Moving out of the residence halls is a rite of passage for many of us working in Residence Life. For however long we called campus home, we did not pay rent; we got perks such as a meal plan, access to a gym, and free amenities (wifi, cable packages, utilities); and probably one of the best parts was a very short commute to our office! So when it comes time to move off, the feeling may be somewhat bittersweet. While we are likely gaining privacy and balance between work and life, the increased independence comes with costs that we may or may not be ready to pay.
As someone who moved off some time ago, I was surprised at how naive I was and what I failed to consider when finding my first home off-campus. I ended up spending way more on things I thought I needed. After one year of living off campus, I ended up relocating to a cheaper and more suitable location for my situation, but had I paid attention to advice I had been given while I still lived on campus, I think my transition to off-campus living could have been much smoother, less cumbersome, and more affordable from the onset. In hopes that those of you thinking of moving off have a better transition than I did, I offer some considerations on things I wish I had known and done.
Save for a Rainy Day
A piece of advice you may have heard before is to put aside money each month equal to a rent payment. As silly as that sounds, this is probably the biggest piece of advice I wish I had followed over my 7-year stint living on. Due to inflation, money today is worth more than money later as the value of a dollar shrinks with the passing of time. This relationship between time and money can be something live-in staff don’t think about as our cost of housing remains constant (aka free!) while everyone else (both on campus and off) see an increase in their housing expenses every year to keep up with rising costs.
Given you will one day be in this situation, having a rainy day fund at the ready can make a difference in what options you can afford. What’s more, if you put these funds into a savings account, you can earn interest on it until it’s time to. To make things easier, consider working with payroll to have your paycheck split across your various accounts (i.e. checking, savings etc) based on a predetermined percentage or amount of money. After getting this set up, you will be surprised on how much you will accumulate over the years before it’s time to consider spending it.
Convenience Comes at a Cost
Another piece of advice for moving off is to consider your needs vs your wants. This applies to not only selecting where you choose to live but also what comes with your living space. In terms of location, sometimes that awesome home or apartment in that great neighborhood is just not going to cut it for our wallet unless we are willing to split the costs with a roommate (or more). This could be an adjustment as many of us likely lived alone in our university-provided housing and so the thought of adding 1 or more people to our living space may not be ideal. When it came time to get my first off-campus apartment, I chose to live within a 7-minute walking radius from the University which was great for me as I had no car at the time. While I saved money in transportation and parking costs, my rent and cost of living for things such as groceries, dining, and shopping was much higher because the University was located in an affluent neighborhood. What’s more, I was so used to having high-speed internet and a nice cable package that I ended up picking something similar because it was familiar and had no idea just how expensive that would end up being.
Much to my surprise, half of my monthly pay was going to rent because I was intent on having a 1-person apartment with all the things I was used to having. I found myself using apps that tracked my energy and data usage, I had alerts that would notify me of any upcoming charges, and I developed an obsession with ways to save money and reduce costs. It was miserable! It wasn’t until a year later when my lease was up that I decided to move further out and buy a car because that ended up being cheaper and more realistic for me in the long run. To spare yourself and your wallet a similar struggle, ask yourself, what is it you truly need in your home environment and what is something that you could do without if you had to. While I wouldn’t have admitted it at the time, many of my wants I considered to be needs because I was so accustomed to having them as a part of my benefits package.
Another key thing to remember is that whatever you choose in terms of your living situation, you’re likely locked in to that choice for a certain amount of time or you must meet certain conditions to avoid paying a penalty fee. So a final piece of advice is to read everything before you sign. If you do not read the fine print, you could incur fees or penalties for not following the requirements outlined in any agreements. For instance, one would think the standard time to provide notice that you are moving out of an apartment is 1-2 months, however, my current place requires me to give 3 months notice or else I owe them 2 months rent for the “inconvenience.” While this did not change my interest in living here, it certainly made me think twice since it was on my dime.
Suggestions to Living Off Affordably
When I finally landed that live-off position, I was so overjoyed that I sped through some important decisions that should have been more carefully reviewed. I could have done more research on the state that I was relocating to, I could have spent more time thinking about what things I could live with and without, and I could have asked for recommendations from folks who had already gone through finding their first home so that I could have been better prepared. In all honesty, after living on campus for over a decade (including my time as a student), I was eclipsed by the idea of having a place to call my own that I could furnish, decorate, create my own rules, and not worry about seeing someone I know from work. With the hopes that those of you preparing to move off campus will take more time and consideration than I did, I put together a list of common perks we are used to in our on-campus apartments and some ways you can still enjoy them on the cheap. While not exhaustive, I found that these areas sucked up my funds the most.
Cable/Streaming
- Use shared accounts with family and friends
- Use your .edu email to get the student rate instead of the “adult rate” for streaming services
- Consider if your neighborhood has local establishments that do showings of popular shows so you don’t have to buy the channel
Internet
- Unless you work from home or are a gamer, think about a more basic package for internet as you will pay more for more speed
Amenities In-Unit vs Out
- While having a washing and dryer in your space is convenient, it will raise the price of your place, consider if you can continue sharing laundry facility with others like you might already do living on
- Having a gym in your building will raise the cost of your space but it may still come out cheaper if the local options are pricier. Do your research to see which option would be better for you financially.
Groceries
- If your role affords you a meal plan/declining balance of dollars, consider using it to purchase needed groceries or toiletries from your campus store to save costs
- If you live alone, a meal prep company might come out cheaper as you can save money by spreading out meals (which usually serve 2 people) across the week. (HelloFresh is my recommendation!)
Parking/Transportation
- Opt for street parking over parking lots/garages near your home since you are likely already paying to park on Campus
- Look at HRs benefits/discount perks and see if there is a deal on metro/transportation costs
- Consider carpooling with coworkers or taking local transportation to save on gas and car maintenance
