As a student, and I'm sure many others will agree, I'm ridiculously jealous of your opportunity. Save money and be with family. Sounds like a win-win.
I stayed in halls for my first year and knew people who lived locally at home, and it seemed like that didn't change anything. Their social life, fitting in on campus, being aware of uni events, etc., and all was entirely determined by their personality. If they make the effort to get involved, whether at home or in halls, their social life was great.
Getting involved at uni is really important for future careers, and personally I don't think it depends on whether you live in halls or not. It's just about the effort you put into it.