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Five Ways New College Graduates Can Save Money on Their First Apartment

If you are a new college graduate out on your own, renting that first apartment can be a challenging, if not a downright scary, process. Not only is there a legal contract that commits you to twelve months of payments, but for most folks each month’s rent check can also represent a sizable percentage of one’s “first job” salary. J.G. Wentworth, nationwide leader in purchasing structured settlement and annuity payments for cash now, has compiled this list of five great ways to save money on your first apartment, starting with:

– Choose roommates wisely

One great way to save money on your first apartment is to share costs with a roommate or roommates. To find them, consult postings  or ask friends if they know people who may be interested in renting an apartment in your area of choice. Just be careful! – Check all references, and sit down and have a chat with any potential roommate before signing a contract with them.

– Be thoughtful about your location requirements

Maybe apartments are cheaper far from the center of town or your place of employment – but is that worth it if you are spending extra money on gas every week? Or perhaps you would love living in a trendy spot in the heart of the city, but the apartment you would have to live in would be much smaller – can you handle a reduced living space or will it end up driving you crazy? These are questions you’ve got to carefully consider.

– Keep moving costs as low as possible

Unfortunately, moving costs can quickly add up to hundreds, and even thousands, of dollars. When you move, set time aside and try to do as much of it either on your own, or with the help of friends and family. And if you have to bite the bullet and pay for movers, don’t just look at how much you are being charged; you also want a moving company with a reputation for being on time and delivering possessions in good shape.

– Furnish your apartment slowly

Another good tip to save money on your first apartment rental is to move in first, and only after moving in begin purchasing what you need. Of course, you want to start with the basics (bed, cooking utensils, a chair and table, etc.), but there really is no rush, and buying too much stuff may just lead to clutter. And when it is finally time for an apartment essential, take advantage of our fifth tip:

– Don’t buy new

Last but certainly not least is our advice to buy used as much as possible. The Internet is absolutely full of people who are themselves moving and have no room for that sofa, loveseat, or coffee table. They may just want you to take it off their hands at no cost whatsoever! Similarly, items like lamps, throw rugs, pots and pans, eating utensils, and many other basic living essentials, can frequently be found online at prices cheaper than what you would have to spend purchasing them new. You’ll be surprised how much money you can save by investing just a little bit of time to find bargains!

Congratulations, new college graduate! We are genuinely excited for the new journey ahead, and hope this short list of “first apartment” saving tips will give you a great jumpstart on living with as little financial stress as possible. And if you find yourself still struggling to make ends meet, and are currently receiving or scheduled to receive money from a structured settlement or annuity, we want you also to be aware that J.G. Wentworth can help you cash out those future payments for money that you can use sooner. For a free, no obligation discussion about your own financial situation, please call us anytime at 877-227-4713.