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Saving money can be hard, especially when you’re trying to save for an apartment. It can feel like there’s many other things you need to spend your money on before you get the chance to save any! However, if you know you have a large expense coming up such as paying for an apartment, house, car, or school, taking the time to create budgeting and savings plans could help prevent you from taking on those purchases as large amounts of debt. Here are some tips that will help you start saving today! 

Seven Tips for Saving Money

If you’re serious about saving money for an apartment, here are seven tips to help you on your way.

Set a Goal

It’s important that you know about how much money you want to save before you start. Take a look at what an apartment costs in your area and how much you have to work with. Being able to set a goal will help you track progress and stay motivated! 

Spend Less

Saving money for an apartment can seem impossible if you’re spending most or all of your paycheck each month. Take a look at how you’re spending your money and see what you can cut out or cut back on. Even cutting out “little” expenses, such as your daily coffee or soda habit, could help significantly! 

Earn More

Apart from spending less, another way to create more available money for savings is to make more. Taking on an extra side job, working extra hours, or asking for a raise are a few common ways to try and increase income. The key is to save (not spend!) this extra income for your apartment fund.

Sell Your Junk

Most people have things sitting around their house that are just taking up space, like clothes, electronics, and even furniture. Selling things you no longer use could be a good way to bring in additional money for your apartment savings fund.

Automate Savings

To help you avoid spending your whole paycheck before you’ve had a chance to save, set up an automatic transfer to your savings account. This way, when your paychecks hit your bank account, a portion (that you decide) will automatically be transferred into your savings account (where you’re less likely to spend it). 

Limit Big Purchases

While it may be tempting to make big purchases that you’ve been wanting, it’s best to hold off until your savings account is how you want it. Buying a new car or expensive piece of furniture will only eat away at the money you’ve worked hard for and leave less for a security deposit on an apartment.

Reduce What You Owe

Reducing your debt payments could help you have more money left over each month to place in savings. Budgeting can help you work toward paying off debt. But, if you feel like you owe too much to be able to pay it off, debt settlement might be a good option for you. Debt settlement is a form of debt relief that could help you become debt-free quicker and for less than you owe. See how much you could save with this Debt Calculator.

What Costs to Consider When Renting an Apartment

When you’re planning on renting an apartment, there are some costs you’ll need to consider to make sure you’re saving enough to get the place you want.


Rent is what you’ll be paying each month for your apartment. Two of the biggest factors on how much you’ll pay in rent are: location, and size (square feet, number of bedrooms, layout). This expense will typically make up the bulk of your housing expenses when renting an apartment.


Utilities can include things like electricity, gas, and water. While you might not need to pay for cable and internet  in your apartment, those are additional bills you’ll need to consider. These expenses may be the same every month or they may fluctuate based on usage. 


Typically when you rent an apartment, you will need to pay a deposit. This is how the landlord protects themselves from you not paying your rent or causing damage to their property. Assuming you are able to keep the apartment in good condition, you should be able to get your deposit back when you move out.

Renters Insurance

Many apartments will require that tenants get renters insurance. Renters insurance is how the landlord protects themselves from you damaging their property or someone getting hurt in your apartment, even if that injury was not your fault. It also helps protect the items in your apartment in case there is a flood or fire that damages the property.

Most renters insurance also covers additional living expenses if you have to stay somewhere else because of a fire or other disaster that damages your apartment. Coverage and daily rates differ by policy. 

Additional Fees

Here are a few other fees you should ask about and plan for: apartment application fee, parking, storage, or pet fees. It’s important to check with your apartment management team to find out what fees might be applicable to your situation.

How can CreditAssociates Help?

If you’re struggling to save for an apartment due to excessive debt, then let CreditAssociates help! We have helped thousands of customers just like you become debt-free by negotiating with their creditors to reduce what they owe. Get in touch with one of our certified debt consultants today to find out how much you can save. Or check out our Debt Calculator to get an initial savings estimate.

Common Questions About Saving: 

How much should I be saving a month?

We generally recommend that people save about 15% of their income per month. If you’re over that amount, then good for you! If you have a large purchase coming up, like leasing an apartment, it’s a good idea to save as much as you can.

How does interest work?

In regards to saving, interest is how much the bank will pay you based on the balance that your account with them holds. With standard savings accounts, these rates will typically be quite low, but if you’re looking for a safer option to keep your money locked away, this is how it’s done.

Where should I put my savings?

Figuring out where to put your savings is usually dependent on how much you have to save, how quickly you need the money, and what kind of risk you are willing to take. One traditional way to store your savings is to create a savings account, separate from your checking account, to store saved money. 

Should I invest my extra cash or use it to pay off debt?

The answer to this can depend on how much extra money you have to spend, how long you plan on having it in your bank account, and what kind of risk you are willing to take. Paying off debt can be a great way to move toward financial freedom while investing can typically be riskier, but with the potential for a larger return. 

One way to pay off debt AND save money is to reduce what you owe. Debt settlement, a form of debt relief, could help you become debt-free for a fraction of what you owe, freeing up more money in your paycheck for savings! See more here: How Debt Settlement Can Strengthen Your Finances.