Filed under Apartment Basics on May 19th, 2008:
How to Create a Budget for Your Tampa Apartment Expenses
Moving into a Tampa apartment can be a very big responsibility for those who have never been on their own. If you’re getting ready to embark on this quest, there are some basic budgeting tips that can help you out. Juggling finances and all the fun things to do in the Tampa Bay area can be quite the task. This doesn’t have to be the case if you set your priorities and stick with them.
To create a feasible personal budget, you’re going to need to know two very important numbers – your total income and your total outgoing expense estimates. The first number is very easy to obtain from your paycheck stubs. The second is going to take some paperwork.
Expenses to Include in Your Budget
1. Rent – Make sure your budget has plenty of room for the full amount of your rent each month. Your rent will be due at the beginning of each month, and you’ll want to make sure you have that amount set aside when that time rolls around. Some apartment complexes and landlords will charge you a fee per day that the payment is late.
2. Utilities – You can group these all together or break them down. Some people prefer to break them down individually so they pay attention to the estimated costs versus the real if cuts need to be made down the road. Utilities to include are: electric, water, trash pick, gas, cable and telephone (some of these utilities may be included in your rent). If you find that you need to cut back, the first thing to go should be cable and internet.
3. Food – You are likely to be surprised at how much of your budget you actually eat up. If you’ve never budgeted for food before, take a trip to a grocery store to get an idea of real grocery prices. If what you find freaks you out, just remember you can always clip coupons out of the local paper or find coupons online.
4. Savings – Including a little bit of money to set aside for savings in your personal budget is a very smart idea. Even a few bucks a week can add up fast. As the old saying goes, pay yourself first!
5. Transportation – Car payments, insurance, gas, oil changes, bus fair and other related expenses should be figured into your budget.
6. Credit card bills and other debts – Credit cards, student loans and other obligations should be included in your budget. You want to keep up with regular payments to avoid high interest rates and bad credit reports.
7. Entertainment – By the time you get down to this, you might not have much money left. Still, figuring at least a small amount on a monthly basis for splurging is a very good idea. All work and no play…
8. Clothing, medications, miscellaneous expenses – Don’t forget to inlclude a little bit each month for unexpected expenses. You may want to consider hair cuts, visits to the doctor, prescriptions, pet expenses or anything else that could possibly come up that month.
Calculating Expenses
Now, once you have all the expenses put down on paper, do the math. If you’re like most people, chances are there won’t be much left at the end of the month. Don’t fret too much though. If your numbers are realistic and your budget includes at least something for savings, miscellaneous expenses and entertainment – after paying bills – you’re a few steps ahead of the pack.
If you feel like you should be saving more money after calculating your budget, take a look at your budget breakdown and identify areas where you could cut back to save a few bucks. Always keep a notebook of you expenses broken down so you can see exactly where your money is going. Also, a great tool on the internet for breaking down expenses is a budget calculator.
Budgeting isn’t easy, but it will help make your living experience much more enjoyable. Once you create a realistic personal budget, do your part to stick with it. You’ll be glad that you did when an “emergency” strikes and you find your savings can cover it.
December 15th, 2008 at 7:59 pm
[...] to picking an area is identifying a budget within which you can live comfortably. This is absolutely critical to determine prior to apartment [...]