budgeting for a place

How do I plan my budget? First, literally grab a pen and paper and physically right it out. Start here:

• make a list of your monthly expenses.

• figure out your monthly income.

• Subtract your expenses from your income to see what’s left.

• Give yourself a small buffer, and that’s how much you have to spend on your living expenses.

Living Expenses

Finding an apartment that has all utilities included makes this part very simple, but this option isn’t always available. If that’s the case, you’ll want to factor the following common living expenses into your budget:

• Rent (of course)

• Electric

• Gas

• Water

• Internet

• Cable

In addition you want to watch out for these common fees that many apartment complexes and landlords charge:

• Pet fees (if you own a cat or a dog)

• Garbage pickup

• Pest control

• Parking

• Storage/Garage

• Administration fees

Budgeting for the initial move in

You might find you can afford the monthly rent without an issue, but make sure you budget with the following possible one-time fees: 

• Security Deposit

• Pet Deposit

• Renters insurance

• Utility Deposits

• Administration fees

  • When dealing with a private landlord, administration fees may be less, or you may not have to pay them.

Can I even afford this?

After reviewing all of those potential expenses, take into consideration the following:

With careful budgeting and planning, you should be prepared to handle all of those one-time expenses. Be sure that you have sufficient savings before you consider moving out. It is also important to calculate emergency money into your budget. Because you know, shit happens. Renting is more affordable after the first few months of living on your own. You get better at budgeting with experience. If you don’t move out of your place at the end of your lease, you won’t have to worry about any of those one-time fees until you decide to move.