How to Save Money on Housing Tips for Students

How to Save Money on Housing Tips for Students

1. Dorm living can be very cost effective, but don't automatically assume it'll be cheaper to live in the dorms. Your school may require you to live on campus your freshman year, but after that, you may want to check out the costs of a shared apartment off campus. Don't forget to factor in all the costs, including rent, utilities, parking, and transportation. Also consider the up front cash outlay for security deposits, first and last months' rent, and utility deposits.
2. Get free housing and maybe even a free meal ticket by becoming a Resident Assistant or Residential Advisor (RA) during your junior and senior years. You'll play a leadership role in your dorm building and gain valuable experience in addition to the free ride. Only responsible students need apply.
3. To defray the costs of room and board, look into co-operative (co-op) housing, where a group of students (often with something in common such as an ethnic, religious, cultural, or other interests) share living quarters and prepare meals as a group. This type of housing is not only fun and educational; it can be cheaper than living on campus or in an off-campus apartment. You could save up to 50 percent on your housing costs.
4. Before choosing your campus housing, find out all of the alternatives and what each one costs. Don't assume that all on-campus housing costs the same. You may be able to save money by living in a smaller room or by living in a space that has three roommates instead of two.
5. If you live in an apartment or co-op off campus, your parents' homeowners insurance policy probably won't cover your stuff. If that's the case, you may want to buy renters insurance, which covers your possessions from damage by smoke, fire, water, and other perils, as well as theft or vandalism, and protects you from liability if someone sues you because they were hurt in your apartment.
6. Do your homework before deciding to move to an apartment off campus. There are more costs, and certainly more potential liabilities, than you may be aware of, so make your decision based on all the facts.
7. It doesn't sound as exciting as living in the dorms, but you can save a lot of money by living at home while attending college. If money is tight, consider living at home for the first year or two. When it comes time to start paying off your student loans, you'll be glad you did because your student loans will be tens of thousands of dollars less.
8. If you rent an apartment off campus, financial experts recommend that you pay no more than 25 to 30 percent of your income for rent. The only way to know how much you can afford is to do a budget before you commit to a lease.
9. If you decide you can save money by moving off campus, look for an apartment on your own or use free assistance provided by your college rather than using a realtor or apartment locator service. You'll save at least the equivalent of one month's rent, which is the fee most locator services charge. In some cities, you could save even more than a month's rent.
10. If you decide to try living off campus, investigate the costs thoroughly and make sure you know exactly what will be required of you. Read all the fine print in the lease to avoid unpleasant surprises later.
11. If you live off campus, you may be responsible for paying your own heating costs. Depending on what region of the country you live in, these costs could be substantial. Find ways to conserve energy to lower your heating bills.
12. Lots of energy is lost through glass windows and doors. If you don't have curtains on your windows, consider installing some energy-efficient window coverings. They'll help keep the space warmer in winter and cooler in summer, reducing your heating and cooling costs.
13. Don't heat areas you don't use everyday. Close registers in unused rooms and leave the doors to the unheated rooms closed.
14. Don't run the bathroom ventilation fan in the winter while you're taking a shower or using the bathroom. If you must use it, leave it on for as short a time as possible. A bathroom fan can suck all the heated air out of the average house in little more than an hour. With three or four roommates showering every day, the fan can significantly increase your heating costs.
15. Keep your thermostat set between sixty-four and sixty-eight degrees while you're home and between sixty and sixty-four degrees when you're not home. There's no sense in heating the house or apartment when nobody is there.
16. Don't turn the thermostat way up so the house or room will warm up faster. It doesn't work that way. Set it at the desired temperature, not above.
17. Open your blinds or curtains on the sunny side of the house in winter to take advantage of solar energy to help heat your living space. When the sun goes down, close the blinds or curtains to help retain the solar heat.