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When you’re living in an apartment, living expenses are at lower lows than they might be if you were living in a larger space. When you’re in this situation, it’s easy to simply pay the basic expenses that you have and then use the rest of your money on fun things. But taking the time to identify a couple other ways to budget your money will save you time and stress in the long-run.


In addition to saving for a future down payment, you should also start building an emergency fund. Setting aside money for potential accidents or unforeseen events that could occur—like having to replace an old laptop or needing to cover medical bills that aren’t covered by insurance—will help you be prepared when tough situations come up.

Even having a few hundred dollars set aside as a college student can make a big difference for you if you find yourself in tight times.

Renters’ Insurance

There are multiple reasons why renters’ insurance is a good idea if you’re living in an apartment. First, just like with any sort of living situation, there are risks that you could encounter by living in your apartment. There could be a flood or a fire that damages some of your possessions. On the other hand, you could be the victim of a robbery that results in the theft of expensive items.

Paying for renters’ insurance each month typically isn’t overwhelmingly expensive, but it can make a big difference in ensuring that you recover at least some of the money in the case of one of these situations.

Down Payment on a House

When you’re living in an apartment, it’s a good time to start setting aside money for a future down payment on a house. Living in an apartment typically means less overall expense especially if you’re living with roommates with whom you can split rent costs and utilities costs.

Taking advantage of this living situation to save money for a down payment will help you be that much more prepared and able to qualify for a loan when it is finally time for you to purchase your own home.

Figuring out how to budget is hard. Figuring out specific additional expenses to account for when you’re living in an apartment can be harder. But it doesn’t have to be if you start small.

Looking to save even more? Check out our resources to help you out!