Time for your first apartment?

Perhaps you're reading this as a young adult, perhaps a college student.  Ah, to be young again.  You may be wondering if you have what it takes to make it on your own.  Let me be the first to tell you it will feel fantastic to get out from under mom and dad's roof and live on your own.  Here's what you have to do to make sure you don't fall on your face.

Estimate Your Expenses

Write down everything you spend for the next month at least (that goes for anything you put on a credit card). This will give you an idea of where your money goes now.

Next, take a walk through a supermarket and make believe you're shopping for a week (maybe take a shopping list with you) and see what it will cost. Multiply by 4.3 for a month's food cost. (Do you eat a lot of meals out? Maybe you'd want to reconsider that.)

Look at 2 Find Your Apartment, so you can see what rent you will have to pay.

Call utility companies to get an idea of the average costs for electric and gas service for a residence of the size you plan to rent. Ask if deposits are required. Find out which utilities you pay and which may be included in the rent. Many apartment complexes in my area included garbage disposal and water. If they are not included, you need to find how much they cost. If you want cable television, telephone service or internet service, you must put those costs into your budget, too.

Do you have a car? Add in car payments and insurance and license fees, as well as gasoline (if you didn't include these in the first step). Otherwise, be sure you get a place near public transportation, and add the cost of bus travel in.


When It Comes To Furniture: Beg, Collect, Borrow & Save

When I moved into my first apartment - everything was "hand me down".  Even my boss gave me furniture.  I'll never forget it - it was chocolate brown and 20 years old, but I digress.  Free furniture is easy to come by, once you have a place. Just put the word out, and stuff will flow your way from friends, family, and strangers.
If you live in an apartment complex, you'll find abandoned furniture. You can also put a note up on the notice board saying you're interested in very cheap or free furniture. People just can't be bothered to move it!

Start saving now to purchase items that you can't get for free. Then, when you are 30 days from moving out, start purchasing small items. Thrift stores and garage/yard sales are your best bet. Remember, you only need functionality to begin with, you can purchase better quality after you are settled and earning more money.

What Will You Eat, or Eat With?

In your planning, don't forget to factor in the start up costs of a kitchen. Not only silverware, plates, glasses and pots and pans, but those other items such as spices, flour, sugar, ketchup, mustard, mayonnaise, etc. These items can be quite expensive when you have to buy them all at once.

To wrap-up, try this step-by-step approach when you're getting ready for your first apartment:



   1. Call to see how much you will spend on average per month for the type residence you desire (apartment, house, duplex, etc.)

   2. Determine how much you will require per month to drive from this residence to the places you frequent. Include work, church, friends, family, grocery store, etc.

   3. Ask the person who determines your current family budget how much is spent on groceries, lights, natural gas, and other utility bills. Realize that this number for you will not be 1/4 your family's budget even if there are four in your house. These bills have minimums that you are billed each month regardless of usage. Find out what these minimums are to avoid surprises in the future.

   4. Don't forget car payments, car insurance, renter's insurance, and other such necessary expenses.

   5. Have your family financial planner (most likely your mom) look at the list you have made, and contribute to the list. She (or he) will probably help you discover that you have forgotten almost as many things as you have remembered.

   6. Add at least 10% to your final total for times when the plumber is called, the car brakes down, etc., and put this in a savings account so you don't spend it.

   7. If you can afford to buy your furniture now and pay for storage, DON'T. Put all of that hard earned money in a savings account and let it earn money for you. Include the money you would pay for storage, and your total will grow much faster.

   8. Start by paying your family rent for your room, and when you get a good taste of what it is like to pay your own bills, you probably won't move out! Your family deserves to have you contribute to the family budget

Good luck!