Tips on How to Manage Rent as a Student

Moving into your first apartment away from your parents and college campus may seem like the adventure of a lifetime, but if you can’t manage your expenses well, it can quickly turn into a mess. Below are a few tips to help you handle your expenses and even make some extra money to cover rent.

Set Realistic Expectations

Sure, renting a gorgeous two-floor apartment in this new building near your campus might sound tempting, but are you sure you can afford it? As rent is going to be the largest monthly expense, make sure you set clear price scores that you can afford. The classic rule says you should spend no more than 30% of your income on rent, but if you work a part-time job, the percentage can often turn out to be much higher. Visit apartments that are within your price range and settle for the one that offers the most advantages within that price range. Often your first house may not be as fancy as you expect, but you have to start somewhere, right?

Consider Getting a Roommate

Sometimes, things can get a little easier when the bills are split in two. Getting a roommate might help both of you save a little bit more money and manage expenses much better. Moving in with your best friend can seem like the best idea, but there are some things you need to consider, when choosing a roommate. Make sure both of you have a reliable source of income to afford monthly bills. Are your schedule and lifestyle at least similar? It can be hard to study when your roommate only wants to party and have friends over, so make sure you set boundaries and your lifestyles can go well together.

Find Ways to Secure Some Extra Income

When you’re a student, a part-time job might be the only option you have to earn money. But times have changed and there are a few ways to earn some extra money just by going to classes. If you are excelling at a certain subject, consider tutoring. You can end up making about $15-$20 an hour, depending on the subject and can also turn out to be a good way to revise your knowledge. Another option is sharing your notes on the internet, for students who have trouble attending classes. I am sure you remember that one time you had to miss class and struggled to get a hold of those chemistry notes of Professor Claire Filloux. You can end up making quite some money from this, all by attending class and taking notes.

Keep Track of Your Spending Habits

Create a budget and stick to it, by writing down your income and monthly expenses. There are multiple ways to do that. You can either write everything down into a budget planner or find out an app that suits your needs. The internet is filled with budgeting tips and budget planer templates to choose from. The most basic way is to divide a page into two columns: one for income and the other for expenses. At the end of the month, do the math and write down the amount you’re left with. If the number is negative, you might want to cut down on some unnecessary expenses.