Last updated on May 31st, 2023 at 06:22 am
Moving out of your parents’ house is a huge step in your journey to independence. In your parents’ home, the burden of responsibility and provision is mostly on them. At some point, you may have been “earning your keep” with household chores or a couple of bills here and there. But you’re assured of food, shelter, and other basics.
On the other hand, moving to your own apartment means that you need to have enough money. You’ll need to open a savings account well in advance and start putting money into it to support your move. So, how much money is enough money?
A great rule of thumb to follow would be to have savings worth 6 months of living expenses. This will help you stay on top of your bills so you’re not living paycheck to paycheck. You’ll be able to pay your rent (usually 3 months’ deposit at first) and buy some basic furniture and appliances. Also, in case you lose your job for whatever reason, these savings will cushion you until you find a new job.
How Much Money Should I Save To Move Out Of State
Relocating out of state involves lots of planning. On top of all the other details like deciding what to take, packing, and coordinating with movers, you need to have enough money to relocate smoothly.
Do thorough research on the cost of living in the state/town you’re moving to, then start budgeting and saving in advance. So, how much money should you save to move out of state? The amount depends on various factors including;
- Moving costs
- How far you’re moving
- Rent/Mortgage costs
- Registration/Licensing costs in your new state
- Car transportation costs
First Apartment Budget Calculator
Moving to your first apartment is a huge financial decision. To avoid unnecessary stress, you must keep your finances in check. An apartment budget calculator will help you know how much you need to save beforehand. The calculator requires you to enter one-time expenses like moving costs, application fee, security deposit, and furniture. You’ll also enter monthly expenses like rent, food, utilities, and transportation.
First Apartment Budget Worksheet
When you’re moving to your first apartment, you’re starting from scratch. That means you’re going to spend money on more than just rent, utilities, and food. You’ll need kitchenware, furniture, toiletries, entertainment, laundry equipment, and so on.
To stay on track with your spending, you’ll need a first apartment budget worksheet. Use an Excel sheet or Google sheets to list down everything you need. Start with the essentials that you can afford. The rest will come later. Here’s what a first apartment budget worksheet looks like:
Total monthly income – Total expenses = (surplus/minus)
Apartment Hacks To Save Money
You’re feeling a mix of excitement and nervousness because as much as you can’t wait to move into your new apartment, you’re secretly wondering ‘how will I survive?’. Well, here are a few tips to help you stay within budget and still enjoy your new apartment:
Get A Roommate
Rent is probably the highest figure on your budget. You can cut that in half by living with a roommate. You’ll also save on utilities and groceries. The best roommates would be your friends. If you’re relocating out of state, websites like Craigslist and RoomieMatch can help you find a compatible roommate. Exercise due diligence to avoid scams.
Buy Used Furniture and Appliances
It would be nice to have brand new stuff, but we’re saving money here first. Ask family and friends if they have furniture and appliances they no longer need and can sell to you affordably. Craigslist and eBay are also great sources for used goods. You could also look around for garage sales in the area.
Buy in Bulk
Buying in bulk is a huge expense up front but it’s a frugal strategy that saves you money along the way. You’ll save only a few cents per use of whatever you buy but in the long run those cents add up. Also, you won’t spend on gas to keep driving to the store to get what you need if you have it in bulk.
Eat at Home
Home-cooked meals aren’t just a healthier option, they’re cost effective. To save even more money and time, batch cook and freeze your meals. Baking a week’s worth of pies at one time is cheaper than baking a pie every night.
How To Save For An Apartment In 3 Months
Saving for an apartment in a short time is possible and takes discipline. You simply have to decide how badly you want to move into your own space and put in the work. Here’s how to save for an apartment in 3 months:
Spend Less Money
The quickest way to save for an apartment is to lower your costs. Decide what expenses you can remove to achieve your goal of getting an apartment. For example, eat at home instead of eating out, cut off your Netflix and other subscriptions, and negotiate your car payments.
Get a Side Hustle
A side hustle can help you earn extra money in 3 months and save for your apartment. If you’re working a 9 -5 job, you can do this after work or over the weekend. Some side jobs include driving for Uber or Lyft, delivering groceries, tutoring online, and mowing lawns in the neighborhood.
Sell Stuff You Don’t Need
Unclutter your room by selling items you haven’t used for the past several months. Shoes, clothes, accessories, your bike, and your old iPhone are all things you can sell at a garage sale or on eBay to save for an apartment in 3 months.
Use Public Transportation
Having a car is convenient but may come at the expense of you having an apartment. On top of monthly car payments, you have gas, repairs and maintenance too. These cut into a large portion of your budget which you can put towards your apartment.