It's no secret that relocating can get expensive. Not only that, but we've all been told that renting is basically the same as pouring money down the drain because apartment living is only temporary, not a lasting investment.
Regardless of what people say, you know that sometimes an apartment is the best temporary housing solution for your current situation.
What's more, it really is possible to rent a furnished apartment and be smart with your finances at the same time. The best way to do that is to save money where you can. Let's look at how to do that.
Budgeting for a Furnished Apartment
Set your budget.
Before you even think about signing a lease for a furnished apartment, it's important to know your budget. This takes a little bit of work upfront, but it's worth it in the long run. If you were planning to be a long-term renter, then you would probably follow the well-known rule of not letting your housing expenses exceed more than 30% of your gross income. However, that rule does not translate to furnished apartments.
Furnished apartments will always be pricier per month than an unfurnished apartment. It's important to look carefully at what's included in your furnished apartment rental and realize that you're getting more perks at higher price point for a limited period of time. As long as your budget allows for the temporary expense of a furnished apartment, it's an ideal solution.
Depending on how vast the services are, you may end up spending less on a furnished apartment in the long run. For example:
- Renting a furnished apartment means you don't have to pay for moving expenses. At Corporate Connection, we set up your apartment for you, and it will be ready when you arrive!
- Renting a furnished apartment means that you're paying for all of your housing in a single monthly bill. Take into account that your bill includes utilities, Wi-Fi, furniture rental, and of course, your apartment.
Track your spending and follow your budget.
One of the biggest mistakes people make after setting a budget is failing to track their spending. A monthly budget does you no good if you're not actually following it, and the only way to guarantee you're following it is to track it.
Granted, tracking your expenses can be time-consuming, especially if you're paying a lot of separate bills. If keeping track of multiple bills is overwhelming for you, don't set yourself up for failure. Instead, consolidate your bills. When you rent an apartment through Corporate Connection, we do that. All you have to worry about is one bill every month, and that covers everything—rent, utilities, Wi-Fi, and all of the rental furniture and furnishings inside your apartment.
Saving Money in a Furnished Apartment
Saving money isn't easy, but if you look at all of the seemingly insignificant places your money is going, it can be easier than you think. Saving money begins with having an awareness about where you're spending your money and then being willing to cut back on spending where you can.
Here are a few ideas:
- Live close to work. The closer your furnished apartment is to your place of employment, the less money you'll be spending on gas and transportation. Coordinate with your relocation specialist to select a furnished apartment that's in your ideal location. Depending on the commute, you may even be able to walk or ride your bike!
- Do your own cooking. Sometimes it's hard to come home at the end of a long day and cook a meal from scratch instead of going to your favorite restaurant. But the fact of the matter is, grocery shopping and making your own meals is much more budget-friendly than dining out.
- Use the complimentary fitness center. Most apartments have an on-site fitness center that's free to residents. Instead of paying for a gym membership, take advantage of the fitness center you're already paying for!
- Evaluate your subscriptions. It seems there are memberships for everything these days—getting makeup products, clothing and groceries delivered to your front door, and streaming movies, music, and audio books. All of these subscriptions are fun and convenient, but they do add up. If you're trying to cut back on expenses, consider which ones you can temporarily live without. Also explore free alternatives. Some cities have free audiobook apps like Hoopla that are connected to the local library system, so you might not need to sacrifice your audiobook obsession after all.
- Make your own coffee and pack your own lunch. It's astonishing how much money career professionals spend on coffee and lunch out during the course of a month. A drink at Starbucks will cost you roughly $5, and lunch typically ranges from $8 to $12. Do the math, and you tell us how much you could save this month if you skipped Starbucks and packed your own lunch.
- Take care of your space. Make sure you're taking good care of your furnished apartment while you're there. This ensures that you will get your security deposit back when you leave.
More for Your Money
Interested in renting a furnished apartment for your temporary stay in Greenville, SC, Asheville, NC, or somewhere in between? Contact our relocations specialists today! Call us at (864) 627-4002, or click on the banner below and leave us a message online!