Moving into an apartment is convenient, secure, and a great opportunity to save on monthly housing costs. The key to a successful move is to start planning where and how you can cut back on costs from the moment you sign your lease. Even if you can comfortably afford your rent, why would you spend more on moving or your general costs when those funds can go into a savings account, an emergency fund, or a down payment on a house!
We look at how and where you can reduce and manage your expenses when moving into an apartment.
Moving Day
Did you know that the full cost of hiring a mover could range between $800 and $3000 depending on the services involved, the ease of access to the new apartment, and whether the packaging is included?
What if you go a bill of $3000 after hiring a moving company to get your valuables to your new rental? Fortunately, you can start saving from the day you know that you’ve secured your apartment.
Pack Early
By organizing your own boxes and wrapping items you don’t need everyday, you can already cut out the packing costs.
Moving Day
The next step is to ask family or friends to help you on the day of your move. Depending on the distance and the size of the truck, you could pay as little as $130 to hire a truck to move your valuables. For a large truck covering travel to another state, you could be looking at a cost of just over $1500.
If you do need to hire a moving company, find out what the average rate for a move in your area is. Then, contact at least 3 to 4 companies for quotes. Compare the quotes and consider which services you can do yourself so you reduce the total expense.
Be Budget Conscious
Most people believe that they can only start saving when they move into an apartment. I think you should start preparing for your budget before you move. You’ll know how much your security deposit is which is a once-off payment, then your rent, so you can include the monthly rent, groceries, utilities (if not included in the rent), and other personal costs. Deduct these from your income and work with your balance. How much can you put into an emergency or savings account? Should you pay for renters insurance? How long will you be renting for? You could save towards a deposit on a house. By getting your budget in order before you take on monthly expenses, you can prevent finding yourself in a cost-burdened position.
Relax and Enjoy the Apartment Lifestyle
Apartment living is a great way to save on your weekly and monthly expenses. in 2021, renting is actually favored over buying a property because real estate prices are at an all-time high. Some family homes are receiving offers in excess of their value and with the competitiveness of the market, you could be paying well over what you’d get back in equity once the markets stabilize.
From the day you move into the apartment to daily living, you can find innovative and smart ways to cut back on costs so you have more money to plan a holiday, buy a car, or invest and watch your money grow.
