When your child starts school in the fall and lives off campus for the first time, they’ll need a lot more than just a rent check. While setting up a first apartment can be fun, it’s also expensive and requires some forethought, especially if the university is far from your hometown.
Studying and living away from home is expensive enough as it is. A quick look at four universities in Ontario – the University of Western Ontario, the University of Waterloo, McMaster University and the University of Windsor – showed that tuition, room or rent, meals, attendance fees and books add up to $23,000 to $30,000 per year for a student living away from home, so it’s important to save money in any way you can.
If you start gathering everything you need before move-in day, you’ll be able to plan your purchases more carefully and save money. If you leave it until the last minute, you may have fewer choices and end up spending more than necessary.
Here are a few tips to help you make the most of your money.
Create a list
Start with the basics a student needs to get set up, like bedding, a dresser, and a desk. Then think about the myriad smaller items that may not immediately spring to mind, like lamps, hangers, and towels. Then there are communal items, including kitchenware, cleaning supplies, and items for the living room. Your student will need to do some legwork, coordinating with their roommates, and checking with the landlord to see what’s included. Once you have a list, you can make a plan to tackle this in the most cost-effective way possible.
Start with less
It’s tempting to go all out and buy too much. Getting carried away with the excitement is to be expected, as anyone who has ever strolled through Ikea can attest. Hold back. Start with the bare essentials, the things you need to get through the first few weeks. As your student lives in the space and develops a routine, they’ll soon figure out what they really need – and what they don’t. And remember, all of this stuff may need to be moved several times over the course of their time at university, so think carefully about how much you want to accumulate.
Search for used items
There are many ways to find used items for a new house. And this is where planning ahead really helps. Ask your family members, neighbors, and friends if they have things they don’t need and want to get rid of. There are many thrift stores, and you can find great treasures there. Dishes, silverware, glasses, and mugs are great things to get there. Larger items like furniture can be found at thrift stores and on Kijiji. You’re much more likely to find what you’re looking for if you have more time to look around. For example, if you go to thrift stores near your home instead of the ones right next to the university, you’re much more likely to hit the jackpot.
Be selective
While you may be able to save on some things, other things may be worth investing in. College students move often, so finding quality furniture that can withstand the many U-Haul trips can save you money in the long run. When shopping for things like a bed and desk, pay attention to what material they’re made of—solid wood is more likely to stand the test of time than cheaper particle board materials. College dorms can also see a lot of wear and tear, and glass and metal furniture can break or become damaged. Also, consider which things really add value. For example, a toaster oven is a great appliance for making quick meals and snacks, making it a sure money-saving investment. And a very comfortable desk chair will get good use.
Setting up your child’s first off-campus home can be a lot of fun. It’s also a great learning opportunity for your child – teaching them how to plan ahead and be smart with money will serve them well during college and beyond.
Anita Bruinsma is a Toronto-based financial advisor and mother of two teenage boys. You can find her at Clarity for personal finances.
