My Boyfriend and I are planning on moving out within the next couple of months and I was trying to see how much we should try to atleast have saved up by the time we move. We want to rent an apartment that is $770 a month and already have $2000 saved up. Is that enough to start or should we wait longer to save more? I know there are is a certain amount you should save up to put down when you buy a house but what about when you rent?! We already have most of the small things needed for the kitchen, bathroom, and bedroom; all we have to get are the big furnture parts. I just want to make sure I do this right the first time because I don't want there to be a second time. When I move out I want to be out I don't want to end up moving back in with my parents. Between my boyfriend and I we make $23 an hour, is that enough to rent an apartment with the monthly rent $770? Thanks for your time and help.
2007-02-27 08:44:59 · 5 answers · asked by starbabie 1 in Business & Finance ➔ Renting & Real Estate
Most rentals charge first month's rent and a security deposit, which is usually determined based on your credit score. If you have a specific apartment already in mind, they can tell you exactly what your move in costs for that apartment will be.
Once you move in, you'll need to turn on your utilities. While some apartments pay for some utilities (i.e. trash, water) don't automatically assume that these are included in your monthly rent. Make sure you know what is covered up front and budget these expenses into your monthly allowances.
Utilities, like electricity, natural gas and telephone, usually require an initial deposit fee and this is usually based on your credit score. You should call the local power and gas companies and find out how much of a deposit is required. They may also be able to give you information about the average bill history so you'll have an idea as to how much you'll have to pay every month.
Read your lease VERY carefully. Many apartments have restrictions on what you're able to do and what you're not able to do. Violations of these rules can result in fees or termination of your lease.
Good luck!
2007-02-27 09:00:05 · answer #1 · answered by Sylvan 2 · 0⤊ 0⤋
If your combined paychecks are bringing home $2500 net income each month, then you should be able to afford rent of $770. That's only 30% of your pay. You should have at least 2 months of expenses saved up before you move--or $2,500. That's AFTER you buy furniture.
However, you will have real trouble if you break up or one of you decides to leave. I don't advocate living with boyfriends/girlfriends (all the pain of a marriage w/o the benefits), but if you do, just be careful and keep your money separate!
2007-02-27 09:29:50 · answer #2 · answered by lizzgeorge 4 · 1⤊ 0⤋
You should have about 3 months of rent saved up before moving for your first months payment and deposit and utilities. Make sure both of you are on your lease incase you break-up.
Try putting $770 in your savings account for the next few months and see what paying that rate of payment feels like.
2007-03-03 08:41:03 · answer #3 · answered by annazzz1966 6 · 1⤊ 0⤋
Well your going to have to do the math but here is a good rule of thumb for you to use..
should never have a morgage or rent payment over 45% of your net income
all your bills should not total more than 60%
includ rent utilities car and anyother amounts you are committed too..if you need more help email me...
the 2000.00 you have saved will be a good cushion if unexpected things should arize...brocken leg sickness theft....Lets
2007-02-27 08:53:44 · answer #4 · answered by letsget_dangerous 4 · 1⤊ 0⤋
renting is a bad idea.your making some one else rich.buy a home.
2007-02-27 08:48:45 · answer #5 · answered by derrik 2 · 0⤊ 1⤋