Look over this estimate. Help Me Out! Forum

[NorCalBruin]

This is what I've estimated for Cornell (should I choose to go there). Please help me adjust my estimations for COL. Tell me where I am grossly overestimating and underestimating. I know that I only I can decide how frugally or lavishly I live, but you know... think about what you would do and try and be reasonable. With what I have right now, it looks like


Tuition $51,150 (assuming sticker)
----------------------------------
Books $1,500
Rent $7,200 --$800 p/m (?)
Utilities $360 ----$40 p/m
Cable / Internet $270 ----$30 p/m
Apmt. Furn. $2,500 --I don't have any furniture so would need to but it
Car Insurance $1,800 --$200 month
Fuel $1,260 --$35 per week (1 tank of gas-ish)
Food $7,560 --$30 per day
Clothes $500 ---Need to buy winter clothes, have none
Miscellaneous $3,600 --For flat tires, random medical bills, weekend trips, etc.


Total C.O.L.: $26,550
+Tuition: $77,700

Cornell estimated total: $69,750
Difference: $7,950 --money I assume I would have to take from savings

Other notes: Parents are paying for my health insurance and for my phone bill, at least for this first year. I realize the car insurance is high, and I'm probably going to change policies.

[YankeesFan]

There is no way you will need to spend 30 a day on food unless you eat all your meals out.

[ran12]

Yea food estimate is on the high side and utilities and cable/internet are on the low side. Gas estimate is on the high side too but then again you might just like to drive a lot.

[NorCalBruin]

Thanks so far!

Thoughts on rent?

[Kilpatrick]

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[NorCalBruin]

Food estimate is way to high. I spend about 60 per week shopping for two people. Also your winter clothes budget is pretty high. I had no winter clothes when I moved from ca to il. I spent about 20 bucks on a jacket and I've been making through the winter just fine

Interesting. Everyone just keeps telling me it's f*cking miserably cold. I have a decent jacket, and a snowboarding jacket, but I figured I ought get like a nice jacket that goes down below the knees.

[CanadianWolf]

Food estimate may be high or low depending upon your choice of beverage & cut of meat.

[YankeesFan]

Your msc. costs are high too. Its always good to have money in the bank unless you need to borrow that money to put it there. I would imagine 1500-2000 would be appropriate to have and if dire emergency situations come up than you reevaluate how much you need to borrow.

[blerg]

I'm not sure what rent is in Ithaca or if you're looking to live alone, but it seems high to me. I pay $560 in Boston.

Food is high as well.

[NorCalBruin]

I'm looking to live with a roomate / roomates.

[stintez]

209250 on the low end and 233100 on the high end god damn

[sidhesadie]

What are you including in utilities and how many roommates do you expect to have?

Heating in cold climates in the winter can cost WAY more than people who aren't used to it expect, if that's not included in your rent.
The mean February temp in Ithaca is 23 degrees. That's pretty cold. If you don't have boots, you probably need some. $500 is probably more than you need to spend though. Your food seems really high, I spend $4000 a year and I have a kid. But then again I'm poor and used to budgeting, lol.
I think your gas is high, where are you thinking you're going to blow a tank a week of gas going to from Ithaca?
So I think you're over on enough other categories that you'll be ok(regarding the heat in reference to overall budget.)

[gov]

What are you including in utilities and how many roommates do you expect to have?

Heating in cold climates in the winter can cost WAY more than people who aren't used to it expect, if that's not included in your rent.
The mean February temp in Ithaca is 23 degrees. That's pretty cold. If you don't have boots, you probably need some. $500 is probably more than you need to spend though. Your food seems really high, I spend $4000 a year and I have a kid. But then again I'm poor and used to budgeting, lol.
I think your gas is high, where are you thinking you're going to blow a tank a week of gas going to from Ithaca?
So I think you're over on enough other categories that you'll be ok(regarding the heat in reference to overall budget.)

+1 I live in Tallahassee, and our utility bill (gas+electric) is at least $110. We don't use the heat though [at it gets down to about 20]...so you may want to consider budgeting a little more.

[NorCalBruin]

Ok, this is my new estimate (for Ithaca/Cornell):

Tuition $51,150
Books $1,500 $750.00 Persemester
Rent $6,300 $700 per month for 9 months.
Utilities $540 $60.00 per month for 9 months. (Electric / Gas / Water)
Cable / Internet $315 $35.00 per month for 9 months.
Apmt. Furn. $2,500 $2,500 Bed, Dresser, Table, Basics
Car Insurance $1,800 $200.000 per month for 9 months.
Fuel $900 $25.00 per week for 36 weeks. (3/4 tank)
Food $6,300 $25.00 per day for 9 months.
Clothes $400 $400 for winter clothes, have none
Miscellaneous $2,700 $75.00 per week for 36 weeks (for random stuff, emergencies, doctor's visit, etc)

Reduced rent, clothes, fuel, miscellaneous and food to be more realistic. Increased utilities for heating during winter, which is always apparently. Food may seem high, but im a snacker and I also always drink nice beer and wine, and doubt I'm going to change soon.

Any thoughts? Everyone has been a great help so far.

[NonTradHealthLaw]

Interesting. Everyone just keeps telling me it's f*cking miserably cold. I have a decent jacket, and a snowboarding jacket, but I figured I ought get like a nice jacket that goes down below the knees.

Layer, layer, layer, and borrow from a friend if you need ski gear. No reason you need a jacket that goes below the knees; only pertinent if you're tying a concrete block to someone's feet and throwing them in the Finger Lakes in the dead of winter. Better to invest in a good pair of boots.

[TommyK]

Rent still seems high. I don't know a ton about the Ithaca market, but if you're planning on having a roommate, you shouldn't be spending $700/month on rent.

Food is still 2x as high as it should be. You realize you're not going to be eating out every day, right? You can pack lunches, eat dinners at home for $5-10/day

Also, how far are you living from campus? 3/4 of a tank sounds ridiculously high. You won't be driving much your first year unless you live far away from campus.

Utilities is low, unless you're living with roommates.

Clothes is still high.

Is this really the point in your life you want to spend $2,500 on furniture? Live like a student, not a lawyer.

[CanadianWolf]

Food is reasonable as your costs will fluctuate, but utilities are too low.

[NorCalBruin]

Are utilities low, assuming that I would have a roomate or roomates?

[CanadianWolf]

Yes. Most landlords will supply typical utility costs if asked.

[TommyK]

Are utilities low, assuming that I would have a roomate or roomates?

Depends on the size of the place, the insulation. When you're looking for a place, ask what utilities usually run in the dead of the winter.

[TommyK]

Food is reasonable as your costs will fluctuate, but utilities are too low.

Depends on how much you cook. If you're eating out every single lunch, maybe this is reasonable, but $25 seems way too high to me.

[NorCalBruin]

I guess I was factoring in drinks into food. I realize law school ain't no party, but 3-5 drinks at a bar a couple nights a week will add up too.

[Geist13]

Those utilities are super low. Bear in mind that you're going to be in Ithaca, which means you'll likely have your heat blasting all winter, for months on end. If you haven't lived in a winter climate before, you'd be astounded how much heat can cost. BTW when looking for a place, try to find some place with gas heat, it will cost less than electric.

[NorCalBruin]

$80 a month? How does that sound? Given that I would be sharing the cost with a roommate or two?

[dresden doll]

Food estimate is way to high. I spend about 60 per week shopping for two people. Also your winter clothes budget is pretty high. I had no winter clothes when I moved from ca to il. I spent about 20 bucks on a jacket and I've been making through the winter just fine

You manage to feed yourself and another person on 60 bucks per week?

Please, share your secrets.

As for OP, I don't know about rent. I actually hear that Ithaca isn't all that cheap, and it's not uncommon for my classmates with roommates to spend close to 700 on rent (and they all live in Hyde Park which is supposedly low-cost).

The food estimate is definitely too high, however. I personally suck at keeping that particular figure low - mostly because I do not cook - and I still manage to keep it around/under 15 dollars a day.