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Tips and tricks for saving money for your first apartment

June 22 , 2018

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So, it’s finally time for you to move out of your parents’ home and into your first apartment. Congratulations on taking this major life step! To help you prepare to enter this new chapter in your life, the Panoramic Properties blog team has some tips and tricks for saving money for your first apartment.

Know your budget

Before you can save for an apartment, you need to know your budget. In today’s real estate market, rents are at all-time highs. Don’t be seduced by a nice place that you can’t afford to carry. A good rule of thumb is to seek out an apartment with rent that equates to 25-30% of your gross income. Don’t forget to factor in utilities, and any debt that you have, into your calculations to ensure that you can comfortably afford your apartment. On the flip side, don’t go too cheap. You want to stick to a safe and inviting neighbourhood to ensure that your quality of life doesn’t decline because of your choice of rental.

There’s an app for that

Consider downloading a budgeting app that can help you plan out your budget and manage your spending in real time. If you’re a student, and budgeting is new to you, an app like LearnVest is a great tool that will help you get your ducks in a row.

Minimize unnecessary expenses

As you approach independence, it’s easy to get distracted by all the shiny things you can afford to buy, and derail your budget. Try to look for deals on your essential purchases, and minimize unnecessary spending whenever possible. Instead of going to the movies each week, watch movies at home. Instead of eating out all the time, batch cook your meals and pack lunches. Stock your pantry with bulk foods so you can make cheap meals as you need to. Instead of taking transit all the time, walk or bike more -- it’s good for you, too!

Get a roommate

Rent is almost always cheaper when you share a space. Find a good roommate to ease the burden of your first rental -- you’ll have less to save.

Look for rentals with good amenities

Saving while renting is important too. Look for a rental that boasts some potentially money-saving amenities like a gym. This way you won’t have to get a gym membership!

Set up a rainy day fund

One of the many joys of adulthood is financial insecurity. A good practice is to set up a rainy-day fund. Ask your bank to create a second savings account or TFSA for you. Set up an automatic transfer from your primary account that transfers a small amount of money into your rainy day bank account on a monthly basis. Over time it will add up to something you may eventually be very grateful to have!

We hope these tips and tricks for saving money for your first apartment help you on your way to independence. For information on Panoramic Properties in Mississauga, including 45 Paisley Blvd and 2200 Sherobee, please visit our website.