What's it like, money wise, to have an apartment?
During college, depending on which one I go to, I was thinking about getting my own apartment, something cheap for now until I save up more money than I do now. I want to have the feeling of living on my own, to try and see if I can handle it. #financial-planning #mortgage
Also, what does your budget allow for? If the least expensive option still leaves you without any wiggle room, another option must be found. Allow for 10-20% flexibility in your assumed expenses to ensure the likelihood that you are accurate. When budgeting, do your best to not spend without being to save. If you have no emergency fund, yet really want a new smartphone, consider setting a goal to reach before buying the thing you want. Time is one of your greatest assets, use it accordingly!
Robert recommends the following next steps:
Having rented an apartment in a couple of different states and in a high cost of living city, it can be expensive. It's really important to not forget that rent is not the total cost of living in an apartment. Things like internet, water, garbage service, electricity, parking, or pet rent may factor into the total cost.
There's also all of the smaller costs of outfitting your apartment! This can be easier if you have roommates or get household items from friends and family.
I think the key thing is to do research on housing costs where you live, there are a lot of great resources online. Most apartments can also provide you with an estimate of the cost to live there with example water, internet, and electricity costs.
Jared recommends the following next steps:
It can be expensive if you try to tackle living on your own.
An apartment has more expenses than most people consider besides rent, security deposit (usually) and utilities. If it's your first apartment you need to buy a lot of small things you've never thought about like furniture, trash cans, dish towels, and spices. Before you decide to get an apartment, try going through a big box store and add up the costs of everything you would buy to stock a living room, bedroom, kitchen and bathroom and add them up on the calculator on your phone. Doing that makes many people want to live with a roommate and split those costs. It's also why many college students live on campus at least the first year. Some schools require that you do so.
Jeff recommends the following next steps:
It is a solid financial commitment. Must know your budget upfront in order to determine affordability, location, and lease options. It is a great experience to learn the financial ethics required to maintain the monthly rental payments including any additional utility payments. Will also expose you to the independence many seek as young professionals.
It can be expensive if you try to tackle the responsibility alone. Try to get a few roommates to help with expenses. Split everything equally, except for food. Trying to take on the responsibility without help can be overwhelming and take away from your primary focus, education. Good luck and take one step at a time.
The way to make it work is to realize that you need to operate within a budget. It doesn’t have to be restrictive, but you need to tell yourself how you plan to spend the money. This is key to having your own apartment/house. This will give you a lot of peace of mind and stability as you transition to college and life as an adult. Make budgeting a habit now that you are young and a student just starting out in your first apartment so that when you are making more money you will not have to work as hard to develop the habit.