How to Budget Your First Apartment

Moving into your first apartment is a big step. For a lot of people this option is much cheaper than living on campus, but how do you budget your money the right way?

The most important thing to do when moving into your apartment is to find roommates as seen in apartments near El Paso. Having the extra people to split the cost of living with will help a lot.

Things You Must Budget for Your First Apartment 

• Rent and Security Deposit. Most landlords need the first month’s rent and the security deposit up front. You will get the security deposit back as long as you keep the apartment in good conditions.
• Realtors Fee. A realtor or broker fee isn’t always required but in most metropolitan areas you will have to pay this. This fee varies based on the company but usually is a month of rent. This is how the realtor gets paid for finding someone to rent to.
• Utilities. Some apartments have different utilities included. Always make sure you ask what utilities you are responsible for. Expenses you may need to plan for are electric, water, sewage, heating, and garbage disposal.
• Internet/ Cable. In a technology focused world the internet is a must for most college students or recent grads. However, you may want to skip out on cable, especially if you use streaming services like Netflix or Hulu.
• Groceries. The amount you need for groceries depends on a few things. How much you eat and if you and your roommates will have common items that you split the price of. 
• Transportation. Regardless of if you use public transportation or you own a car, there will be an expense to get you places.

While these six things may seem like a lot, compared to living at most universities the price isn’t terrible. While budgeting it is important to remember to take out the money for the necessities first. The items in this list should be of higher priority and then if you have money left over you can choose to save or spend. 

An easy way to budget for beginners is to keep a notebook or a spreadsheet. You can keep track of income and expenses and mark off bills each month as they’re paid. This allows you to know how much money you need to save for expenses.  

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