Moving into a new apartment can be exciting. However, it can also be very expensive. There are many things that you can do to save money when you move into new apartments. Below is a list of tips that will help you.
Set A Budget
In order to save money, you will have to set a budget. When you are setting a budget, it is good to use the 50/30/10/10 rule. Fifty percent of your income should go towards fixed expenses, such as insurance, rent, car payment and loan payments. Thirty percent of your income should go towards fixed expenses, such as utility bills and groceries.
At least 10 percent of your income should go to your emergency fund. If you have more money left over, then you should definitely consider putting more in your emergency fund. You can put five to 10 percent of your income towards things like entertainment and fun.
Buy Cheaper Furniture
You have to buy furniture for your apartment. However, there are things that you can do in order to get what you need for a cheaper price. For example, you can purchase items from a thrift store or a flea market. You can find new or gently used items for an inexpensive price at a discount store. You may also be able to save money by shopping online.
Cut Your Energy Use
Your electricity will probably be one of your biggest expenses. There are many things that you can do in order to cut your electricity bill. For example, you can invest in compact fluorescent light bulbs. These light bulbs are energy-efficient, and they last longer. You may also want to invest in a programmable thermostat.
Purchase Renter’s Insurance
You can save a lot of money by not purchasing things that you do not need. However, renter’s insurance is definitely a worthwhile purchase. Renter’s insurance covers your belongings if they are damaged by a disaster or stolen. It also offers liability coverage. Renters insurance can help you save a lot of money in the long run.