Blog Post

How to Budget When Living in an Apartment

  • By Phillip Chesney
  • 09 Jan, 2018
Apartment Budget - New Tremont Apartments - Quincy, IL

Many people live in month-to-month rental apartments. This can be challenging if you are someone on a tight budget. However, an apartment rental can certainly be within your reach when you properly manage your money and all your regular expenses.

Gather Expense Data

Make a list of all of your monthly expenses, including your rent, car payments, and outstanding debts. If you have an apartment with utilities included, you are in a fortunate position because it can save you a good deal of money each month.

Make note of other important expenses that you may pay on a quarterly basis. These might include insurance premiums and car maintenance costs. You should also write down an approximation of how much you spend on groceries, toiletries, and other important purchases you make on a weekly or biweekly basis.

Keep Other Regular Expenses in Mind

Even if you have been lucky enough to find an apartment rental with some utilities included, you may have other regular expenses to fit into your budget. These could include:

  • Electric
  • Gas
  • Water
  • Cable
  • Internet
  • Renter’s insurance

You should make a rough estimate of how much you have to pay for these things in addition to your monthly rent. If you’re lucky, you might find that your apartment complex offers a package that includes a flat fee for cable and internet. This could save you a good deal of money each month. Another option is to cut the cord on cable. Many people only have an internet subscription and rely on streaming services to get their TV entertainment.

Additional Fees to Consider

There are still further expenses you might have to pay if your apartment complex requires them. Some renters are required to pay for:

  • Parking
  • Storage and garage areas
  • Pet fees for dogs and cats
  • Pest control
  • Administration fees

Once you have listed all of your regular expenses and estimated others, you should be able to determine how much you have left in your monthly income. Keep in mind that your income should be three times the amount of your rent in order to live comfortably.

To learn more about how to save on apartment living at New Tremont Apartments, contact us today. We offer many apartment options to help you live affordably in Quincy, IL.

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