subject: College Funds For Everyday Life [print this page] Though insurance should cover most of this category, there are always extra expenses that you will need to face. Budgeting this is important because though emergencies not always occur, you need to be prepared for them. On average, you should at least put aside $80 a month for this kind of expenses. The smart thing to do is to start with higher amounts, and lower them if you do not make use of the funds that much.