Smart Money Tips for Living Off Campus

Living off campus is a major rite of passage for college and university students. Whether you lived in residence or at home with your folks last year, moving out on your own (or with roommates) is a big transition. Cooking for yourself, paying bills, getting around – it all comes with new money scenarios to figure out.

Adopting smart financial habits can make living off campus more organized, less stressful and way less likely to cause fights with roommates. Most importantly, it can help make sure your money lasts the whole year.

Why off-campus living requires a money plan

No more meal plan. Maybe no internet plan or utilities included in your rent. Living off campus means handling a whole new set of expenses – some predictable, some not so much. Having a plan at the start of school helps to ensure you can cover your essentials and still have some left over for fun.

Rising rent and cost of living for students

Student housing is tight across Canada, from big cities to small college towns. And high demand means high rent. Groceries are another shocker – who knew vegetables could cost this much? Somehow, your bill always creeps higher than you expect it to. With rent, utilities and food all eating into your budget, it’s key to track what’s coming in and what’s going out each month. 

Benefits of budgeting early

Like starting the semester strong, getting your budget in place early can save a lot of stress. Off-campus student budgeting involves mapping out the year, which allows you to spot any gaps before they become crises. That way, you can avoid the February panic of realizing your bank account is running on fumes.

Smart housing choices

Finding the right place is about more than a short commute. Affordable, livable and fair lease terms are a must. And just as important? Good roommates. You’ll want to make sure everyone is on the same page – about money, chores and noise – before you sign anything.

Splitting rent with roommates

Some students split rent evenly, some adjust it based on room size and others come up with creative trades – like cheaper rent for the roommate who always cooks. Whatever you decide, agree to it up front. Getting it all in writing is a bonus move.

Understanding leases and hidden costs

This is probably the first lease you’ve signed, and there’s a lot packed in there. Here are some key things to look for: 

• Timing:  Leases usually run a full year, not just the school year

• What’s included: Internet, furniture, utilities? Make sure it’s all clear.

• Trade-offs: Some landlords might offer discounts if you agree to do snow shoveling or lawn care

• Deposits: Landlords in Canada can only ask for the first month’s rent – not extra cleaning or security deposits 

Food budgeting for students

With no meal plan and no parents cooking for you, food is something every student living off campus has to figure out – and fast. A balance of cheap and healthy is ideal. After all, you can’t be at your best on a diet of butter noodles alone.

Meal planning and cooking at home

Cooking at home is much cheaper than takeout and healthier than fast food. Even a rough plan can help cut down on last-minute ‘what’s for dinner’ stress. You don’t want to be staring at an empty fridge on an empty stomach!

Grocery shopping hacks

Whether you enjoy grocery shopping or despise it, it has to be done. Here are some hacks to keep the visit short and the costs down: 

• Always shop with a list

• Look for deals and use loyalty cards

• Buy generic – it’s usually just as good

• Frozen fruit and veggies are your friend

• Stock up on bread and meat you can freeze

• Go solo – shopping with friends often leads to more impulse buys 

Managing utilities and internet costs

Sometimes utilities are included in the rent, and sometimes they’re extra. If you’re splitting them, keep it fair and transparent. Here are some utilities tips for students:

Set up automatic payments

You’re busy enough with school – you don’t want to keep track of bill deadlines. Automatic payments make sure nothing slips through the cracks. 

Sharing bills fairly with roommates

Agree on who pays for what in advance. It’s easy if everyone is going to make use of Wi-Fi and electricity. But if one roommate doesn’t watch TV, maybe they don’t chip in for cable.

However you organize your expenses, it’s worth doing regular check-ins and settling up regularly so nobody feels taken advantage of.

Getting around without overspending

Depending on how far you live from campus, this is something you’ll need to think about. If you can get there on your own steam – walking or cycling – great. If not, here are some tips.

Public transit versus car ownership

If you’re thinking of having a car for the school year, don’t forget about the cost of gas, insurance and parking. But maybe you can carpool with your roommates to share costs? Public transit will probably be cheaper overall, but crunch the numbers if you’re on the fence.

Student discounts on transport

Some schools provide transit passes as part of tuition. Otherwise, most transit systems in Canada have student discounts, provided you show a student card when paying.

As much as possible, skip ride shares and taxis – they can drain your wallet fast!

Building good financial habits

Money management is a skill – like learning to cook or doing your laundry without shrinking your clothes. The more you practice, the better you get.

Tracking expenses with RBC digital tools

Available through the RBC Mobile app, NOMI Budgets makes it easy to manage your day-to-day spending. NOMI will recommend a budget based on your personal spending and saving habits and then actively help you stick to it.

Starting an emergency fund

Even if you can set aside a little bit at a time, every little bit counts. A small buffer can save you from overdraft fees or scrambling when something unexpected comes up.

RBC resources to help you thrive off campus

RBC has long supported students in making the most of their money. Here are some resources that have helped others just like you:

RBC student bank accounts – Fees are waived on the RBC Advantage Banking for students account for anyone under 25.

Budgeting calculators – The RBC Student Budget Calculator can help you figure out how much money you’ll need to get through the school year.

Credit education – Learn how to build good credit now. It will matter later when you rent your first non-student apartment, get a car or apply for a mortgage.

Living off campus is exciting. It’s freedom, independence and real-world living rolled into one. But with freedom comes responsibility – especially with your money. The good news is, building smart money habits now sets you up for the future (from next semester to years down the road). So, budget early, be open with your roommates and make smart choices. And eat your vegetables!

Find more tips on how to be financially prepared for college or university here.