How Much Should You Save Before Renting Your First Apartment?

How Long Is This Read?

About 5 to 6 minutes. Detailed enough to be useful but not overwhelming.

So, you’re ready to get your own place? Exciting! But before you start browsing apartments, let’s talk about money. Moving out is more than just paying rent, and if you’re not prepared, you could find yourself struggling before the first month is over.

The Bottom Line: How Much Do You Need in Total?

A good rule of thumb is to save at least 3 to 5 times your monthly rent before moving out. Here’s how that breaks down:

💰 Move-in costs: Around 2 to 3 months’ rent for the security deposit, first month’s rent, and other fees.
💰 Furniture and moving costs: Varies based on your location and lifestyle, but budget for at least half a month’s rent to 2 months’ rent for essentials.
💰 Emergency fund: At least 3 times your total monthly expenses for rent, utilities, groceries, and transport to cover unexpected costs.

➡️ Grand Total: 4 to 6 months’ worth of rent and living expenses before moving out.

This approach works no matter where you live because it adjusts to local costs. Instead of stressing over exact numbers, focus on hitting these savings goals based on your specific situation.

Breaking It Down: What You’ll Actually Spend Before Moving In

1. Move-In Costs (What You Pay Before You Even Get the Keys)

Rent is not the only thing you need to budget for when moving out. Before you even step inside your new place, you’ll need to cover:

✅ First month’s rent. Some landlords require additional payments up front, but this varies by location.
✅ Security deposit. This can be one to two months' rent, depending on your country and landlord policies.
✅ Application fees. Some landlords charge fees to process rental applications. The cost depends on local regulations.
✅ Furniture and moving costs. Even if you start with just the basics, budget for a bed, kitchen essentials, and moving expenses.

💡 Tip: If possible, look for apartments that offer move-in discounts or flexible deposit options. Some places let you pay in installments instead of all at once.

2. Hidden Costs That Sneak Up on You

Even after move-in day, new expenses can pop up. Do not let these surprise you:

💡 Utilities like electricity, water, gas, and internet. Some landlords include utilities in the rent, but in most cases, you will need to pay separately. These can add 10 to 20 percent extra to your monthly housing costs.

💡 Groceries and household essentials. If you have been used to stocked fridges at home, get ready to spend 10 to 15 percent of your monthly income on food. Buying in bulk and cooking at home helps save money.

💡 Transportation. Whether you rely on public transport, a car, or ride-sharing, factor in commuting costs. These vary widely by location.

💡 Unexpected expenses. Repairs, appliance breakdowns, or even something as small as replacing light bulbs or buying cleaning supplies add up. Always leave some cushion in your budget.

Setting Up Your Savings Plan

Step 1: Figure Out Your Target Savings

Use the 4 to 6-month rule from earlier and calculate how much you will need based on your expected rent and expenses.

Step 2: Create a Monthly Savings Goal

Once you know your target, break it into smaller savings goals. If you want to move in within a specific timeframe and need a certain amount saved, divide that by the number of months you have left to determine your monthly savings target. Adjust based on your timeline.

💡 Tip: Use a budgeting app or a simple spreadsheet to track your progress. Watching your savings grow is motivating.

Step 3: Cut Costs and Boost Savings

Saving faster means cutting unnecessary expenses and finding ways to make extra money. Some ideas:

✔️ Cut back on takeout and subscriptions.
✔️ Pick up a freelance gig or part-time work.
✔️ Sell things you do not use like clothes, electronics, or furniture.
✔️ Try a no-spend challenge for a month.

Let’s Do a Quick Checklist!

Before you sign a lease, make sure you can check off all four:

✅ Rent and utilities are under 40 percent of your take-home pay.
✅ You have enough savings for deposits, furniture, and moving costs.
✅ You have an emergency fund with at least three months of expenses saved.
✅ You are prepared for lifestyle adjustments like budgeting for groceries and essentials.

If you checked them all, you are ready to move out. If not, keep saving. Future you will thank you.

Making Your First Move the Right One

Moving out is a huge milestone, and the last thing you want is to struggle financially in your new place. A little patience and smart saving now means a stress-free, exciting move later.

So, what is your move-out goal? How much do you still need to save? Share your thoughts or questions. I would love to hear about your plan! 😊