Living on your own is blissful.
Paying to live on your own?
What Can You Afford to Spend?
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Your rent will very likely be your largest single expense each month.
But you dont want to spend more than your annual income can support.
If you find a great place for even less awesome.
But trying to get a place that exceeds that price threshold could put you in a financial crunch.
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Property managers may also look for renters who have good credit scores.
A goodcredit scoreshows you have a history of paying bills on time and arent carrying a high debt load.
Youll also need to save a significant sum of money upfront.
ensure you tour the unit or a model unit before submitting an app.
If the landlord has to fix significant damage, you might get a partial refund or none at all.
Some rental property owners will also ask you to provide money to cover your last months rent.
Moving costs will vary widely depending on your situation.
For instance, you may want to hire professional movers if your new apartment is a third-floor walk-up.
Thatll save you on moving costs (win!
), but it also means youll face the expense of decking out your new home.
Youll be dealing with enough costs as it is.
Get the rest of what you need over time as your budget allows.
Check garage sales, thrift stores, Goodwill or pawn shops for low-priced items for your new home.
Ask your landlord if any of these costs are included as part of your rent.
For example, some apartment complexes will fold water, sewer and trash services into the cost of rent.
Usually, that money is refundable.
you could also expect to pay an installation fee to set up services like cable or internet.
That expense is generally nonrefundable.
When you create your budgeting worksheet, dont forget to include a line item for an emergency fund.
Financial experts recommend having between three and six months living expenses in an emergency fund.
If you cant find room in your budget for savings, you gotta evaluate your income and expenses.
Youll either need to increase your income or reduce your expenses.
But dont be discouraged.
The sweet freedom of having your own space can besoworth it.
Nicole Dow is a senior writer at The Penny Hoarder.
Shes lived in five different rentals over the last 10 years.
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