Blog

10 Tips for Saving Up For Your First Apartment

10 Tips for Saving Up For Your First Apartment

Living on your own can be as exciting as it is scary. It means freedom from parents, resident assistants and most forms of supervision, but also means rent payments, bills and a whole lot of responsibilities.  

One thing that’s easy to forget in all the excitement of being on your own is that you have to save up money to do so. When you first rent an apartment you have to pay a pretty hefty amount upfront: security deposit, first and last month’s rent, application fee, pet deposit and finder’s/broker’s fee, if applicable. That means that if you want to live on your own you better save up.

Tips to Save Money

  1. Research Future Expenses

The first thing to do when saving for your first apartment is to know how much you need to save to cover upfront costs. When beginning your apartment search, always ask about move-in costs as well as contacting utility companies about setup charges.

  1. Create a Savings Plan

Once you have an approximate idea of how much you’ll need, create a budget specifically to save up that amount.

  1. Don’t Waste Your Time with Unrealistic Goals

A good step to take when looking at apartments is to create a preliminary budget. Take a look at whether living in the apartment is feasible with your income and expenses in the long run. If it’s not, then it’s best to not even consider saving for the apartment or those similarly priced.

  1. Consider Using an App or Budgeting Program

If you’re entirely new to budgeting, it’s a great idea to use an app that can track your income, savings and spending. Consider opting for one that allows you to set up savings goals, adapts if you spend too much in one area, and offers financial advice.

  1. Find Alternatives

Part of saving for a new place is also saving for furniture and other necessities. Consider searching for free things on Craigslist or opting for used furniture instead of buying new.

  1. Learn How to Eat SMART

Eat in more and cook in batches so you have extra meals around and avoid the temptation of eating out.

  1. Look for Amenities

Another way to save is to look for amenities while apartment hunting. Look for apartments that offer amenities that reduce your expenses, such as one with a gym so you can cancel your gym membership. While this may not help you save for an apartment, it will help free up some room in your budget if done properly.

  1. Rethink Necessities

Do you really need that much data on your phone plan? Do you really need cable service? There are a lot of things we think are necessary even when we hardly use them. Go through your expenses and see if there are things you can cut off, reduce or replace with an alternative. For example, you can use Netflix instead of cable.

  1. Decrease Expenses

If you have small debts or other expenses that you can eliminate, consider paying them off before living on your own. It is much easier to save for your first apartment with fewer expenses.

  1. Sell Things You Don’t Need

You have things that you don’t use or won’t need once you live in your own apartment. Consider selling these items online or to a local resale store. Items such as gently used clothes, electronics and furniture are great sales.

Take a Look at Heers Management Properties

Heers Management has a variety of properties in Phoenix and Las Vegas that are perfect for those looking for their first apartment. They are located in great areas of the cities and feature an array of amenities. Properties with apartments available for rent include Avante Apartment Homes, The Cove Apartments, Del Terrace Apartments, Desert Point Apartments, Parkwood Apartments and Cameron Apartments.

With Heers Management properties, your first apartment experience will be a great one and because of the great prices saving money before a move won’t be difficult.


 


 

Comments