How should I go about renting my first apartment and how much should I save?

Question

I want to be moved out by the end of summer.......

If I started with my paycheck next week, do you know how much of that I should save (by the way, I make close to a 1,000 every paycheck........but it's every 2 weeks I get paid which sucks.

Answer 1

As a starting point you should start saving one third before taxes which should cover rent, insurance and utilities. Also take into consideration how you are going to get to an from work and are you allowed to bring your lunch to work or do you have to spend extra?

The other thing to do is investigate how much an apartment might cost. You could contact a rental agency without forming any formal agreement and find out what an actual cost might be in your area. Be sure to include up front money Deposit and First&Last. Start saving that money out of your pay to see if you can really do it, if not adjust to a range where you could still eat at McD's and go to a movie once in a while.

Answer 2

Congrats for you newfound independence- be financial or psychological. It's a great thing but it means being responsible for everything.
I'd go for the nearest apartment where you feel secure. With gas prices going up, I'd suggest you choose within a $500 or less since you have other things to pay like food, gas/light, etc...
Having a roommate is also good in all aspects but be very careful that you'll have a good one.
Moneywise, there are specials everywhere but do read the fine print. Aprroximately it's gonna be $1500 range as starters.
Goodluck and enjoy the process.

Answer 3

Just one piece of advice. If you like the owners and they treat you right, find out if they intend to sell in the near future. If they have a buyer your rent could increase. If you have a car payment to enter into the scenario you need to take that into account also. Try to find a place no more than 500.00 if you really want to save. I would also recommend finding some buddies and renting a house because the rent can be comparable.

Answer 4

first you have to find out how much apts are

you are alotted about 30% of your pay in a budget for rent/mortgage

so figure about 600.00 a month less is better
and if you can find your heat and electric or heat and hot water included its even better

then you are going to need first months last month and security deposit and that is = to a month
so 3x600= 1800
now don't forget if you move farther away from work you have to add in extra gas each week to your budget

this should help you out