| ing how much apartment they can afford is one of the | | | | same insurance carrier. The carrier may be willing to |
| most important decisions a renter will have to make. | | | | offer a discount to a customer who utilizes their |
| This decision will help to determine a number of | | | | services for more than one type of insurance. |
| factors include the size and location of the potential | | | | Likewise there may be the opportunity to minimize |
| apartment as well as the types of amenities offered. | | | | expenses by bundling services such as telephone, |
| Those who are interested in renting an apartment will | | | | Internet and possibly even cable television. |
| have to consider all of their current expenses in | | | | Also, consider entertainment expenses as an |
| comparison to their monthly cash flow. They will also | | | | opportunity for financial improvement. If a renter |
| have to determine whether or not there are changes | | | | currently eats out in restaurants for dinner on both |
| they can make to their current budget to make a | | | | Friday and Saturday of every week, they could |
| larger or more well situated apartment affordable. | | | | consider limiting these dining experiences to only one |
| Consider All of Your Expenses | | | | night a week or even only one night every other |
| When deciding how much apartment they can afford, | | | | week. This can result in a significant cost savings |
| renters should carefully consider all of their monthly | | | | which may enable the renter to afford a more |
| expenses in relation to their monthly income. Expenses | | | | expensive apartment. |
| may include, but are not limited to, utilities such as gas, | | | | Other areas where renters can sometimes cut |
| water and electric, telephone, cell phone, Internet | | | | expenses are on cell phone bills and cable television |
| services, cable television, car insurance, renter’s | | | | bills. Examine your cell phone bill carefully. If you are not |
| insurance, gas for car, cost of commuting to work, | | | | using all of your minutes each month, it might be |
| groceries and other incidental charges. Subtracting | | | | worthwhile to switch to a plan with fewer minutes. This |
| these costs from the monthly income will give the | | | | would lower your monthly bill without causing you to |
| renter a good idea of how much money they can | | | | make any sacrifices. One area where sacrificing might |
| afford to spend on rent each month. Renters might | | | | contribute to more monthly cash flow is with cable |
| also consider subtracting an additional amount out of | | | | television. Renters who pay higher fees for premium |
| their monthly income to give them the opportunity to | | | | channels can consider eliminating these channels. All of |
| save some money each month. | | | | these small changes to monthly spending can |
| Expenses to be considered should also include | | | | contribute to the renter being able to afford a more |
| expenses for entertainment purposes such as dining in | | | | expensive apartment which may be larger or in a |
| restaurants, going to movie theaters or cultural events. | | | | better location than the apartment they would be able |
| Even movie rentals should be considered in this | | | | to afford without making changes. |
| category. Considering these expenses is necessary | | | | Is There a Need for Improvement? |
| because otherwise the renter may not allot a portion | | | | Although trimming superfluous expenses is always a |
| of their budget for such purposes and may find | | | | good financial strategy, renters should determine if this |
| themselves unable to participate in some previously | | | | is necessary in terms of their rental situation before |
| enjoyed leisure activities. | | | | making drastic changes. Once a renter has established |
| Is There Room for Improvement? | | | | the amount of money they can afford to spend in rent, |
| When examining the monthly budget, renter should | | | | they can start to look for available apartments in that |
| take the opportunity to determine whether or not there | | | | price range. If the renter is happy with the choices |
| is room for improvement in their current financial | | | | available to them at this time, there may not be a need |
| situation. For example a renter may find they are able | | | | to make financial adjustments at this time. However, if |
| to minimize their monthly bills by obtaining their car | | | | the renter is not happy with the options available, |
| insurance and renter’s insurance from the | | | | financial changes and stricter budgeting are warranted. |