Four Steps to Sticking to Your Budget When searching for an Apartment

Apartment hunting can seem like an effortless task, but it isn’t easy. There are many moving parts and factors to consider while looking for the perfect apartment. One of the primary considerations that you need to make while looking for a new home is your budget. You cannot choose from one of the fantastic two-bedroom apts on Seawall Blvd if you do not have a budgeting plan laid out.

Many people who rent are also looking to save money for future needs and other significant expenses like medical, mortgage, etc. Respecting price and valuing it over quality is a difficult trade-off but a necessary one. Here is a 4-step process that you can use to stick to your budget while apartment hunting.

  1. Decide on your budget firmly

The first step involved in apartment hunting is deciding on your budget. The United States Department of Labor suggests that you keep aside 20-25% of your monthly income for rent. Try not to spend more than that amount on your monthly rent. A general recommended expenditure plan is to devote 20% to financial obligations, 20% to daily expenses and luxuries, and the rest to rent, utilities, and savings. For example, if your monthly income is around $5000, you should not spend more than $1000 to %1200 in rent.

  1. Maintain an expenses checklist

A systematic way to tackle budgeting and expenses is by making a checklist of all the mandatory fees that you will incur when you live in your new 2-bedroom apartment on Seawall Blvd. These expenses will have to include moving expenses, rent, electricity, phone bills, water, gas, internet, etc. These are mandatory utilities that you cannot do without. Other significant expenses include groceries, health insurance, Netflix subscriptions, Amazon Prime, etc. Once you have all these expenses cleared out, you can monitor them using a spreadsheet. You could also do it the old school way, by maintaining it on paper.

  1. Consider getting a roommate.

An excellent way to live in a great 2-bedroom apartment on Seawall Blvd and save money is by getting a roommate. If you know someone who is also house hunting, then splitting the rent and living space will be mutually beneficial for you both. You both will be able to live in a superb apartment and save a considerable amount of money. However, it would help if you took care to specify all the ground rules that you both will need to follow in terms of rent, utility bills, food, cleaning, chores, sleepovers, etc. Getting all these formalities out of the way, in the beginning, will allow you to enjoy living together.

  1. Give yourself a little leeway.

It is a good idea to leave yourself a little wiggle when it comes to your budget once a while. If you find that living where you are currently is not allowing you to live comfortably, you should consider relocating when your lease is up. Renting costs should never be the reason behind your living payday to payday instead of living comfortably.

Final thoughts

Try to stick to your budget as much as you can, but always leave room for compromises and minor adjustments. Adjust your budget as your income and expenses do; this will allow you to adapt more flexibly.

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