HOW MUCH SHOULD YOU BUDGET FOR RENT?

When searching for a new apartment. There are surely general rules that some suggest you follow, but it depends on your monthly income and current financial situation.

HOW MUCH SHOULD YOU BUDGET FOR RENT?

You shouldn’t spend more than 30% of your monthly income on rent.

USING THE 30% RULE OF THUMB

DOES THE 30% RULE ALWAYS WORK?

Using the 30% rule can help you budget your income levels accordingly. With the housing market’s current state, it’s challenging to stay within this percentage.

USING THE 50/30/20 RULE

Instead of settling for the standard 30% rule, the 50/30/20 rule is slightly easier to customize to your situation. It also helps to account for all areas of spending.

50%

The first thing to consider with this budgeting guide is where to allocate 50% of your income. As you can expect, this will be the largest chunk of spending for all of your living expenses.

30%

The next chunk of the 50/30/20 rule is the money you’ll spend on your “wants,” including luxuries and extracurricular activities.

20%

The final part of this rule is where you’ll need to start saving money for extra payments or your savings account.

QUICK BUDGETING TIPS

TIP 1: CALCULATE YOUR ANNUAL SALARY HONESTLY TIP 2: FIND AFFORDABLE RENT PRICES TIP 3: CUT SPENDING HABITS WHEREVER POSSIBLE

Swipe up for more!

HOW CAN BUDGETING IMPACT YOUR OVERALL WEALTH?

HOW TO STOCK YOUR FRIDGE ON A BUDGET

HOW TO BUDGET YOUR MONEY

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