There are a number of different methods that you can choose to work with when it is time to budget for a new apartment. You need to consider the different options to get your finances in order and to make sure that you are able to afford what you need, including the rent. There are a few budgeting methods that you can go with, but one option that a lot of people like to choose, especially if you would like to work on your savings is the pay yourself first method. 

This is a non-nonsense budgeting method that is going to help you make sure that you reach your financial goals and work on savings long before you pay any of your other bills. You can make some adjustments based on your income and this isn’t an excuse to not pay for things like your rent, but it can ensure that you have some savings and will not run out of money along the way. 

With this method, you are going to pay yourself first, which means that before you pay for anything else for the month, you will allocate money to some sort of savings or one of your other financial goals. You can put it to your emergency fund, to a retirement account, or to saving up for a new car or something else. You will move the money, usually automatically, right to the account that you would like. Then whatever else is left when that is done can be used for bills, debts, and anything else you want to spend on. 

Let’s say that you would like to save up 25% of your take-home income for retirement and to put it into a savings account. You will make sure that you set up an automatic contribution from your account to 15% of your income to go to the retirement account, 5% to a down payment account so that you can start to save for a home, and 5% for your travel fund. You can split it up how you would like. The other 75% of your income can go to your bills and anything else that you want. 

Looking for some space that is just right for you, without all of the hassle of an unaffordable spot that you just won’t like? Then come and take a look at our 1 bedroom apartments in Salt Lake City. We are confident that you will love these apartments and want to make them your own in no time. Great location, great amenities, and great space all rolled into one. Contact us today to take your own tour.