Living with your parents or sharing a space with roommates can get a little frustrating at times, and you may find yourself wanting to break free and fly solo.
But there’s a lot that can come along with moving into your first apartment. The furniture, the utilities — and don’t forget the rent.
“It is not only emotionally trying, but financially challenging as well,” says Corey Fick, the 20-something founder of the personal finance blog 20’s Finances. “Some of the expenses that young adults incur when moving into their own apartment arise unexpectedly.”
Don’t neglect ‘the boring stuff’
It’s important for millennials to take care of the “boring stuff” before moving on to the fun of finding the perfect place, says Jonathan Fox, a professor and director of financial counseling at Iowa State University.
“We’re tempted to just go out and see the apartments and make a decision based on what’s available and not doing some of the upfront things,” such as establishing a budget and considering the slew of costs you’ll face when living on your own, he says.
Be prepared when you take that leap by considering the following four frugal tips for your first apartment checklist.