College Apartment Quiz: Are You Financially Ready?

When you’re on campus, all your needs are taken care of. You’re assigned a room and a roommate, you eat at the college cafeteria and you don’t have to commute to campus. Most of the time, you can just roll out of bed and be in class fifteen minutes later. Plus, you don’t have to take care of monthly payments. Everything is paid for in one lump sum at the beginning of the year or the beginning of the semester. When you move off campus, you’re going to have to do a bit of adjusting. Plus, you’ll have to become more financially savvy.

Use this college apartment quiz to help you figure out if you’re financially ready to move off campus:

1. Do you have enough money for a security deposit, the first month’s rent and the last month’s rent?

__Yep. I’ve been saving up for the past year to make sure I can move off campus.

__I have some money and my parents are going to help me with the rest.

__What’s a security deposit?

It’s important to know how much apartments are going for in your town or general area. Research the payment amounts from the previous year and start saving up. Of course, you can also ask your parents to chip in. However, if you don’t even know what a security deposit is, you might want to rethink your financial preparedness to get an apartment on your own.

2. Do you have a job which will cover rent?

__Yes, I’m completely financially independent.

__I have a part-time job and my parents will cover the rest.

__Can’t seem to wake up in time to make it to work.

You don’t have to have a job in order to cover your rent, especially if your parents are willing to pay for everything. However, your expenses might end up being more than you expect. It’s a good idea to have at least a part-time job to cover anything unexpected that might come your way. For example, you might need to buy some furniture or other apartment-related things like curtains, bed sheets, pots and pans, etc. Plus, having a job and an apartment will make you feel more grown up and able to take care of yourself without anyone else’s help.

3. Do you plan to live close to campus or commute?

__I have a car. So it doesn’t matter if I’m within walking distance to campus.

__I don’t have a car, but I can take the university shuttle or public transport.

__I need to be right next to campus or I’ll never make it to class.

If you don’t mind living a little bit farther away from campus, you can get an apartment with a lower rent. However, if you have to live really close, then you’re going to end up paying a higher rent. Having a car helps, of course, but it’s really important to be a bit flexible and willing to commute a little bit if you want to save money.

Do you know how to manage your own finances?

__Sure, I’ve been doing it since high school. I keep track of everything I spend.

__I’m getting there. I haven’t had an overdraft yet.

__My parents send me pocket money every week.

When you move into an apartment, there are going to be various financial things to take care of. You’ll have to pay rent and utilities. You might have to coordinate things with a  roommate who will also be paying half the rent. Plus, you’ll have to budget for groceries, entertainment and other expenses. If you’re not organized, things can become a bit messy. Try writing down everything you spend money on so that you can always pinpoint where you’re overspending.

Once you have figured out whether you can afford an off-campus apartment, meet with your parents and share the results of the quiz.

If you come to the conclusion that you’re ready for off-campus living, then it’s a good idea to have some strategies in place to mitigate any financial pitfall. Here are some potential problem areas you should be aware of, because if they’re ignored they could cost you big time.

Do you think you’re ready to make the move off campus? Did this college apartment quiz help you? Give us your thoughts in the comment section below.