Are you preparing to move for the first time? Whether you are moving away from your parents’ home for the first time or just transitioning out of the college dorms, moving into your first house or apartment can be really exciting. But, before you do make this transition, you’ve got to be sure how much money you can spend each month on rent.
If you want to make living on your own a reality, you need to determine how much of your monthly budget can be dedicated to rent. Of course you need to consider what’s required up front – security deposits, moving expenses, and so on – but you also need to be ready to sustain yourself for at least a year.
The best way to figure out what you can spend on rent is to take a look at the money you are bringing in compared to what you’re spending each month. If you don’t know what you’re spending on certain things each month, take a two week period and write it all down; then take it from there.
As you are figuring your budget, look at what your current spending habits are. In order to plan for the future once you move into your new place, you’ll also need to include the costs of rent, utilities, and groceries. If you’re living with mom and dad right now and aren’t sure what those things will cost put an estimate down.
Looking at your finances will definitely help you figure out what you can spend on rent. Remember, if you’re short on money and still want to move, look at your list of expenses and see what you might be able to eliminate.