For many new students, living on their own is something they look forward to.
Adjusting to the process of managing their own money, though, can be a challenge.
Not only do they have to attend school full-time, but they also have to work part-time to support their studies.
One of the most important budgeting constraints students must determine is how much they are willing to spend on rent.
When determining their budget, all aspects of spending have to be considered such as their budget for other personal effects.
Very common regular expenditures include grocery expenses, phone bills, cost of doing laundry, internet fees, and vehicle maintenance.
Then there are the costs related to setting up the apartment or house they are renting.
Students also have to deal with the costs when things, or even themselves, break down.
Vehicle repairs, computer repairs, cost due to illness - these don't probably occur very often, but when they do, it would help if there is money to spend.
In general, students should keep their rent expense to around 25% of their total budget.
In other words, if the budget is around $2,500/month, then a $625/rent is achievable provided that all the utility costs (water, gas, electricity) are included.
Most rentals have a lease period, thus, a student also has to consider whether they will lease for a full year or just for the school year.
It would be a waste of rent if you are not planning to stay during the summer.
One way is to find someone who needs a place for the summer so they can take over the rent, but then, it might not be that easy to do so.
Thus, it is better for students to lease the apartment for a school year if they plan to live elsewhere during the summer.
Whatever they decide, determining their expenses and planning ahead can certainly help them keep their rental budget manageable.