Moving into a new place, no matter where it may be, can be a difficult endeavour. It might seem like there’s a never-ending list of things to do and prepare for. There is the challenge of packing your belongings, in addition to figuring out what your expenses will be. Budgeting for your first apartment rental might prove to be especially difficult.
Your first time living in an apartment can be daunting, especially if expenses end up being difficult to keep up with. However, as long as you take the time to budget accordingly, it will not become stressful to deal with. Start by being realistic about your circumstances. With the right amount of preparation done beforehand, you will be able to save money intelligently for your apartment rentals.
All it takes is a bit of patience in order to discover ways to save money. Here are six money saving tips for your first apartment rental:
1. Security Deposit
At some point, you will have to deal with the apartment’s security deposit. This is an upfront charge that applies to all renters who are moving in for the first time. While some property owners may not require a security deposit upfront, you may still have to pay it at some point. That is why it is important to take this into account, prior to your move in date.
Try your best to save some extra funds that can go into a security deposit fund. A little bit of extra cash every week can go a long way. You’ll want to ensure that you reach the desired amount well before you move in too. Don’t forget to not draw from the fund; it is meant for the deposit after all!
2. Location Choice
For all apartment rentals, the choice of location will impact your monthly rent. Some areas that are in the centre of a city will end up costing more in rent, rather than those on the outskirts of a city. Since this will be your first apartment, it is generally recommended to choose something affordable.
It might take some time getting used to, but it will pay off in the long run, in terms of money saved. Once you become more comfortable with how your budget works, you can then seek out another apartment. After all, your first apartment will likely not be your last!
3. Transportation Costs
Another key aspect of living comfortably in your first apartment is to consider your transportation methods. If you drive a vehicle, you probably are aware of how expensive it can be. From gas to regular maintenance costs, your vehicle could end up costing you more in the long run.
Should this have an impact on what you can save, it might be time to look at commuting alternatives. Taking the bus or subway to work can save you a ton of money in the short term, which could be allocated elsewhere. If your apartment is close enough to your work location, you could even bike or walk to work too!
4. Apartment Size
As mentioned previously, you shouldn’t try to go above and beyond what your immediate needs are. Your first apartment should be a space that allows you to live comfortably, without breaking the bank. As a result, the size of a prospective space is incredibly important to consider at the onset.
If you are a single person, you most likely do not require a two-bedroom apartment. Extra rooms can end up costing you, which will not be sustainable for the long term. You don’t have to live in a small cubicle either; take your time to research what apartment is right for you! That way, you won’t have extra space in the apartment going to waste.
Even in the best of circumstances, you might still have difficulties trying to save money in your first apartment. If this ends up being the case for you, it may be time to consider looking for a roommate. Splitting rent with another person, or multiple individuals, can significantly reduce your apartment costs.
Put out a few advertisements on an applicable website to get started. Make sure that you are comfortable with the person first, before accepting them as a roommate. If the arrangement works out, the roommate can make your first time apartment living so much more fun!
6. Income Increase
If time is on your side, why not try learning a new skill? There is a plethora of in-demand skills, each of which can lead to a new side gig when you have the time. You decide on how much income you can make, which can make things easier on making ends meet in your apartment.