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Oct
19

5 Tips for Saving Money Moving into Your First Apartment

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BudgetingMoving into your first apartment is an exciting step. You no longer have to worry about abiding by your parents rules, you can decorate however you want, and you have a new sense of independence. While it’s an exciting time in your life, it can also be stressful mananging your finances. Paying rent and utilities, purchasing furniture, and paying students loans while still saving money and having a social life can be a big adjustment. We’re sharing our best tips to help you get through this exciting time in your life without going broke.

1. Know and stick to your budget

Before starting your search for an apartment, go through all of your finances and figure what you can afford. It’s easy to disregard your budget when you view an apartment that’s in the perfect location or nicer than others in the neighborhood. If you absolutely can’t pass up a place that is outside of your budget, remember that thay money has to come from somewhere and that might mean taking it from other areas of your total budget. Are you willing to give up social activities you look forward to every week?

2. Budget for everything

With rent already budgeted out, budget out the rest of your money. One of our favorite budeting tactics is the 50-30-20 rule: put 50% of your income towards fixed monthly paments (rent, student loans, utilities, etc.), 30% into savings and investments, and 20% for leisure. Even when you have bills stacking high, taking yourself out to dinner once a month or spending an evening of friends is important for your sanity.

3. Make extra income before your move

The more money you can save leading up to a move, the better. Having a little extra saved up will make things a little less stressful, provide you with a cushion if an unbudgeted event comes up, and will allow you a little extra spending money for stocking up on food basics and toiletries. A few months prior to your move, pick up a few temporary jobs here and there or sell some of the items you no longer use. Stick all of this money away in your savings to use during your move.

4. Have an open mind when funishing your new home

Purchasing new furniture for an entire home is extremely expensive and will quickly drain your savings. Spend money on the necessary things like a couch and mattress, but be more cautious about the money you spend on decorations, a kitchen table, lamps, etc. Head to yard sales, stores like IKEA, TJMaxx and Homegoods, and good ole Craigslist to purchase the items that you don’t necessarily have to spend a lot of money on. You can always replace them slowly over the next few months or even years!

5. Save money on food

Ordering take out and eating out with friends on a regular basis adds up quickly. Save money by investing in spices, rubs, and a crock pot so you can bulk prep your food so you have no excuse to be ordering take out. Start packing your lunch for work and buy yourself a coffee maker to eliminate the $5 coffee you order at Starbucks each morning.

Whether you’re moving into your first apartment or moving to new apartment a few blocks away, A-Z Express Movers can help eliminate the stress of packing, unpacking, and moving. Give us a call at (603) 893-5060 or request your free quote today!

Categories : blog