How much money should I save before moving into my first apartment?
I want to have a general idea of how much money I should have so that I am not caught off guard or left high and dry!
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- 6 MONTHS OF RENT AND BILL MONEY ------JUST IN CASE YOU HAVE A PROBLEM DOWN THE WAY ------AND MAINTAIN THAT AMOUNT ------AND INCREASE IT AS YOUR BILLS GO UP .
- Well, to move in you will need your first month's rent and your deposit, which is usually the same as your rent. For example, if your monthly rent is $600, you would need $1200 to move in. There aren't usually too many unexpected expenses when you're renting, but you should make sure your income is enough to cover utilities and other living expenses. Always ask what utilities are covered and if the heat and stove are gas or electric. I would also buy a lot of basics before you move in -- kitchen and bathroom essentials, cleaning supplies, etc. should all be budgeted in. Bigger items can be picked up over time. In general, it's always a good idea to have a few months of rent/living expenses tucked away just in case. So, we'll say with rent at 600/month, your living expenses might be 1100/month. (Living Expenses) 1100 x 3 months = 3300 (1st mo Rent + Deposit) 600 x 2 = 1200 (Kiitchen/Bathroom Basics, etc) = 500 With this example, you'd have to save $5,000. Of course, you can adjust my ideas to better fit your situation.
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