Budgeting can sound scary, but this process is bound to make your life easier in the long haul—especially if you’re trying to manage your finances in order to achieve a future goal. In this blog, we’re focusing on budgeting tools and tips for renters:
It’s almost too easy to splurge when it comes to furnishing an apartment, especially if it’s your first apartment or you’re upgrading to a larger space. And while there is nothing wrong with wanting to fill empty space, it’s a need that can quickly become expensive. This is one of the many reasons why we encourage renters to purchase things second hand. Not only is this better for the environment, but it’s better for your budget–helping you achieve the same look you want for your rented space without needing to spend hundreds of dollars on brand-new furnishings. You can achieve this by scouring thrift stores, asking family and friends for hand-me-downs, or searching online marketplaces.
To help you create and stick to a renter-friendly budget, we suggest you follow the 50/20/30 rule. This budgeting rule is pretty simple:.
- Spend 50% of your after-tax income on must-haves
- Spend 20% of your after-tax income on savings/debt repayment
- Spend 30% of your after-tax income on wants
There are oodles of articles out there that can help you further define these percentages and what to include. For renters, this rule is ideal thanks to its simplistic organization. To help you stick with this budget once you create it, consider making a budget log to learn more about your spending habits and where you can make changes.
We hope these tips help you form and stick to a budget for your renter lifestyle! For more tips, explore our blog. The Quarters is an apartment complex located in Lady Lake, FL.
