How to Save Money on Your New Apartment

Many people are finding it difficult to purchase a new home. To help with the cost of living, they’re opting for a rental. Even though it’s a buyer’s market, not everyone is looking to purchase. Renting could be the best and more affordable option.

The big question that comes next is how to save on a new apartment. Here are some fairly easy tips to follow.

Before the apartment search even begins, start saving. Most renters don’t always know how much the total cost to move in is, so it’s best to make sure a significant amount is available just in case. Typically it’s good to put away $50-100 from each paycheck, just to start off. More can always be added later. By saving, once it’s time to sign the lease, enough for the deposit and a few months worth of rent could be saved up. Add an extra $50 a month from each check if furniture is needed. By saving up, no credit is needed to make purchase, which can really put renters in significant debt.

When it comes to the down payment every place is different. Some places it’s a few hundred dollars, and others it could be first month’s rent. Rule of thumb, prepare for first and last’s months rent. If that much isn’t needed, then the money can go towards furniture or back in your savings account for a rainy day.

Moving from a house to an apartment and want to make quick cash? With renting an apartment it’s downsizing quite a bit. This could work to your advantage. Sell any furniture pieces, decorations, or anything you won’t be able to take with you to your apartment. You might not make much, but it will really help… and it’s extra cash in your pocket!

When shopping around for furniture, always look for sales. Some furniture stores will even offer free delivery or a huge discount if you’re moving into a place. Ask how much delivery is and see if they offer any moving specials. A great place to start shopping is IKEA, they offer great pieces at affordable prices. Just prepare to be in there for a few hours… they have lots of options!

Moving into a rental unit doesn’t have to be scary, frustrating or difficult. These tips are there to help make your move – and life – a little easier.

Good luck!

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