This is more exciting than moving into your first apartment without roommates? There are many things to expect: having your own bathroom (no more sharing!) And be able to really call a space of your own.
However, the costs of living alone can add. Have you taken into account for all? Otherwise, read on to get a clearer picture of how the budget for your first solo apartment.
The common expenses
One of the first costs that you will incur will probably deposit. It is common for owners to request a deposit equal to the guaranteed first month's rent in advance. Some even ask for it and last month's rent, so your upfront costs can be quite high.
The monthly rent will almost certainly be your most significant ongoing expense. Experts recommend that you not spend more than 30 percent of your income on rent. (This percentage may be slightly higher depending on where you live and if you have a car.)
In addition to your monthly rent, one of your biggest monthly expenses include the utility costs for things like:
- gas
- power
- cable / Internet
- water
- Trash
- Sewer
You may be responsible for some, all or none of these utility costs depending on your lease. To have a clear idea of how much you'll need to budget for utilities each month, talk with your landlord about what you are on the line for the good before signing the dotted line.
A common expense that many tenants fail to consider is renters insurance. The policy of your landlord does not usually cover you if your stuff is stolen or destroyed, or if someone files a complaint against you if they are not in your apartment. The good news is that renters insurance is probably more affordable than you may think. And with Erie Insurance, you are eligible for a discount if you have car insurance through the company.
In addition to your regular expenses, you might have other expenses depending on your personal situation. These include a parking card, fees to cover facilities like a pool or a gym, or a monthly subscription if you have a four-legged friend. (Owners often require a deposit for non-refundable pet as well.)
Finally, your new place must also be provided. Unless you have very generous parents or a penchant for diving sidewalk, you'll probably need to buy a few less pieces of furniture for your new place. (To mark an agreement, do not overlook consignment shops, thrift stores and estate auctions. If used is not your thing, discount stores like Target and Ikea are perennial favorites for tenants on a budget.)
with a little frugality, some creativity and a sound budget, you can stay out of the red. And this will go a long way toward helping you enjoy your new digs. Who #adulting now?
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renters insurance can help protect your assets in case they are damaged or stolen. If you group your policy with an existing auto insurance policy, your policy of tenants can practically pay for itself. Talk to an Erie Insurance agent for more information and a free quote.
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