Your Go-To Guide for Saving Smart and Living Well
So, you’re moving into your own place—exciting, right? Whether it’s your first time living away from home or just your first time juggling rent, classes, and life on your own, getting your finances in order is key. As a student, financial preparation is important, but with a solid budget and a little planning, it’s absolutely possible to live comfortably, avoid debt, and still enjoy yourself.
Here’s everything you need to know to budget for your new apartment like a pro.
Start with the Big Picture: Know Your Income
Before you even start apartment hunting, you need to figure out exactly how much money you’ve got coming in each month.
Ask yourself:
- Are you working part-time? How much do you take home after tax?
- Are you getting student loans, grants, scholarships, or family support?
- Do you have any savings that you plan to use for rent or expenses?
- Is your income steady or seasonal (e.g., summer job vs. part-time during school)?
Write it all down. This is your monthly budget base—and your starting point for everything else.
Pro Tip: Be realistic about how much you can actually spend. Rent should never eat up all your income. You’ll need plenty of room for other expenses.
Break Down Your Core Costs
Once you know what’s coming in, it’s time to figure out what’s going out. Start with the essentials, the fixed or mostly fixed costs that come with living independently.
Rent
A good rule of thumb? Try to keep your rent at or below 30–40% of your monthly income. If your income is $1,500/month, aim for rent that’s around $500–$600.
If you can’t find a place in that range, consider:
- Splitting with roommates (they’re not just for laughs and late-night ramen, they help cut costs too)
- Looking slightly further from campus if transit access is still reasonable
Did you know we have a student specific website? You can access it here and find some amazing student rentals!
Utilities
Some apartments include utilities (score!), but others don’t. Be sure to ask what’s included in rent and what you’ll need to cover separately. Common utilities include:
- Electricity
- Water/sewage
- Heating (in colder climates, this can be a big one)
- Internet/Wi-Fi (a must-have for schoolwork and Netflix)
- Boardwalk Residents an option to keep internet bills low with our deal with Telus, you can learn more at one of our properties and one of our associates can walk you through how to save on Wi-Fi!
Estimate: $100–$200/month if you're covering everything yourself.
Groceries
You’ve got to eat. Budget around $200–$300/month depending on how often you cook, your dietary needs, and whether you tend to shop smart or grab-and-go.
Grocery hack: Plan meals, buy frozen veggies, and cook in batches. Your wallet (and future self) will thank you.
Transportation
If you’re taking public transit, many schools offer discounted passes. If you’re driving, budget for gas, insurance, and maybe parking. Cycling or walking? Free cardio and no fuel bills.
Don’t Forget the Daily Life Budget
These are the costs that sneak up on you if you’re not careful—but they’re very real.
School Expenses
Even if tuition is covered, you might need to buy:
- Textbooks (see if you can buy used or borrow)
- Lab or course fees
- Tech gear (laptop, headphones, printer ink)
Toiletries & Household Items
Shampoo, laundry detergent, dish soap, toilet paper—it adds up. Budget about $30–$50/month for the basics.
Apartment Setup Costs
Moving into a new place? Don’t forget you might need:
- Furniture (bed, couch, table, etc.)
- Kitchenware (plates, pans, cutlery)
- Bedding, towels, hangers
Try to get hand-me-downs, shop thrift stores, or split costs with roommates where possible.
Health & Insurance
Do you need to pay for prescriptions, dental visits, or a student health plan? Build in a buffer—say, $25–$50/month—for health stuff just in case.
Fun & Social Life
You’re not a robot. You’ll want to go out with friends, order in, or hit the movies. Give yourself a reasonable entertainment budget, say $50–$100/month, so you can enjoy yourself without guilt or overdraft fees.
Use Budgeting Tools or Spreadsheets
Apps like Mint, YNAB (You Need a Budget), or even a basic Excel or Google Sheet can help you stay on track. Track your spending weekly and adjust as needed. If you blow your food budget one week, scale back the next.
Budget tip: Categorize your spending into “Needs,” “Wants,” and “Savings.” Try to follow the 50/30/20 rule. That’s 50% needs, 30% wants, 20% savings, but tweak it based on what’s realistic for you.
Build an Emergency Buffer
Even as a student, it’s worth putting aside a little something each month. Aim for $20–$50 in a savings account if you can. Life happens bikes get stolen, laptops break, you forget to pay your cell bill. Having a small buffer prevents panic and keeps you in control.
If you get a tax refund or a lump sum grant, use some to pay ahead or pad your savings.
Be Honest with Yourself
Budgeting isn’t about restrictions, it’s about freedom. When you know where your money’s going, you don’t have to stress every time you tap your debit card. Be honest about your habits, and don’t beat yourself up for small slip-ups. Life’s expensive but planning makes it manageable.
Find Little Ways to Save
Some quick and dirty savings hacks for students:
- Use your student ID literally everywhere. Transit, retail, tech, movies, and groceries sometimes offer student discounts.
- Cook at home more than you order in (but reward yourself once in a while!)
- Check out local food banks or community fridges if you’re struggling
- Borrow, don’t buy textbooks, tools, kitchen gadgets, etc.
- Buy second-hand everything from furniture to fashion.
Picking the Right Roommates for Your Lifestyle
If you’re planning to share a place, great! It’s a budget win and a good way to stay social. But choosing the wrong roommates? That’s a fast track to stress, late rent, and midnight arguments about dishes. Here’s how to pick a solid crew:
Tips for Finding a Good Roommate
- Similar lifestyle: Night owl vs. early bird, party lover vs. library hermit. These things matter.
- Compatible budgets: Make sure you have similar ideas of budgeting as this an prevent conflicts.
- Cleanliness standards: Talk about chores before moving in.
- Responsibility: Will they pay bills on time? Will they respect your space? Have they lived away from home before?
Red Flags in Roommates
- They avoid money conversations.
- They “forget” to respond to group chats.
- You’ve never really spent much time with them.
- They make jokes about being bad with money or super messy
Pro Tips:
- Set clear expectations from the start, rent due dates, cleaning schedules, noise rules.
- Use apps or sheets to divide bills and groceries.
- Have an emergency plan. What happens if someone wants to move out early?
Living with roommates can be the best part of student life. Choose wisely, set ground rules, and communicate openly.
Why Choose Boardwalk as a Student?
If you're looking for a place that understands student life, Boardwalk is a smart choice. Here’s why:
- Student-Friendly Pricing: We offer competitive rates that align with student budgets, plus, special promos are often available for select buildings near major campuses.
- Prime Locations: Many of our communities are close to universities, transit routes, and amenities like grocery stores, coffee shops, and campus hotspots.
- 24/7 Support: From maintenance requests to safety concerns, our Resident Member support is here for you.
- Community Perks: From wellness events to giveaways and community rooms you can book for study sessions or hangouts, living at Boardwalk means being part of something bigger than just an apartment.
We’re here to support your lifestyle while you focus on school.
Final Thoughts: You’ve Got This
Budgeting for your first apartment is a major adulting milestone. It might feel overwhelming at first, but once you’ve got a system, it becomes second nature. And trust us—nothing feels better than knowing your fridge is full, and still having money left to hit the campus hangout spots.
Start small, stay honest, and remember: you’re not alone. Every student’s learning as they go. The key is to build habits now that’ll keep you financially confident for years to come.