What costs are easy for families to overlook when planning for university?
In addition to tuition and admission fees, include examination fees, application and enrollment costs, textbooks and materials, a computer and software, commuting, housing and moving expenses, food and utilities, insurance and health-related costs, extracurricular activities, travel home, and a contingency reserve in the budget. Separating one-time first-year costs from monthly or annual ongoing expenses can make planning easier.
Key points
- Review one-time costs from application through enrollment separately from ongoing living expenses.
- Include devices, materials, software, commuting, and housing in the budget.
- Consider insurance, extracurricular activities, travel home, and a contingency reserve in the annual budget.
Things to check
- Required materials or devices, insurance, and payment items vary by university, faculty, course, and living situation, so check the institution's official cost information.