Rent Amount

YOUR RENT SHOULD BE 1/3 YOUR INCOME! On one end, this fact seems so obvious, but, in truth, people who find this to be obvious had to be told. Once this information is shared, it seems so logical and practical, we kid ourselves into believing that it's obvious. But the only way to come up with this number yourself is to calculate it, and people have enough difficulty coming up with a workable budget even when it's already calculated for them. I didn't know that my rent should've been 1/3 my income with my first apartment. I felt so pressured to find a place that I took the first option available to me, believing that not having a place is worse. It is worse, but that kind of fear rushed me into an unfavorable and irresponsible decision. Most property managers look for three months' worth of payment stubs. Before finding a place, you should have a stable income. Based on how much you make, find an apartment that meets your budget! This is so crucial. You can cut corners on other expenses, but if you rent is out of your range, the damage will be hard to manage.

The best way to prevent this dilemma is to prepare, prepare, prepare. Find a steady, stable job, and work there for a good six month's minimum before looking for an apartment. Calculate what YOUR rent should be, and have at least one month's worth of it. Then, start looking for an apartment within your budget. Check online, ask for referrals, go apartment hunting, ask your friends to keep an eye out, and look for apartment listings at local colleges for a bargain. By giving yourself enough time, you'll be able to make a level-headed decision.

FINAL NOTE: Your rent, based on your income, is a flat amount. Don't compromise it! Your rent could be less than what you budgeted for, but don't exceed your budget and then, later try to compensate for it. Don't make following a budget more difficult than it has to be. Even if you have all the answers and all the money in the world, it's challenging. And most of us aren't made of money.