This is the second post in the first apartment series. My first post went over how much my monthly rent is and what utilities I have are. You can read that here.
In this post, I am talking allll about how much money I saved before moving into my first apartment. Money is one thing in my life that stresses me the f out so I wanted to make sure that when I got my first apartment, that I wasn't going to go broke haha.
I really thought about how much I wanted to have in my savings account to make me feel secure and I'm going to let you in on how much that was and where I learned about how much to save for it.
HOW MUCH I SAVED BEFORE MOVING INTO MY FIRST APARTMENT:
Like I said above, I really wanted to make sure that I had a solid savings account in place in case hit the fan after I moved into my apartment. I would get anxiety thinking about me moving in, losing my job, and then not being able to afford it. I made sure that I planned to be able to fully afford my apartment just in case something happened. (and side note - boy was I glad I did, because I moved in March 6th, 2020 and if that weekend doesn't ring a bell that's when did hit the fan...with the world ).
I will say that I was in a unique position that made it a little easier for me to save my money. I decided my senior fall semester of college to live at home so I could save money. I lived in a college apartment with roommates during my junior year and thought it was worth it to save the money. Some days I appreciated that decision and other days I hated it.
The whole time I was living there, I "pretended" to pay rent. Obviously, I wasn't actually paying it but at the first of the month I would go in and transfer money into a savings account. That way, I really could see if I could afford my rent. AND when it came time to actually moving into my apartment, I had a great buffer in place of savings from all of that "fake" rent I was saving.
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I also am a religious Dave Ramsey follower so I did what he recommended for savings. He recommends that you have at least 3 months in "emergency" funds so I made sure that I had at least 3 months in rent AND also included utilities/food into that. So basically, if I was to bring in no income that month I was still able to support myself for three months. Now that my student loans are saved up, I'm actually working on saving for a 6-month emergency fund just to make sure I am really good on savings.
I read this book that taught me a lot about money and I highly recommend you read it if you are looking to increase your knowledge on paying off debt/saving money...
Now that I've moved in, I would highly recommend asking your future landlord what the average utility costs are a month. My dad suggested this to me and I was literally like, "ew dad, that's so weird" but it's actually super common and would have helped me save more accurately.
So, basically, I made sure that I had 3 months (at least) in rent and utilities for my apartment. That made me feel comfortable enough that if something happened, I had enough time to figure it out.