Rent
The first thing to consider when looking for off-campus housing is rent. Make sure to know how much you are able to spend before you begin house- hunting. Rent prices vary, but it’s important that you find a housing option that is both affordable and practical for your lifestyle.
Since many deposits are non-refundable, make sure you feel secure in your housing choice. Security deposits are important to honor, since it’s money lost if you damage a rental. In data collected by the College Board, a moderate 12-month budget for the 2014-15 school year was $23,010. Of that budget, 55 percent was used for housing costs — including utilities.
Groceries
Living off-campus usually means saying goodbye to meal plans. According to the College Board’s statistics, food costs accounted for 25 percent of a student’s housing budget.
The State News website followed an average student’s budget for a month. Monthly, the student surveyed spent $73.77 on groceries. Budgeting for groceries can be difficult, especially if you have roommates. Before planning a budget, it’s a good idea to have a discussion with your roommates about splitting food costs. There will be some basic food items that all of you will need such as milk, eggs, butter, etc. Once you have an agreement established, make a list of all of the food items you think you will need on a day-to-day basis. Keep in mind that wasted food is wasted money.
Don’t spend too much on snacks; rather, focus on buying things that you can use to prepare actual meals. Signing up for grocery store loyalty cards is an easy way to save some extra cash. Grocery shopping will become easier the more you do it, so if you are over- or under-buying aim to do better the next time. It’s also a good idea to keep receipts and compare how much is spent during each trip.
Utilities
An important question to ask while house-hunting is whether or not utilities are included in your rent payment. Keep in mind that if they are included, that could be a reason for a slightly higher rent. If utilities are not included, more monthly bills in addition to the rent will need to be paid.
It’s important that you aren’t late in paying your utility bills as to avoid fees. Communication with roommates is key to making the payment in time. Keeping the bill on the fridge with the due date circled or highlighted will help remind you of when the payment is due.
Try to be conscious of your use of essential utilities such as electricity. Don’t leave things plugged in or leave the lights on when you’re not home. If you have to pay for water, avoid extra long showers or baths. In the State news survey, the student spent $570 a month on rent and utilities.
Entertainment
Since Bloomington is a college town there are many opportunities for going out and entertainment. Going to bars on Kirkwood is a popular past-time, but sometimes a trip to the bars can be more harmful to your bank account than your liver. However, there are many alternatives for having fun that won’t leave your finances in disarray. Want to enjoy a movie? You don’t necessarily have to shell out $10 for a ticket. The Indiana Memorial Union offers a different movie every weekend for free with a student ID.
Since parking enforcement is strict in Bloomington, taking the bus is an alternative to driving. Going out to eat often is another activity that can sometimes drain your bank account. There are some apps that provide discounts and deals for restaurants, such as the Hooked app. Another app, Pocket Points, awards points to students who lock their phones during class. Students can then redeem their points for rewards in the form of free food or discounts.
The student in the State News survey spent $307 on going out per month. The number seems high considering the student spent much less on groceries. Although many students spend a lot of money on going out, saving money in this area will be more beneficial as it’s more important to cover living costs than spend money on going out.
Furniture
If your house or apartment is unfurnished, finding affordable furniture can sometimes be a challenge. If you are on a strict budget, reusing furniture is always a viable option. Ask family members if they have any extra furniture that you could use. Although it might be nice having perfect, new furniture in your college apartment or house is not always a realistic goal.
Thrift shops such as Goodwill or garage sales are good options for finding cheap furniture. Furnishing a shared living space can be tricky, but try to divide furniture costs as evenly as possible. Even though roommates might be sharing the items while living together, whoever purchased a piece of furniture should be the one to keep it unless it’s agreed otherwise.
Décor
Although decorating is not an absolute necessity, there are plenty of easy ways to make your house or apartment seem more like home. DIY projects are a great way to spruce up your living space. Craft stores such as Michael’s sell a variety of decorations and craft supplies, so get creative.
Make sure your decorations comply with your security deposit before you begin decorating. Decorations that require nails or that could cause damage to your house or apartment might not be a good idea if you’re hoping to get your deposit back. There’s no need to go overboard with decorating, just have fun with it and keep a small budget in mind.
