Last Updated on July 4, 2024 by Corynn
Getting ready for your first apartment can take a while and lots of planning. Especially if you want to save money on moving. When it comes to budgeting for your apartment there are a few things to consider. In this blog post, we go over how much you should budget and how to make more money for your first apartment.
How Much Should I Budget For My First Apartment?
Before you budget for your first apartment, you must do a few things.
- Figure out how much you want to be spending every month on rent
- See what you need before moving out on your own.
For my first apartment, I saved about $10,000 to start. This is because I needed to buy items, a bed, a couch, the first month’s and last month’s rent, and more.
Do you have to save up to $10,000? Absolutely not. You can save up to $5,000 and you can still move out on your own.
Look into researching the area you want to live in…
See how much you will be paying for rent, what is the average cost of utilities? Does the apartment you’re looking for want you to pay the water bill as well?
Take a moment and research everything!
If you need help looking for the best place to move, I have a great apartment-hunting checklist that breaks down what to look for in a new apartment and the red flags you should watch out for!
How to get money for the first apartment?
Save, Save, Save!
This is the time to go out with your friends less, maybe tone down the shopping sprees. Look into just saving money like crazy.
Another way to save money is to let your close friends and family members know that you’re moving. They could help you with gifting you items for your new place. Or give you items they don’t need.
Visit Discounted Or Second-Hand Stores…
Never pass up places like these! For instance, I was looking for a crock pot and I didn’t want to spend $60-$80 on one.
So I went to a thrift store and found a brand-new crock pot for only $20?!
Take the time to look around and find the things you need.
Another time I went to this warehouse sale and I was able to get my bed sheets for only $40! Which would have cost me close to $100! Plus the quality was AMAZING.
If you’re still unsure what you need for your apartment, I have a great blog post of all the Apartment Essentials you can get on a budget!
RELATED POST: First Apartment Essential List: Items You Can’t Live Without!
Make Extra Money
If you find that you’re not making enough money fast enough, I suggest making a little extra money on top of your day job. You can pick up a part-time job or look into finding a side hustle. Here are some side hustles ideas you can do;
- Food Delivery (Uber Eats, Doordash, instacart, etc.)
- Starting an Etsy Shop
- Affiliate Marketing
- UGC (user-generated content)
- Tutoring
- Babysitting
- Creating digital products
How Can I Save On Rent?
When it comes to your overall budget of living you want to follow the 50-30-20 rule.
What is the 50-30-20 rule?
It’s what you should follow when it comes to your finances. For example:
50% goes towards the household
30% goes towards spending
20% goes towards savings/investments
If you find that your rent is making you go over the 50% then it’s time to look into saving cost on rent.
How can you do this? Here are some options how;
- find a place with a lower rent
- If you have an extra room, find a roommate
- Check to see if the government has any assistance when it comes to rent and the cost of living
- Some housing management have discounts and incentives you can join to lower the cost of your rent.
Overall…
You want to make sure that you’re ready to move out and be on your own financially before taking the next step.
Not sure if you’re ready to move out? Here is a list of signs that show you’re ready to move out of your parent’s house!
