Use This First Apartment Budget Worksheet to Move

Moving into your first apartment? Having a budget is essential to avoid financial stress. A simple budget worksheet can help you plan for upfront costs, monthly expenses, and unexpected fees.

Key Costs to Consider:

• Rent: Keep it under 30% of your income. Example: $1,308/month in Chicago for a 1-bedroom.
• Utilities: Average $253/month for electricity, water, gas, and internet.
• Setup Costs: Furniture, kitchen tools, and cleaning supplies. Example: A sofa can range from $400 to $4,000.
• Hidden Fees: Application fees ($20-$62), parking, and pet charges.

Quick Tips:

• Use digital tools to track expenses in real time.
• Include renters insurance (~$29/month).
• Regularly update your budget to reflect actual costs.

Start with a worksheet to organize all these expenses and ensure financial stability in your new home.

10 Tips for Moving Into Your First Apartment | Budget Spreadsheet

Key Expenses for First Apartments

Planning your first apartment budget? Here’s a breakdown of the key costs you’ll need to consider.

Monthly Rent and Deposits

Rent costs can vary widely, but in many areas, you’re looking at $1,001 to $2,000 per month. Here’s a quick snapshot of typical rent prices in some major cities:

A good rule of thumb: Keep your rent at or below 30% of your monthly income. If you’re flexible, try searching for apartments during the off-season to snag better deals.

Once you’ve got your rent figured out, don’t forget to account for other monthly bills and services in your budget.

Monthly Bills and Services

Utilities are another big part of your monthly costs. For a 915-square-foot apartment, the average utility bill runs about $253.14 per month. Here’s a breakdown:

• Electricity: $150.93
• Water: $45.52
• Gas: $51.12
• Internet: $71.06
• Phone Service: $144

Be sure to check whether any of these are included in your rent, as it can make a big difference in your overall budget.

Insurance Costs

Renters insurance is often required by landlords and costs about $347 per year, or roughly $29 per month. Here are a few examples:

• Allstate: $16 per month, or $4 when bundled with auto insurance
• Liberty Mutual: Plans starting as low as $5 per month

Most landlords require at least $100,000 in liability coverage. You might also want to add $25,000 in personal property coverage to protect your belongings.

Setup Costs and Items Needed

Plan for essential furniture, kitchen and bathroom supplies, and cleaning tools to make your space functional and comfortable.

Basic Furniture List

Focus on must-haves for each room:

To cut costs, consider ready-to-assemble (RTA) furniture or pieces that serve multiple purposes, like a sofa bed or storage ottoman.

Kitchen and Bathroom Basics

You’ll need some key items to get started in the kitchen and bathroom:

Kitchen Essentials

• Cookware set (pots, pans)
• Basic utensils
• Dish set (plates, bowls, cups)
• Dish drying rack
• Kitchen towels
• Food storage containers

Bathroom Essentials

• Shower curtain and rings
• Bath mat
• Toilet brush
• Towel set
• Basic toiletries
• Storage solutions

Save money by purchasing starter kits for kitchens and bathrooms, which many retailers offer for first-time apartment setups.

Cleaning Equipment

Get the necessary tools and cleaners to keep your apartment tidy:

Basic Cleaning Tools

• Broom and dustpan
• Mop
• Vacuum cleaner
• Microfiber sweeper
• Cleaning caddy
• Rubber gloves

Cleaning Solutions
Start with these versatile cleaning products:

• All-purpose cleaner
• Bathroom cleaner
• Glass cleaner
• Dishwashing liquid
• Baking soda
• White vinegar

For a budget-friendly option, make your own cleaners. For instance, mix equal parts water and white vinegar for an effective all-purpose solution. Buying supplies in bulk can also help reduce costs.

Make sure to include these setup costs in your budget plan to stay financially prepared.

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Unexpected Rental Costs

When planning your budget for your first apartment, it’s easy to overlook some less obvious expenses. Let’s break down a few hidden costs you should be ready for before signing a lease.

Application and Background Check Fees

Most landlords charge application fees to cover the cost of processing and background checks. These fees vary depending on where you live. Here’s a quick look at some state-specific limits:

Keep in mind, these fees are non-refundable and apply to each applicant. On average, you can expect to pay between $40 and $60 per person.

Parking and Pet Fees

Beyond your rent, you might face additional charges for extras like parking or pets. Need a reserved parking spot or garage access? That’ll likely cost extra. Have a pet? Be prepared for one-time pet deposits, monthly pet rent, or even cleaning fees. These costs can add up, so ask about them during your apartment tour to avoid surprises.

Routine Repairs and Maintenance

While landlords are responsible for major repairs – like fixing plumbing, electrical systems, or heating – you’ll likely handle smaller maintenance tasks. These can include replacing light bulbs, changing smoke detector batteries, minor cleaning, clearing small clogs, or patching nail holes.

Always report any repair issues in writing (email or letter) and keep a copy for your records. This documentation is essential, especially if you end up covering repair costs yourself. It’s a small step that can save you money down the line.

Using Your Budget Worksheet

Finding Accurate Cost Estimates

Start with solid research to pin down realistic numbers. For rent, check online rental platforms and reach out to local property managers. Narrow your search to your specific neighborhood since costs can vary a lot, even within the same city.

Here’s a breakdown of average utility costs for a 915-square-foot apartment:

Want more precise numbers? Try these steps:

• Ask the property manager about past utility bills.
• Talk to current tenants for firsthand insights on monthly expenses.
• Request utility cost histories from service providers in your area.
• Include utility estimates in your lease agreement for clarity.

Once you’ve gathered this info, update your budget worksheet to reflect these actual costs.

Updating Your Numbers

"That process confirmed to me yet again that budgets are not a ‘set it and forget it’ process."

Budgets need regular attention. Here’s how to keep yours up to date:

• Log bills as they come in.
• Track daily expenses and tweak your category limits if needed.
• Add a "miscellaneous" line for unexpected costs.
• Create sinking funds for irregular but predictable expenses.

Keeping these updates consistent helps you stay on top of your finances.

Monthly Budget Review

Your updated numbers lay the groundwork for a monthly check-in. This review helps ensure your budget stays accurate and actionable. Focus on these areas:

1. Review Category Totals
   Add up your expenses by category and compare them to your original estimates. Adjust where needed to stay aligned with your goals.
2. Track Income Changes
   Keep a record of all income sources, noting any increases or decreases. This ensures you always know how much you have to work with.
3. Analyze Spending Patterns
   Spot trends in your spending habits. For example, utilities often account for about 20% of rent costs but could drop to 10% if you have roommates. Use these insights to make informed adjustments.

Make it a habit to review your budget monthly. As Tim Jordan puts it:

"Looking at your budget monthly can give you all of the above benefits. I encourage you to do that and see what happens. If nothing else, you will get some great peace of mind that all of your affairs are in order."

Conclusion

Moving into your first apartment requires thoughtful financial planning. Using a detailed budget worksheet can guide your spending, helping you cover both the upfront costs of moving and your ongoing expenses.

A budget template in Excel or Google Sheets can make it easier to track your expenses systematically. By separating one-time costs from recurring ones, you’ll have a clearer understanding of your financial obligations and can plan accordingly.

Make sure your worksheet stays flexible to adapt to changing needs. Digital tools can simplify tracking expenses, and setting aside an emergency fund can help you handle unexpected costs with ease. Regularly reviewing your budget ensures you stay aligned with your financial goals while managing your new home.

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