If you’re new to living on your own, you might also be surprised to find that apartment expenses take up a big portion of your budget. However, with a bit of savvy money management, you can still pay the rent and cover all your other bills, too. Below are a few tips to help you keep a tight rein on your financial situation during this exciting process. 

How to Manage Your Finances as a Renter

1. Run the Numbers

Before signing the apartment lease, be sure to take a look at your finances. Estimate how much you’ll spend on electricity, water, gas, groceries, and the internet. Budget monthly rent as a third of your income. Most landlords use this as a quick gauge of your financial capacity. Once you have a grasp of your living expenses, ask yourself if your salary is enough to cover everything. Otherwise, you need to look for a more affordable living arrangement.

2. Make a Checklist

The best way to keep track of your budget is to create a spreadsheet. Have a list of your recurring expenses and fees, including one-time charges like security deposits, renter’s insurance, and moving costs. It monitors where your money goes so you can see your spending habits. If you find it tedious to maintain a sheet or write every single thing on paper, install an app on your mobile phone or tablet for easier tracking.

Make it a point to prioritize your rent and utilities before spending for extras like dining out. Breaking your apartment lease because you can’t keep up with the rent is likely to affect your chances the next time you go house-hunting.

3. Keep Costs Down

When choosing between apartments, list the benefits and drawbacks of each. Apartments in and around central locations cost more in rent. However, living in them allows you to save on transportation costs. Another way for you to bring down expenses is to take in a roommate and split the rent. But if you don’t feel comfortable doing so, consider living in a smaller place or somewhere with more affordable rates.

4. Save for a Rainy Day

When budgeting, always leave a buffer for unexpected expenses. Refrain from spending any leftovers on a shopping spree or big-ticket item, unless it’s a necessity. Instead, set it aside to slowly build your emergency fund or cover something you may have missed. You may need the extra cash for a repair or purchase of a new appliance. 

As a first-time renter, it is important to budget for your living expenses. It also pays to get an apartment that fits your budget. Let the real estate professionals at Eagle Realty & Investment help you find the right home. Based in Statesboro, GA, they specialize in residential rental property, offering condominiums and apartments for rent. Call (912) 871-0333 to discuss your housing needs or visit their website today.