As a college student living in an apartment, you need money for rent, meals, transportation and other basics which can be difficult to manage. According to the Harvard Law School website, if your annual loan payments are more than 20 percent of your gross income, your expenses are excessive. The sooner you can get your debt under control, the greater freedom you will have.
Managing Apartment Utility and House Supplies
When several students live in one apartment, keeping track of who pays the next bill helps avoid overdue payments and debt accumulation. Setting up a spreadsheet can keep roommates organized with a debt-sharing plan. For each month, water, electric, Internet and other debts can be listed on a spreadsheet with their total cost to be paid in the next column, followed by the amount per person, the person responsible for making the payment, and the due date of the payment. The spreadsheet can be posted to the fridge or other common area as a daily reminder.
Reducing Apartment Expenses
Instead of living alone in an apartment, get a roommate. If you prefer to live on your own, get a studio apartment. Use convertible futons to serve as both a bed and a couch. Cook as many of your own meals as you can.
Extra Income
A job can help you keep your debt under control and manage your rent and all of your apartment-related costs. You can manage your debt by making extra money through a part-time student job as a tutor, creating websites, as a student photographer, or helping with college events. You could also see if your college is hiring students to give tours to high school students.
Transportation
If you are living in an apartment away from campus, you will not be able to walk to class and must arrange for transportation. A car could be pricey when you factor in insurance, gas and parking and unexpected repairs, and you may need to pay extra to rent a parking spot on your apartment lease. A bus pass or carpooling with a friend may be a more economical alternative.
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