This guide is apartment budgeting made easy!
Are you gearing up to move out or move into a new place? Whether you are old or new to apartment living, it doesn’t hurt to brush up on how to budget for apartment living. Having clarity on how much you are earning and spending each month and year is the responsible thing to do. Let’s get into how you can get control your your budget.
Calculate Your Maximum Renting Budget
Generally, you can qualify to spend up to a third of your income on rent alone. If it is possible to spend less than a third, by all means, do it! Knowing this difference is the first step in finding an affordable apartment in the first place.
Pretend to Be Renting Now
If you have never rented an apartment before, you can practice by pretending to rent now. Set aside what you might in rent into your savings. You could even put it into investments, which can help you in the long run.
Budget for Moving into an Apartment
When moving into a new apartment, you will want to have enough saved up to pay for these upfront costs:
- Application Fee: There is usually a non-refundable application fee when you are seriously considering becoming a tenant.
- Security Deposit: After you pass the application, the landlord will require a security deposit. It might be the first month or two of rent upfront.
- Moving Expenses: Unless you own a truck, you will need to consider how to move your belongings and possibly hire movers to help you.
- Furnishing Expenses: Consider how much you are willing to spend on buying new furnishings, if any.
Budget for Apartment Living
- Monthly Rent: The first and likely greatest cost will be your monthly rent.
- Utilities: In addition, you’ll have monthly fees for utilities like water, power, and Wi-Fi.
- Monthly Expenses: Renter’s insurance and other monthly costs are another category.
- Food: This budget can be a rough estimate, with freedom for eating out vs. home cooking.
- Additional Spending: Recreation is a part of life. Have a budget for the maximum you’re willing to spend. It can be flexible.
- Savings: Either put away a set amount per month or let the remainder be whatever it is.
Let Us Be Your Apartment Home!
Whether you need your very first apartment home or are relocating to the area, Apartments of Harborside Village would love to be your dream apartment home. Are you looking for beautiful waterfront apartments in Joppa, Maryland? Let us show you one of our spacious and affordable apartments at the Apartments of Harborside Village. To learn more about our residence options, visit us online, give us a call at 410-679-1130, or email us. To peek into what it’s like to live in our community, follow us on Facebook, Twitter, Pinterest, and YouTube.