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#Apartment budget calculator how to#

And don’t forget to include renter’s insurance in your budget. The best way to do this is to create a realistic budget that covers your anticipated monthly expenses including the approximate amount of rent you will be paying, other fixed and variable monthly expenses, allocations for seasonal and annual expenses as well as the money you need to set aside for debt repayment. Most first time renters are shocked at how much it costs to live on your own when you take all costs into consideration. In addition to answering these questions, it will be important to determine your overall costs before you move out.

Will you have the ability to save for other important goals like owning a home and saving for retirement once you move out on your own?.

Do you have other financial obligations like student loans, credit card debt or a car loan that you will still be paying while paying rent?.

Do you plan to live on your own or share the cost of renting with another person?.

What utilities and other costs will you be required to pay in addition to rent?.

Do you plan to move close enough to work that you can take advantage of public transportation or will you be driving to work and paying for parking?.

A better way of looking at how much rent you can afford is to also consider all of the other expenses you will need to pay in addition to rent. Unfortunately, keeping your rent under this ceiling may not be possible in some of the major cities with extremely low vacancy rates.

So if you earn $40,000 per year, that would mean spending no more than $1,000 per month.

#Apartment budget calculator how to#

We'll get into all these factors in a bit, but first, the big question, how much rent can you afford? How To Determine How Much Rent You Can AffordĪ lot of experts recommend not spending more than 30% of your monthly take home pay on rent. If you're thinking about renting a place and are wondering "How much rent can I afford?", we'll show you a number of ways to approach this issue along with a bunch of things you need to consider in order for this to be a positive and lasting experience.