Student budgets: The $3,000–$5,000 shock of moving away for school

New city, new school, new costs. Certified financial planner Ryan Lee said students leaving home for the first time should plan for three spending categories: fixed, variable, and one-time moving expenses.

The upfront tab is the one that catches most people off guard. Lee estimates moving to a new city and setting up a basic apartment – first and last month's rent, starter furniture, kitchen essentials – runs $3,000 to $5,000. A student moving to a colder region should add a few hundred dollars for winter gear like boots and a heavy coat.

Fixed costs pile up fast. Monthly rent and bills for internet, utilities, and a cellphone can total $10,000 to $20,000 a year, Lee said. Groceries are another recurring line item. Then comes variable spending – entertainment, eating out, personal items.

Commuting is the cost students forget, said Stefanie Ricchio, a certified professional accountant. "Do you need to buy a car?" she asked. "If you have a car, then it's the gas, it's maintenance, it's insurance that goes along with it." Students relying on public transit or ride-shares need to budget that too, she said.

The first few months in a new city are the hardest, said Laura Whiteland, a certified financial planner with Inclusive Financial Planning in Truro, N.S. Her advice: go slow on spending. Avoid big lifestyle purchases and get comfortable paying for the basics first – rent, groceries, a cellphone.