Affording Your First Apartment

Getting your first apartment is one of the big milestones in a young adult’s life. It can also be a little frightening since you don’t know exactly how much money you’ll need to get by. But if you follow these easy tips, getting and thriving in your apartment will be a breeze.

Figure out how much rent you can afford

• Factor in a security deposit
• Create a budget
• Get furniture and household items
• Factor in a cable/internet subscription 
• Work to reduce energy bill

Review Your Financial Situation Regularly

To stay in good physical health, most people get a medical check-up on a regular basis. To keep your finances manageable, they need a regular check-up as well. It’s particularly important to review your finances if there have been changes to your life in the past year – things like a change in income, marital status, any medical emergencies, or if you’ve had a baby.

If you have certain goals, like saving for a down payment on a house or planning to retire early, it’s absolutely essential to review your financial situation multiple times throughout the year.