Cost of Rent

The cost of rent will always depend on where you want to move. If you’re moving to a city, you can expect to pay more in rent for less space. As a general rule of thumb, most landlords expect you to earn at least three times the cost of rent monthly. For example, if rent is 1,000, the landlord wants you to make at least $3,000 per month, if not more.

Rent will be your largest expense, so it’s important to budget for it by understanding your income. Saving money for rent before you move out is essential because it can provide you with a cushion or at least a great way to negotiate with your landlord. Additionally, you should start saving for any possible application fees and deposits.

Moving Expenses

Unless you plan to arrive at your new home with nothing and purchase all of your furniture and new clothes, you’re going to have moving expenses. Many people choose to move themselves by renting a moving truck, but you can also hire a moving company to help take some of the hassles out of moving day. There are pros and cons to both options. On the one hand, moving yourself can help you save money, but it can be demanding on your body. On the other hand, hiring movers can cost a few hundred dollars, depending on how many things you’re moving in your new home.

Utilities

Some landlords may choose to include the cost of some utilities in your rent. For example, many people find apartments that allow the gas bill to be rolled up into the cost of rent. However, you should still factor in the cost of all of your utilities just to be on the safe side. A few things you will have to pay for on your own may include:

• Electricity
• Gas
• Internet and cable
• Trash collection

Expenses

While you might make enough money according to the general rule of thumb that you should make at least three times the cost of rent, your expenses play a large role in whether something is financially feasible for you. Before you can determine whether or not you can afford to move out, you should know how much money you’re bringing in and how much is going out. You can do this by looking at your banking app or bank statements.

By understanding how much money you spend on average each month, you can subtract that from your income to find out how much money you have left over. This number should give you a starting point to determine how much you can afford to spend on rent.

Necessities

After you move out, you’ll still need to eat and buy necessities at the store every week. Consider all of the things you’ll need to make your new apartment or house a home, including groceries, toiletries, and cleaning supplies. You’ll have bills every month for these things, and they can add up to thousands of dollars a year.

While you don’t have to start calculating how much each individual item will cost you, consider setting a weekly budget for yourself so you can determine how much these expenses will be. For example, if you’re a single person with basic needs, you can set a budget of $50 to $75 dollars a week.

Hidden Costs

There are always hidden costs when moving out. If you’re renting your first apartment, you’ll need to be able to get to your work, which means taking public transportation or driving your car and paying for gas. Additionally, the farther you live from work, the more expensive it will be to get there.

You’ll also need renters insurance. While renters insurance isn’t required by law, you should protect your stuff in case of theft or damage. Luckily, renters insurance is pretty cheap, and it will ensure you don’t lose everything if there’s a flood or fire in your apartment.