Saving for Your First Apartment 101

Saving for Your First Apartment 101

Imagine this: You feel fully prepared to move into your first apartment. How exciting! However, upon a quick online search of your desired apartments, you come to a startling realization: you don’t have enough savings to go through with moving into your first apartment. This is absolutely devastating. Does this situation feel familiar? Well, we have the solution for you!

With these simple steps of budgeting and cutting out excess costs, you can quickly save for your first apartment!

Budgeting

First and foremost, no matter how low or how high your income may be, it’s always a great idea to budget. This begs the question: what’s the best way to budget?

    • Begin by keeping track of all your income and all your expenses.
    • Calculate the amount of money left at the end of the month.
    • If you were to take the rent of your desired apartment into account, how much would you have left?
    • How much more do you need to live comfortably (including savings)?

With these calculations, you’re better able to maneuver what other changes need to be made in your life to prepare you financially for your first apartment.

Cutting Out Extra Costs

    • While sometimes it may seem as if all our wants are needs, this isn’t the case. Even if you don’t realize it, you’re constantly purchasing things which aren’t necessary. There are many ways in which you can save money easily. Here are a few ideas to save a good amount of money:

Be Mindful While Grocery Shopping

Be Mindful While Grocery Shopping

  • While grocery shopping is much more budget-friendly than going out to eat, the price can still stack up high if you’re not careful enough. Firstly, be mindful of the grocery store(s) where you shop. Are you overspending? The difference between a dollar on one item here and another one there may not seem like much, but it all adds up eventually. Make sure to compare prices with their competitors.
  • Before going grocery shopping, check out your cupboards and your fridge. Consider which foods you could still utilize to make meals. If you’re letting foods go bad, then you’re wasting money.
  • Make a list of all your essentials. Plan out your meals ahead of time to help you choose those essential items. The tricky part is to stick to this list. To avoid impulse shopping make sure that you eat right before grocery shopping.
  • For nonperishables, buy these items in bulk, such as at a wholesaler like Costco, to save some money.

Cook at Home

Cook at Home

  • Cooking at home not only provides a much less expensive alternative to eating out, but it also tends to be healthier. At the same time, cooking reinforces a valuable skill while allowing you the time and space to be more mindful of your food and your overall health.
  • Also, the price of constantly eating out adds up super quickly. For example, if you’re purchasing a $10 meal during your workweek (Monday through Friday), then that’s $50 a week, $200 a month, and $2,400 a year. In the same manner, your morning coffee runs can also add up super quickly. Yes, you can still go out to eat or get delivery from time to time, but don’t make it a constant habit.

Stop Buying Name Brands

Stop Buying Name Brands

From food to medicine, name brands are more costly than generic/store brands. While there may be differences between the two, sometimes these differences are barely, if at all, visible. This is especially true in medicine. For example, Vicks NyQuil at Walmart costs $16.94 while the generic Equate version costs $10.47. This doesn’t mean that you can never buy a name brand item again. It simply means this: consider at the very least decreasing the amount on name brand and trying out the generic version.

Stop Overbuying Cheap Clothes

Stop Overbuying Cheap Clothes

Instead of buying a bunch of trendy pieces which will become worn out and thrown away soon enough, consider focusing more on investment pieces. Their price tags are higher, but their quality is much better and more durable. Overall, this experience will make you reconsider the amount of clothes which you purchase as well. Nevertheless, be mindful of overpaying for products simply due to their branding.

Stop Buying Expensive Drinks

Stop Buying Expensive Drinks

Alcoholic beverages are wildly overpriced at restaurants, bars, and clubs. Going out drinking every weekend can destroy your budget. If you’re going to drink, consider drinking before going out.

Stop Smoking

Stop Smoking

Similarly to drinking alcohol, smoking can wreak havoc on your budget. No matter the type of smoking, such as cigarettes, a constant use of these products destroys your budget

Don’t Waste Money on Cable

Don’t Waste Money on Cable

With the rise of Netflix and other tv subscriptions, it doesn’t make financial sense to still have cable. Unless it’s a priority for you, cancel your cable.

Cancel Subscriptions

Cancel Subscriptions

Make a list of all your subscriptions. Note down how often you utilize each one. Choose two to three subscriptions to cancel. These monthly savings will add up quickly!

Pricey Phone Plans

Pricey Phone Plans

Instead of overpaying for your current phone plan, consider a prepaid phone plan like Mint Mobile. One year of this mobile plan costs as low as $180. Check out their plans to choose which one works best for you!

By following these simple steps, you can quickly save up for your first apartment! We highly encourage you to check our apartment listings to begin your search! At West of Hudson Properties, we want to make your first apartment experience as optimal as possible.

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