Moving in with yourself
By Julie E. Houston • Bankrate.com

What expenses can you expect when you decide to live solo?
Whether you are moving out of the dorm or your parents' house, or leaving the pesky roommates behind, living on your own certainly has its benefits. You can come and go at any hour. You don't have to worry about hanging a towel on your door when you have "company." All of the food in the fridge is yours for the taking, and sharing anything is a thing of the past. However, that includes sharing the bills. Setting up home sweet home by yourself can really leave you cramped for cash.

Shari Bryan, an account executive in New York City knows that. She moved into her first apartment -- alone and in New York City no less. Whew! I guess that would explain her exasperated tone when she explained that her credit card was "on fire." She said she just hoped "to get enough frequent flier miles (from the credit card company) to earn a free ticket to Europe. How I could afford going on vacation is another question," she said.

"The biggest thing I learned in my quest to furnish and decorate my apartment is that the little things add up ... and add up fast," Bryan added.

Big comfy couch
Jackie Hirschhaut, vice president of public relations for the American Furniture Manufacturers Association in High Point, N.C., agrees that furniture is a major concern for any new apartment dweller, and the expense is greater when you don't have a roommate. But don't think you are going to be moving solo into the poor house.

"I can assure you no matter what your style or your budget there is something out there at retail for you," says Hirschhaut. She warns that you may not find what you are looking for in the first store you visit, but you can shop around.

Hirschhaut also says that when you are ready to furnish your apartment, you need to have a plan. She suggests you prioritize your furniture needs based on your lifestyle and "the feel" you want in a room. But, you don't have to buy everything at once.

When shopping, Hirschhaut says that you get what you pay for with anything, furniture included. Make sure the furniture is sturdy and you try it out as you would if it were in your living room. Sit on the couch. If it's a sleeper couch, pull out the bed and see if it's comfortable, too. Lay on the bed and make sure it suits your needs. However, don't even think of "that" kind of test. Bail for you and your sweetie will cost you your furniture fund.

If you are tempted to sign into a "buy-now-pay-no-interest-for-a-year deal," Hirschhaut says this is a great way to furnish your pad all at once. She says it's a very popular promotion with furniture retailers, but she warns that if you don't pay the bill by the end of the year, the "deal" is gone when you have to pay the interest and service charges.

Never underestimate the power of ... the hand-me-down
You don't have to start off your solitary life with all new stuff, though. When you decide to move, you can always bum hand-me-downs from your family. If you don't have a roommate, the chances of adopting a full set of silverware are less, but on your own, you don't have to worry about telling your roommate that his Uncle Charlie's torn and tattered chair doesn't really go with the motif.

Even before you start packing boxes, though, there is a large amount of cash you have to put down just to get the key to the front door and turn on the lights. Apartment security deposit, phone deposit, cable box, electricity deposit, gas deposit, first month and last month's rent -- it all adds up really fast, and you're footing the bill yourself for all of it.

Conversely, if you had a crummy roommate with really bad credit, it could end up costing you a bunch in deposits since their name isn't exactly gleaming on the lease. Plus, you avoid the monthly argument about figuring who is making phone calls to Tonga.

Some advice from Snoopy
Setting a move-in budget and choosing a place you can afford is a must when you start the apartment hunt. MetLife Insurance Company, in New York City, publishes a Life Advice pamphlet with helpful tips for apartment renters. They suggest that when determining which apartment is right for you, keep in mind that your rent bill should be no more than 25 percent of your monthly gross income. Otherwise, they say, you may not have the cash for your bills, never mind a social life. And if you have no social life, the fact that you live alone and have all the privacy you need won't matter one bit. You'll be stuck performing your own Tom Cruise "Risky Business" underwear scene for your houseplants.

Another consideration when moving in with yourself is security. According to the National Crime Prevention Council thieves entered through unlocked doors or crawled through unlocked windows in almost half of all completed residential burglaries. They recommend that all external doors have a sturdy dead bolt lock and that all sliding glass doors are secured with a dowel and pin. The NCPC Web site has information on how to do this yourself.

If you want additional security, there are several affordable do-it-yourself security units that can be easily installed without damaging your apartment. This is good news when you have a big security deposit you want to get back. The Magnavox MX2500 comes with a motion sensor and two door or window sensors, a remote control and a key chain remote control. The key chain features a panic button in case you get spooked at your front door. Best yet, when it's time to move on, the system picks up and moves with you. It costs about $300.

The Radio Shack Web site offers a similar model, the SS5402, for about $160.

With FBI reports stating that homes with an alarm system are four times less likely to be broken into, it's no wonder that you can earn as much as a 20 percent discount on renter's insurance.

That discount can pay off when you have to cover the renter's insurance bill yourself. Jayna Neagle, spokeswoman for the Insurance Information Institute, New York, says there are some tips to help you save on renter's insurance. She suggests that you should consider what you have and what you should cover.

"When you are just starting out on your own and you have your parents' dishes and a black and white television, you shouldn't really invest in renters insurance. But as you are out on your own for a while and accumulate more things, you need to protect them," Neagle says.

She confirms that you can get discounts on insurance rates, which average from $150 to $300 each year, just for having an alarm system -- a bigger discount for monitored systems. Neagle also suggests that you apply for coverage through the company that insures your car. You can save money by purchasing multiple policies. Finally, make sure you only buy the amount of coverage you need for your possessions. Take an inventory of your house and consider what the items are worth. I mean, do you really need to insure the 10-year-old stereo with the blown-out speaker?

Amy C. Fleitas contributed to this story.

-- Updated: July 30, 2002