Are you itching to move in to your first apartment? Before you pull the trigger and find yourself in an apartment you can’t afford, take the time to do some planning. There are a lot of upfront costs that makes moving expensive. Save enough money for these five expenses before you sign the lease on a new apartment.
Security Deposit and RentBe prepared to pay the first months rent and a security deposit on or before you move in. The security deposit is often equal to your monthly rent but check with your landlord to know exactly how much you’ll owe. In addition to the security deposit and rent, you’ll likely have to pay an application fee. Know how many apartments you plan to apply for so you can save money.
Utility CostsYour monthly rent is not how much you’ll be paying to live in your apartment. Unless your rent includes utilities, you’ll need to estimate how much you’ll be paying for renters insurance, heat, water, cable, and internet on a monthly basis. If you’re unsure, plan to pay 20% of your rent.
Moving CostsIf you’re renting a truck to make the big move, this is another cost you’ll need to consider. Even if a truck is advertised for $20 a day, that cost does not include all of the fees you’ll need to pay as well. If you’re moving to a new state that will cost more money than a small, in-town move. Get a cost estimate before making your reservation and shop around for the best deal.
FurnitureThere’s no way around it, you’re going to need furniture for your new place. To save money, ask family and friends if they have any pieces they’re looking to get rid of. You can also search on Facebook, Craigslist, or visit your local Habitat for Humanity for inexpensive furniture. Before heading out to buy the remaining furniture you need, set a budget is realistic and that you can stick to.
Starter Pantry and SuppliesBe prepared to spend a lot of money on your first trip to the grocery store. You’re starting from nothing, meaning there is a lot to buy. Some important items include:
- Paper towels
- Toilet paper
- Basic spices
- Cleaning products
- Tin foil and/or plastic wrap
- Coffee filters
- Sandwich and/or snack bags
- Cooking oils