So Columbia will provide you on campus housing that ranges from ~800 (small room with roommate, no kitchen) to ~1100 (I-house) which is pretty cheap for the area. You could possibly do better but you'd have to really hunt and maybe be away from the upper west side which is a hassle. Most everyone stays in the cu housing, at least for the first year or so. After that food is my next biggest expense, I spend ~15$ a day on food and ~60a week on groceries which works out nicely for me. 15$ is essentially I go out for lunch, and I buy coffee and snacks through out the day; breakfast and dinner I cook myself. At the end of the first semester I pocketed a good amount of money so I could have spent more aggressively if I wanted. Conceivably you have enough that you could get away with never cooking as long as you didn't eat at really fancy places.
tl;dr: Money is fine, no one has any issues. You have enough that you could go out on the town every so often but not enough to do it every night.