Budgeting

Rent isn't the only cost you have to consider when living off campus. Perhaps the most significant factor that contributes into where you live has to do with what you can afford.

The smartest way to approach determining this would be to make a budget outlining all of your expenses and income. For assistance with creating a budget, there are many useful free online tools and apps you can use, or scroll down to download a sample student budget.

Once you have created a budget, you should have a general idea of how much you can spend on housing. Make sure you include all “hidden” costs that are not apparent. Living in an apartment or house can cost more than just the “rent”.

Make sure to factor in recurring costs such as: 

  • Heating/cooling
  • Electricity
  • Water
  • Cable
  • Internet
  • Parking
  • Trash
  • General repairs/upkeep
  • Snow removal
  • Groceries/supplies
  • Laundry
  •  Renters insurance 

While some of these costs may not be applicable to you or are covered by a landlord, they need to be factored in to any housing decisions that you will make. 

If moving to a new location, there may also be some upfront costs associated with your move that need to be calculated into your budget.

These costs include things like: 

  • Moving truck
  • Furniture 
  • Security deposits
  • Realtor fees 
  • First and last month rent
  • Keys

Rental rates fluctuate based on market conditions, location, climate, and many other factors. Knowing what you can afford to spend can greatly influence where you end up living. 

Sample Student Budget

(Click to enlarge/download)

INCOME One-Time Monthly • Scholarships • Grants • Monetary Gifts • Personal Savings • Loans • Other • Paycheck • Allowance • Stipend • Other Subtotal: Monthly Income $ x number of months $ Subtotal: One-Time $ Subtotal: Monthly $ Total Income: $ EXPENSES One-Time Monthly School-Related: • Tuition • Fees • Books & Supplies • Meal Plan (optional) • Univ. Parking Permit Housing-Related: • Security Deposit • Move-In Fees • Utility Deposits/Installation » Electric » Water/Sewer » Gas » Cable/Internet • Renter’s Insurance • Furnishings Other: • • • Housing: • Rent • Electric/Gas • Cable/Internet • Water/Sewer/Trash Insurance: • Health Insurance • Vehicle Insurance Transportation: • Gasoline • Vehicle Maintenance • Parking/Public Transit Household: • Cell Phone • Food/Groceries • Toiletries • Laundry Recreation: • Eating Out • Entertainment • Travel Financial Commitments: • Credit Card Payments • Car Payment • Loan Payment • Membership Dues • Gifts(birthdays, etc.) • Savings Other: • Subtotal: Monthly Income x number of months Subtotal: One-Time $ Subtotal: Monthly $ Total Expenses: $ 054-20 STUDENT BUDGET What is your budget? Before you start searching for off-campus housing, you need to evaluate how much you can afford to spend on housing and related expenses. A great first step is filling out a budget worksheet. Keep in mind which items are fixed costs (must haves you cannot change) and which costs are discretionary (you can change how much you spend). + = $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ + = TOTAL Income – Expenses (Don’t forget, expenses can’t be more than your income, so cut back on discretionary items as needed to balance your budget.) $