Budgeting for what you want versus what you need is tricky. The only things you really need are food, clothing, and shelter. If you’ve brought enough weather-appropriate clothing with you and if your dorm and meal plan are paid for in advance, then you shouldn’t need a dime, right?

Oh, if only that were true! For starters, you’ll have to stock up on essentials, like school supplies. And you’ll need a budget for personal expenses as well.

It’s important to distinguish between needs and wants. When you’re contemplating buying something, ask yourself if you really need it. Then ask yourself if you can get it cheaper somewhere else, like online. When using the phone, ask yourself if you need to call someone at peak hours, or if the call can wait till later.

Below, we’ll summarize some of the expenses you’re likely to incur during your first year. There are two types of expenses you’ll need to budget for: educational and personal. While our lists aren’t exhaustive, they’ll definitely get you thinking about what you’ll need to survive college.

Educational expenses include school supplies, computer accessories, and books, which will be your biggest expense in this category.

Top Student Expenses
• Computer. Most students bring a computer with them from home. Don’t sweat it if you can’t: the computer labs on campus should be open 24/7 (or at least late into the night). If you’re buying a new computer, consider getting a laptop, which will run you anywhere from $600 to $3,000. Some computer companies give educational discounts to students.
• Printer. This purchase falls somewhere in between the want and need categories, because you can burn your files onto a CD or e-mail them to yourself and then print them in the computer lab. But should you want to buy a printer, add $70 to $300 to your budget. Add another $70 to $150 for extra ink cartridges.
• Books. You’ll end up spending $500 to $750 a year on books, depending on how many used books you can acquire.
• Writing supplies. You’ll need about $50 for pens, highlighters, pencils, and so on.
• Paper. Add $75 for paper, notebooks, etc.
• Backpack. Depending on how fancy you want to get, add $30 to $150 for a backpack or messenger bag.
• Calculator. Add $5 to $50, depending on what kind of calculator you need.
• PDA. You don’t need one, but they’re great to have and make life a lot easier. Add $99 to $600 to your budget. If you don’t get a PDA, a cheap pocket calendar will do.
• Miscellaneous supplies. This category includes portfolios, files, folders, binders, computer software, and just about anything else you can think of. Add about $250 to $400.
• mp3 player. OK, you don’t need one for college, but you can buy a handy recorder attachment that makes taking notes and recording ideas very convenient. You can also download books and listen to them on the fly. How’s that for making the most of your time? Add $200 to $400.

You can’t get out of many of these expenses, but you can shop wisely by waiting for sales, looking for bargains, and buying used items. Online auction sites are great for finding stuff on the cheap.

Personal expenses vary depending on the type of person you are. The neat-freak is going to spend more on doing laundry than the average student. Do you sneeze your way through the spring and fall? You might have to pay for allergy meds.

Top Personal Expenses
• Laundry. You need to do your laundry. You might be tempted to send out your laundry, but doing your own laundry saves a lot of money. Even so, factor in about $25 a month.
• Medical. You’ll be assessed a fee every time you visit the doctor or health clinic. If you take medication, prescriptions will also cost you a fair sum. Medical expenses are difficult to calculate—some students never get sick, while others are in and out of the doctor’s office all winter long—so expect to spend anywhere from $50 to $500 a year.
• Clubs and organizations. Plan on joining a fraternity/sorority or a campus club? Every group on campus will have dues and fees, ranging from $25 to $400.
• Food. This is the one area where students often go over budget, so you might as well account for extra costs in your official budget. Even with a meal plan, if you buy one additional beverage a day, along with a bag of chips, a candy, or a protein bar, and split a pizza once a week, you’ve easily hit $50. There are also birthday dinner parties, roommate dinners, and food expenditures at movies, concerts, and sporting events. A conservative amount to budget would be $1,000.
• Travel. Want to go camping for the weekend? You’ll need some extra cash for that, and other, trips. Traveling home generally isn’t an option—you’ll need to do that. Fortunately, most students can get their folks to pay, or at least pitch in. Depending on where you live, budget $250 to $1,000.
• Music. You’ll discover new music while at college, and you’ll definitely want to buy CDs and go to concerts. Add another $300 to your budget. Borrow music from your friends whenever possible, and you’ll easily knock this figure down.
• Duds. At some point your hole-riddled wool sweater will become unwearable. You’ll need new clothes now and again, so budget a modest $250.
• Hygiene: Personal hygiene products can be pricey, especially if you’re a fan of expensive shampoos and lotions. You need deodorant; you want $50 hair conditioner. You’ll spend no less than $500 on these types of products.
• Transportation. If you bring a car to campus, consider fuel, repairs, and insurance, which will run you as much as $2,000. If you don’t have wheels, factor in public transportation costs. In a big city like New York, that can add up to $600 a year.
• Entertainment. You’ll want to keep an entertainment fund for movies, movie rentals, concerts, bowling, etc. There are many free events on campus; go to these as often as possible, and you’ll hopefully keep your costs down to $500.

About a week to ten days after your college receives your loan funds (called disbursement) and subtracts what they need for tuition and fees, you should get a refund check—but not in your first semester. First-time loan borrowers of federal funds have to wait thirty days for the loan to be disbursed. So, it’s a good idea to come to college with at least $400 in the bank (or more, if possible) while you’re waiting for your loan to be processed. Students usually spend more money at the beginning of the semester, so you’ll want a cushion to make it through September.

If you’ve earned a scholarship, the money is generally paid directly to the college, just like your loan money. The school deducts what it needs, then gives you the rest. If your scholarship requires you to meet certain requirements, such as keeping your grades up, then you’d better work hard. If your GPA slips because of difficulties at home, personal issues, or because you’ve gotten in over your head with difficult courses, see your advisor. There may be a way to hang on to that free money.

Start doing some research on the banks in the town. You’ll find all the details you need on opening a new account on their websites. Some larger colleges offer their students accounts in their own credit union, generally where most of the school employees belong. In college towns, banks will offer special deals to students.

Here are a few things to remember when looking for the right bank:

• Low costs. Get the account with the lowest transaction fees. Banks charge for everything from cashing checks to ATM withdrawals. Also, look for a no-cost or low-cost account that won’t hit you with big fees just for opening and maintaining an account; a few bucks a month adds up.
• No transaction limits. Find an account that allows you to have plenty of free transactions per month. Figure out how many checks you’ll write per month and how many times you’ll access the ATM. Then add four transactions (one per week), just to be safe. If you can get this many transactions for free, you’ll be fine.
• Low or no minimum balance. Some banks offer great deals on accounts if you keep a certain balance, but this amount will invariably be too high for you to maintain. Find a bank that allows you to have a low minimum balance without added fees. Student accounts often don’t force you to maintain a certain balance.
• Overdraft protection. An overdraft is the amount of money a bank will loan you when you cash a check, use a debit card, or have an automatic payment charged against an account that has too little money in it to cover the withdrawal. For example, if you have $150 in your account and you write a check for $175, you want a bank that won’t bounce the check (have it returned with insufficient funds), but will instead lend you the $25 needed to let the check cash. Banks offer overdraft protection for a low annual fee, and some offer it for free if you carry a certain balance.
• Accessible ATMs. Choose a bank that has a lot of ATM machines on or close to campus. Fees for taking money out of ATMs not affiliated with your bank can add up to a lot of money.
• Direct deposit. Your account should have a direct deposit option so that your parents or employers can put money into your account without having to give you a check. Ideally, this option should be free.
• Debit card. A debit card looks like a credit card and functions like one too, but the money comes directly out of your account, and you can use it at an ATM as well. Think of a debit card as a “check card”: using one is like writing a virtual check.
• Online banking. Choose a bank that allows you to manage your account and bills online. This will make life a lot easier.
• Interest. If you can get an interest-bearing account that also meets all of the above requirements, more power to you. It’s unlikely that you’ll find one, and if you do, the interest will be low. Don’t let interest be a big deciding factor.
• Gifts. OK, gifts are the last thing you should consider, but all things being equal, go with the bank that gives you a gift for opening your account. Cell phones, money vouchers, and other gifts are tempting. Just don’t let these gifts sway you into opening a bank account that doesn’t suit your needs.

If you live on campus, you’re not going to have any utility bills, though you will be charged for long-distance phone calls. If you have a cell phone, you’ll have to deal with that bill as well, unless your parents have offered to pay it for the time being.

If you’re living off campus you will have many bills: rent, electricity, phone, water, and gas, to name a few. If you have roommates, don’t put all the bills under one name. If they’re all in your name, you may have to go hounding your roommates for the money, and you’ll have to pay the bill anyway, even if they don’t have the cash. If you don’t pay, you can ruin your credit, even if it’s not your fault that your roommates are bums. Share the burden.

The financial aid office or student affairs office will often loan you some cash in an emergency. These loans are generally short-term, small ($200–$500), and won’t accrue any interest. The college will consider loaning you emergency funds for educational supplies, medical expenses, and traveling home for an urgent situation. These funds generally need to be paid back by the end of the semester.

Maybe you have a nice little allowance and your part-time job is paying enough to pad your bank account. Great! Now try to save some of that cash. There will be something you’ll need or want in the future, and you’ll be glad to have some cash stashed away. Emergencies crop up as well, and it’s nice to be financially flexible at those times. The best way to save is to not spend in the first place. There are no real tricks to saving: just refrain from buying things and wasting money.

When you use a credit card, a company (usually a bank) is giving you a loan based on your promise to repay the money. For this convenient service, they charge you interest on all of your purchases—this is how they make money. Each month, you have to pay a minimum balance on your credit card. The longer you take to pay back the remaining balance, the more interest you accrue. When you don’t pay back what you’ve spent, you lose your credit standing, and it takes a long time to get back.

You’ll find booths all over campus trying to get you to apply for credit cards. They’ll even give you a free T-shirt or Frisbee if you fill out the form. Only apply for credit cards if you really think you can be responsible with them. They’re not free money! You have to pay back every cent you charge, including interest. Yes, they are convenient, but they’re not to be confused with actual money.

Having a credit card and taking out student loans in your name are a great way to build credit, as long as you don’t default on them. Using a credit card every once in awhile and then paying off the balance each month shows future creditors that you’re a good credit risk. Having good credit is crucial, and affords you a measure of fiscal security that you’re going to appreciate later when you want to buy a car or a home.

Unless your parents are sending you a hefty allowance, you’re going to need some pocket cash. Getting a part-time job is the way to go. Part-time jobs for college students aren’t all that difficult to find. They don’t pay a ton, but they’re better than being broke, and if you can find work in a food joint, then some of your meals will be covered too. You’ll be able to find a job even if you don’t have any job experience. Ideally, you’ll only work fifteen to twenty hours a week. Any more than that and you risk sacrificing your GPA.

Financial aid packages often include money through the Federal Work-Study program. The federal government gives schools money that they can use to employ students on campus. Colleges love this program, because it’s free labor for them. The jobs tend to be menial, and often pay minimum wage. There are some good ones to be had, however, and unlike part-time jobs, your pay from work-study jobs is not reported as income, so it’s not taxable. Plus, your employer tends to be more flexible than a regular employer and you get to work with other students, faculty, and staff on campus. Those connections can lead to bigger, better things.

Working on campus is convenient, though it doesn’t pay much and the work is often menial. At certain times of the year, like during registration, your school may need extra hands and will hire students on a temporary basis. Schools often need students to work at events on campus. These jobs aren’t always advertised, so ask your RA, your professors, or other campus employees if they know of any job opportunities.

If you’re at a large research university with lots of graduate students, consider being a guinea pig for some of their experiments. Labs will pay well over minimum wage to conduct research on you. The psychology department is a great place to start. If you’re in a large town, check the local newspaper for institutes looking for human guinea pigs. Some of these gigs pay over $1,000 for little effort on your part.

An internship is a low-paying job that offers you college credit in exchange for “real world” experience. Generally, the internship you want will be in a field that you’re interested in pursuing. Because you’re a first-year student and you might not be sure what your major will be, you have the benefit of choosing something that simply sounds interesting. First years may not be offered internships during the regular academic year, but summer internships after your first year are common.

Since we’re talking about money here, we have to mention that some internships don’t pay a thing. Nada. Zilch. But you do get college credit. So, you have to check your bank account and ask yourself whether you would benefit most from a part-time job or an unpaid internship.

If you work, you’re going to pay taxes. You don’t have to worry too much about this, because your employer will be taking money out of your paycheck automatically. Most colleges have accounting departments that help students with their taxes. If you haven’t made a lot of money, you’ll probably get a full tax refund.

You have until April 15 each year to file last year’s tax return. Do it as early as possible after January 1. You can even file online. This is great practice, because as the years go by your taxes will become more complicated.