once you move away from home. Students need to add tuition, fees, books and supplies. (Use this student budget worksheet to get started). And if you move to a different city, you may need to add the cost of travel to get there and return trips home.

EXPENSE AMOUNT ($)
One-time costs: You may have to pay one-time costs associated with hook-up fees such as phone, Internet and cable. You may also have to buy or borrow furniture, dishes and other items to set up your place.
Rent/Room and Board/Mortgage costs: This will likely be one of your biggest expenses.
Utilities: This will include hydro, heat, phone, Internet and cable.
Food: Home-cooked meals are often healthier – and cheaper – than buying prepared food or eating out.
Transportation: Costs can vary depending on whether you have a car or take public transit. If you have a car you will have to pay for insurance, gas, maintenance and parking.
Medical/Dental: Don’t forget to include the cost of medical plan premiums as well as glasses, contacts, prescriptions and dental care.
Clothing: Planning your clothing needs in advance is a good idea to make sure you don’t overspend. For example, budgetBudget A monthly or yearly estimated plan for spending and saving. You work it out based on your income and expenses.+ read full definition ahead for your winter jacket and boots.
Miscellaneous: This can include many things, such as laundry, entertainment, toothpaste and toiletries.
Other: This can include costs that don’t fit anywhere else on your budget worksheet. For example, if you have loans, you might have to make monthly payments.
Total of all estimated costs

 

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