Budgets serve as a helpful tool when it comes to knowing where your money is going and help you from spending beyond your means. Student budgets are unique because you must account for expenses such as tuition and textbooks, and your “income” may come from a number of sources including your financial aid offers, part-time job wages, and parental contributions.
UW Student budgets
Cost of attendance for students depends on what campus you are enrolled at, whether you are an undergraduate or graduate student, state residency, your living arrangements, and more. You may see the estimated cost of attendance for each campus by clicking on the links above, or use the Net Price Calculator tool for undergraduates.
Calculating costs vs. funds
A simple budget compares your expenses to your available funds from sources like income, financial aid awards, and parent contribution. This worksheet allows you to track your direct and indirect costs in comparison to your financial aid award. Direct costs are paid when your financial aid is disbursed. If you have financial aid award money left over, you will receive a reimbursement via direct deposit or a check. This reimbursement is intended to be used to pay for your indirect costs.
Budgeting your money
Many students receive funds directly to their bank account each quarter after their tuition and fees are paid. Other students may earn an income through employment while attending school. It is important that students prepare a budget for this money, as it often needs to last the entire quarter and be spent wisely.
Wants vs. needs
Defining what costs are needs (i.e. housing/rent, food, tuition payment) and what are wants (i.e. clothes, vacations, entertainment) can help you prioritize your spending. If you find yourself going over budget and coming up short, take a look at your purchases and decide where you may be able to cut back.
Housing
On-campus
Bothell
On the Bothell campus, there are three options and price points for students who live on campus.
The rates and room types, and information on billing, can be found here. As with most rates, it is less expensive if you choose to live with one or more roommates on campus. When choosing housing, you should take into account how much you want to spend on housing and then match your housing choice with the room type that best fits your financial situation.
Seattle
If you live in Seattle in campus housing provided by Housing & Food Services, you will have many options for housing, all with varying costs. To view the current HFS housing rates, click here. When choosing housing, you should take into account how much you want to spend and then match your choice with the location and arrangement that best fits your financial situation. For example, choosing a double room in Haggett Hall can save you almost $5000 compared to a studio in Alder Hall.
As an on-campus housing resident, you may opt into having your housing bill paid directly by your financial aid award. To do this, you may choose this option when filling out your housing application, or emailing hfsinfo@uw.edu. If you choose not to do this, you will need to pay your HFS bill every quarter online using the HFS billing portal with funds that come from your bank account.
Tacoma
Tacoma students who choose to live on campus may select from a variety of living arrangements. The room rates and types can be explored here. As with most rates, it is less expensive if you choose to live with one or more roommates on campus. When choosing housing, you should take into account how much you want to spend on housing and then match your housing choice with the room type that best fits your financial situation.
Off-campus
If you live off-campus and pay for an apartment, rental, or other housing arrangement, you will need to calculate the approximate cost of rent and utilities for one quarter, or 3 months. This is the minimum amount of money you should set aside or plan to have saved so that you have stable housing throughout the quarter. Check out more money saving tips on Saving for a rainy day.
Dining plans & food
Seattle-campus students who live in select residence halls are required to have a dining plan. There are 6 different levels of plans to choose from. Keep in mind that the cost will increase the higher the plan you pick. This cost should be accounted for in your budget. HFS Dining Level Guide
For those students who do not have a dining plan, or have a dining plan but eat off-campus occasionally, a budget for food and meals is very important. While eating out at restaurants is convenient and tasty, it can also be costly. To save money, buy groceries and cook your own meals. For more money saving tips, visit the Saving for a rainy day page.
Transportation
There are a few aspects of transportation to consider, including having a car, using public transportation, and bigger expenses like traveling home during the quarter breaks.
Calculate the cost of having a car while in school and decide whether you need a car or if you could get by without one. You may need to make monthly car payments, plus insurance, gas, a parking pass, and potential parking tickets. To save money, you may consider using car-sharing programs or ride sharing programs if you only need a car now and then.
Find more money saving advice on the Saving for a rainy day page.