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Need some advice... I want to move into my own apartment.?

I currently live with my mom and I would need a 2 bedroom apartment for myself and my son. I do not want to exceed $1,500 in rent since I have other expenses. I have the money to move now but I am a little afraid. How much money should I have saved before I move? Please any suggestions would help. Thank you.

5 Answers

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  • Alion
    Lv 7
    6 years ago
    Favorite Answer

    Personally I would wait until I had about $10,000 in cash reserves,just in case of an unforeseen emergency with the apartment. But that's just my opinion.

  • 6 years ago

    Of course you need a job to get qualified to rent. The rule of thumb is that you shouldn't pay more than 25% of your monthly income towards rent, 33% at the most. You also don't want to start out your independent life living paycheck to paycheck because life has a habit of throwing your curve balls that cost money you never budgeted for. I suggest you write down a monthly budget and have at least 3 months in savings before you make the move.

  • 6 years ago

    6 months of salary as savings, that's a good rule of thumb.

    Do not even think about applying for somewhere with rent in excess of 33% of your salary.

  • Biff
    Lv 7
    6 years ago

    you will need 2-3 months worth of rent just to get the apt incl sec deposit, plus you better have some emergency savings and you better have a written budget that is less than yuor take home income

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  • Dior
    Lv 4
    6 years ago

    I agree with you I was thinking $10,000- $15,000 just to be safe.

    Thank you.

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