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Moving into a first apartment is an exciting step, and one that you will need to plan for. There are the normal costs of an apartment rental, such as deposits and rent, as well as new furniture and kitchen items to buy. It can seem like a lot, but following the tips below will help you save the necessary amount in no time.

How to Budgeting for A First Apartment

1. Be Realistic

When searching for an apartment rental, be realistic about what you and any roommates can afford. Remember that there will be utility bills that go along with having your own place, as well as groceries and other expenses you may not be accustomed to if you’ve been living with family or in college housing. Housing costs, including utilities, should not exceed 35% of your gross income. If you don’t know what amount to calculate, ask friends who are renting what average utility bills are for the area.

2. Start Saving Now

apartment rentalIf you’re looking to move in the spring, start saving now for those deposits and first and last month’s rent. Conventional wisdom says to save 30% of each paycheck. Calculate the rent you can afford, and then do the math to figure the amount to save. At the end of each day, take the cash in your wallet and put it in a jar. You can also set up an automatic debit to savings from your checking account. Save any “extra” money, such as cash presents or tax returns, for the new apartment rental. Saving the amount needed to move is better than putting it all on a credit card when the time comes.

3. Shop Thrift Stores

Plan ahead for the items needed to furnish a new place. Make a wish list of things you need and browse thrift stores for furniture, dishes, sheets, towels, and other household items. Let relatives and friends know that you are gathering items for your first place. Everyone usually has something they don’t use that would be perfect for your new apartment. Also, check local Facebook or Craigslist buy-and-sell pages.

 

For affordable, comfortable apartment rentals in Ashland, KY, work with the professional property managers at Tudor Oaks Properties. Their experienced team will help find the right property for your budget and lifestyle. They are the premier rental resource for Ashland, Boyd County, and the Russell Flatwoods area. Visit them online to see available properties or call (606) 325-1240 to speak to a team member.

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