Budgeting for Student Apartments: Managing Rent and Utilities at UIUC

Living off campus is a huge step in college life that helps you gain independence and financial responsibility. Managing rent, utilities, and a newfound lease can be more than you imagined! Staying on top of finances while enjoying your college experience can be hard, but not impossible. With a few simple tips, budgeting for your rent and bills can be easier than ever. 

Understanding the Cost of Living

Before you’re able to set a budget, it’s helpful to understand the cost of living in your area. Luckily for college students, living in a college town can be cheaper than living in a suburb or city. Apartment prices can depend on size, location, and amenities, and if you are on a strict budget, it’s helpful to break down what your monthly expenses might look like. 

Housing Rental Cost

 Apartments that are closer to campus can range anywhere from $600-1200 a month for a one-bedroom, depending on how updated and modern they are. If you are okay with living in the suburbs or farther out, there are lower-cost apartments that can fit in your budget. Rent will go down more and more the more roommates you add to the equation. 

Utilities Cost

These can vary depending on usage but usually can include paying for electricity, gas, water, internet, and more. These can fluctuate but are usually around $100-200 a month, which can be easily split with roommates if you decide to have any. 

Setting a Budget

Experts recommend spending no more than 30% of your income on housing and utilities. For example, if you work part-time or receive financial aid for schooling you might have to calculate what 30% of your monthly income is to set a budget for rent. You also need to factor outside costs into your budget, such as groceries, renters insurance, furniture, and more. 

Finding Affordable Housing

There are several ways to make housing more affordable at UIUC – 

Roommates: An easy way to make apartments more affordable is to consider getting roommates. Splitting the rent and utilities between more people can lower your cost of living. But make sure you choose carefully! Utilize school resources and social media to find the best people to live with. It will help your social life and your budget.

Simple Amenities: Forgo luxury for basic living. When you’re in college, you can lean on the resources your school provides, like access to gyms, pools, cafeteria,s etc. These can save you money each month and keep you active and involved. 

Managing Utility Costs

Energy Efficiency

 Turning off lights and unplugging appliances when not in use is a great way to save money. You can even invest in low-energy lightbulbs and other cost-saving measures. 

Temperature Control

One of the things that runs your utility bill the highest is constantly adjusting the thermostat. Keeping your AC at a warmer temperature in the summer and a cooler temperature in the winter can ensure that your energy bill doesn’t get out of control. But don’t freeze; make sure you are comfortable and happy in your home. 

Water Conservation

 Taking short showers, fixing leaks, and avoiding running your faucet too long are all easy measures you can take to save money. It may just be a few dollars here and there, but it adds up!

Internet

 If possible, share wifi with neighbors or roommates to lower costs. Calling every few months to see if they offer discounts can be another way to keep costs down while still having everything you need. 

Build Emergency Fund

Unexpected expenses are likely to arise, and having a well-built emergency fund can ensure you are not out of luck when something does happen. These issues can strain your budget but can be easier with an emergency fund. Save up until you have at least 2 months’ rent and utilities saved. Start with $10-20 a week and see how it grows!

Leverage Student and Local Resources

Financial Aid: Some scholarships and grants can be applied towards housing and utilities. Make sure when you’re enrolled in school that you can use your loans to take some of the burden off paying rent and utilities, working, and learning all at the same time. 

Off-Campus Housing: Usually cheaper than the dorms, off-campus housing offers various ways to save money. You can cook at home instead of buying a meal plan and control how much energy you use. 

Budgeting for an apartment can be a new financial feat and responsibility. But with discipline, planning, and resourcefulness, you will be able to set a realistic budget and live a full life as a college student. With these budgeting tips and strategies in place, you can enjoy the independence of off-campus living without the financial stress.