When you shop for your first apartment, you’ll want to find a place with enough space for your needs, the features you can’t live without, and a convenient location. Most importantly, you’ll need to be sure you can comfortably afford to live there before making a long-term financial commitment. The budgeting tips below will help you find a spot in your price range and make apartment hunting easier.

Money Planning for Your New Apartment

1. Figure Out Your Income

A smart budget plan starts with knowing how much income you can expect every month. If you work as a freelancer or have variable hours, it’s hard to anticipate your income. But review statements for the past few months to get an idea of your take-home pay.

Be conservative with your take-home pay estimates to help you avoid coming up short if you have a slow month or are unable to work for a few days. And generally, landlords won’t let you rent if your income is less than three times your gross income. Gross income is your monthly pay before taxes.

2. Calculate the Expenses

Rent may be the most significant apartment cost, but it’s not the only price to consider. You’ll also need to factor in utilities, cable, and any additional fees the apartment complex might charge. You can ask the landlord for estimates. Most financial experts recommend spending no more than a third of your monthly income on living expenses.

3. Consider Your Lifestyle

If a particular apartment fits into your budget, that doesn’t mean it’s necessarily the right choice for you. Are you the type of person who prefers to stay home on the weekends, or are you always out meeting friends and going to events? Additional amenities, balconies, and square footage all increase your rent. If you’re not home often, it might make sense to get a cheaper place without extras because you won’t utilize an on-site pool or fitness center. 

If you’re looking for a comfortable, affordable apartment in Lexington, KY, don’t miss The Axis at 1435. This updated complex is located just across the stadium, three minutes from the University of Kentucky campus, making it an ideal choice for students looking for prime off-campus housing. Their studio and one-bedroom apartments feature brushed nickel LED lighting and lavish vinyl plank flooring. Visit their website to see current pricing and availability, follow their Facebook for updates and specials, or call (859) 286-9506 to schedule a tour today.