Are either of you working? Since you don't have any bills, use that to pay off your debt and then throw the rest into savings. Figure out a savings goal: how much you want saved by X date, figure out how much that would be per month, and then stick to the goal.
Out of curiosity, how much longer do both of you have in school? My husband is also a student (has been for the past 4 yrs, one to go) and it's been difficult for us to live off just one income AND pay for his school. Not just financially, but emotionally, too. It's hard on him to not contribute financially and it's difficult for me to work all the time, yet not be able to go shopping when I want because it all goes to bills. Given the opportunity to live rent free at home, I probably would have taken it.
As pp have said, there are a lot of hidden costs of moving out aside from just rent. Don't forget the deposit, utilities, furniture, kitchen essentials, household supplies, etc.