Where & How to Live on a Student Budget

Options for accommodation on a student budget usually include home, halls of residence, shared accommodation or living with relatives or home stay families. Halls of residence are often a preferred choice for first year students as they are secure, often provide social activities, offer the opportunity for students to share a room, spend time in common areas and meet other people and sometimes provide meals and laundry service. Hopefully you will already be able to cook and clean for yourself but this is definitely viewed as an advantage by many students in halls of residence. The cost to live on campus is often all inclusive so budgeting considerations are reduced. Halls of residence will have rules about smoking, drinking and socializing and so they are more restrictive than sharing accommodation with room-mates off campus.

Students who do decide to room with friends apart from campus will have the added freedom and independence but also the added responsibility of being solely and completely responsible for cleaning, budgeting and taking good care of themselves. Students who stay with relatives or home stay families will want to be particularly consciences about finding social opportunities within the school so they do not feel isolated but part of the school community. Students on a limited budget will have to decide carefully where their money is best spent. Creating and sticking to a budget is extremely important if you don’t want to find yourself in financial trouble.

Considerations when planning budgeted costs should include housing, and if the housing is off campus, food, power, telephone, internet and transport. In addition all students should budget for toiletries, cell phone, entertainment and snacks. Initial set-up costs may have to be factored in if they were borrowed or paid in instalments and these may include first and last months rent, course fees, insurance, furniture and clothing. Money should be set aside each week for future purchases which may include trips home, vacations, emergencies and special occasions or gifts.