How much should college student spend on car?
All told, expert sources such as Consumer Reports and Quicken indicate that total transportation costs—monthly payments, insurance, gas, parking—should be no more than 8\%–10\% of your budget. That may be well worth it to you if you need your vehicle to work, class, and back home again.
How much spending money should a college student have?
Students in California spend about $2,020 per month or $18,180 annually per nine-month academic year for expenses outside of tuition.
How am I supposed to afford a car?
When it’s time to buy a car, you’ll probably want to know: “How much car can I afford?” Financial experts answer this question by using a simple rule of thumb: Car buyers should spend no more than 10\% of their take-home pay on a car loan payment and no more than 20\% for total car expenses, which also includes things …
How much does the average college student spend on transportation?
It has been estimated that on average a college student will spend between $1,050 and $1,800 on transportation costs. Additionally, it has been recommended that college students plan to spend at least $1,000 per year on travel and transportation.
Can you pay for a car along with your college expenses?
Indeed, there’s a lot to consider when deciding whether you can pay for a car along with your college expenses… With newer, pricier cars, monthly payments are likely to be your top ongoing expense, especially because those payments include more than just the cost of the car itself.
How much does the average college student spend per month?
Read on for the answers to such interesting and relevant questions. The average college student spends $16,500 on Rent throughout a 4-year degree. College students need to spend $1400-2100 monthly for the different expenses they incur. Eating out costs college students $4,000 per year. The average college student had five credit cards in 2019.
What percentage of your salary should you spend on a car?
This rule may only work if you need a car to literally get from Point A to Point B. The 36\% Rule: With this rule, your total loan payments shouldn’t take up more than 36\% of your salary. This includes your mortgage, car loan, personal loans, student loans, and minimum credit card payments.