When renting an apartment for the first time, many people are simultaneously excited and overwhelmed. From decorating your new living space to discovering places nearby, you’re bound to be preoccupied with activities. However, it’s important for new renters to make sure that they don’t spend beyond their means. Here are a few ways to create a budget that you can actually use.
How to Create a Budget When Renting
1. Add Up Your Expenses
The first step is to determine the non-negotiable spending. In the case of a first-time renter, that undoubtedly includes the monthly rent payment, along with certain utilities that aren’t covered by the landlord. They may include electricity, gas, internet, and heating, along with your security deposit.
Next, factor in your other expenses, including car payments, student loans, parking costs, phone bills, credit card bills, health insurance, food, and miscellaneous memberships for streaming services, gyms, and other subscriptions. Once you add all of these up, compare the amount to your monthly income, and determine what’s left over for living costs after all the bills are paid.
2. Determine What to Keep
There are obviously some parts of your budget that you simply have to pay. But if you’re trying to limit your spending after moving into your new apartment, consider where you can afford to be frugal. Do you need to subscribe to the streaming services? Can you consolidate your debts onto a single, no-interest card while you pay them off? Is it possible to work out at home? These little changes can add up to significant savings each month, and you’ll be grateful to have that extra money while you get settled into your new place.
3. Create a Spreadsheet
It’s not enough to simply make a mental note of your expenses. Put it all down on paper so that you can make some sense of it all. Doing this can also help you figure out where you can afford to cut down and where you might feel more comfortable spending more. Also, use this spreadsheet to factor in additional expenses that may arise as a new renter, like furniture purchases and memberships to local organizations.
If you’re seeking a beautiful apartment to rent in Putnam County, TN, trust the team at Buckner Properties to assist. These real estate professionals offer a wide range of rental properties that are designed to meet your needs, including single- and multi-room apartments, as well as condos and homes. Visit the website to browse their available rentals, or call (931) 526-2104 to speak with a team member.