An Apartment Budget Guide

For many of us, low-income or low-rent apartments are already part of the solution to our financial woes. However, without proper financial planning for our savings, even if you have the cheapest place, you can still end up not saving enough. Here are a few steps to make your apartment budget work for you.

Start-up planning

The moment you move in, you can already start saving. The first step is to replace all your lights with CFL bulbs, and to put heavy curtains on your windows. Buy sealant and insulation materials to weatherize your windows and doors if you have enough resources. Before you buy furniture or accept gift furniture from friends and family, make sure that you have enough space for all of them – the less clutter, the better. Also, inquire with your landlord if you can upgrade your thermostat to one that can automatically change the temperatures across the day – you can use this to save up on heating or cooling costs when you’re not around, or if you’re asleep.

Kitchen and bedroom

Your priorities should be your bedroom and kitchen. A warm bed and plenty of blankets can help you in cold weather, by lowering your need for high heat levels in the house when you are asleep. Your kitchen should at least start out with simple implements or cooking appliances. Cooking for yourself can lower your food budget tremendously, and you can even shape your diet to be healthier.

The choice of a gas or electric stove depends on the rates of the local utilities suppliers. Buy a refrigerator that is just right for your needs – larger refrigerators tend to use more electricity and aren’t as efficient if they’re not used properly. A microwave oven is also useful for quick preparations or if you’re tired from a day’s work. Finally, toasters and toaster ovens follow the same logic as your refrigerator: get one that’s just right for your household’s consumption.

Keeping tabs

Once you’ve settled in, keep track of all your expenses. After three months, you’ll be able to get a decent look at your average expenses per month. From there, you can pare down to the basics. One good example is your groceries: whatever ends up spoiling in the fridge after three months is a waste. Find smaller servings of the same food, or find a way to make do without it.

Develop positive conservation habits: always make sure that all unnecessary appliances and lights are turned off when no one is in the apartment. If no one is using a particular room, make sure all lights and in the room are shut down – and if you can, you can even lower the heat.