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How to Budget for Your First Apartment

by | May 4, 2018 | Features

How to Budget for Your First Apartment

Finding ways stick to a budget when you’re looking for a new place can certainly be an exhausting endeavor. However, there are many things you can consider beforehand in order to make the process less costly and more effortless. You need to be sure to consider your current income, and exactly how much rent you can afford each month. Be sure to give yourself some wiggle room, as many prospective renters overestimate their income, leaving them short each month.

Key Takeaways:

  • Before going for that first apartment it’s wise to have saved and put aside several months worth of rent, so you can adequately cover a security deposit and the first month.
  • Three months is the specific amount suggested by mint.com, with Forbes concurring that it’s smart to have something left over after upfront costs.
  • When deciding how much to spend on rent, the rule of thumb is to go with a place that costs no more than a third of your take-home pay.

“Before choosing your first apartment, you may want to consider your savings, income, ongoing bills and upfront costs for moving. Taking into account each of these questions can help you determine what you can afford.”

Read more: https://blog.allstate.com/budget-first-apartment/

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