What's making your wallet skinny?

The best way to combat scary student loans and approach the graduate life with success is proper budgeting now.

According to the Institute for College Access and Success, the average United States student graduates with $27,000 in debt. Also, 63 percent of Indiana students are estimated to graduate with student loan debt.

It sounds like you’ll need every bit of help you can find.

Based on the experiences and expenses of this ready-to-graduate senior, I have a few tips on how to budget your rent, utility and grocery money to graduate like a fiscal expert.

Housing and rent
This is the big one. Thrifty students living in a large house can pay as little as $300 per month if the rent is split, but introverts who need privacy often have to bite the bullet for $600 for only one bedroom. Luxury apartments can be even pricier ($700+).
Most students pay about $500/month to call Bloomington home, but additional costs, such as city parking passes ($25), can add up.

Utilities
Utilities are the silent killer of a student’s budget. Costs like electricity and heat are given needs, but they’re not appreciated as much until the dead of winter, when it’s often hard to resist cranking the thermostat.
Utility bills vary widely on use, but the following are relative averages:

Heat
Can be as little as $1 a month, can be as egregious as $200/month. Regulate yourself wisely. (Yearly average: $35/month)

Electricity
Same goes. Turn off the lights before you leave and notice a big difference in your wallet. (Yearly average: $20/month)

Internet
Many providers like AT&T and Comcast offer low internet rates of $25/month, but the prices tend to skyrocket after the first year. Be wary of this change to avoid a higher rate. (Yearly average: $30/month)

Trash and water
Most apartment complexes will take care of this for students, but it’s literally a cheap trick. Trash-bag stickers for the City of Bloomington are $2 each, and unless you’re taking hour-long showers, most water bills will be $15/resident. (Yearly average: $21/month)

Phone
If you’re a college student with a landline phone, you’re insane. However, almost every IU student carries a phone (ask your professors for proof). Popular alternatives are “unlimited plans,” which can now be found for as cheap as $30/month. (Yearly average: $50/month)

Groceries
Oh, Lord, do students love to eat. Savvy students can thrive on economic grocery purchases at $20/week, but those who enjoy food with fervor or special snacks will need a more expensive purchase. Don’t forget about alcohol. (Yearly average: $80-$200/month)

Insurance
Many IU students do need to cover their own insurances. Rates are as subjective as your driving history and current health record, so this section gets a handy-dandy asterisk. Stay healthy, kids. (Yearly average: $100/month*)

Coffee
Aw, yes! The lifeblood of any studious Hoosier is a cup of brew. It’s cheaper to invest in a simple coffee maker and to-go cups ($6/year), but the majority of us will inevitably purchase hundreds of cups around town each year.
And some of us prefer expensive lattes to simple coffees. Say the average person drinks 100 cups of coffee per year, at $2.50 per cup, and that’s $250 per year. Woof. (Yearly average: $20-$30/month, merely $5/month if brewed at home)
 But some people manage to get a skinny, super-mocha, low-fat, mixed-whip something every day for $5 or more.

Extras
Here’s where it all adds up. Maybe you want to see those beloved Hoosier basketball games ($270/season tickets). Maybe you want to ride around town on a fresh bicycle ($100-$450+).
And some of you will choose to purchase books each semester ($200 average). A reasonable budgeting effort is to spend no more than $150/month on fancy new things ($5/day).