Doing the Maths – Can You Afford to Keep Renting?

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Adulthood will eventually require you to get a place of your own, but ascertain that you have all the expenses accounted for because breaking a lease because you can no longer afford it can actually ripple into a legal dispute. The following steps must be done to determine your allocated budget for rent:First, you have to determine your monthly expenses which will consist of bills, and budget for basic needs. Then, subtract your expenses from your monthly income to see how much money you can work with. Fourth, you have to set a realistic goal and save up for rent. If moving out is something to be done urgently, you can opt to loan, but ensuring that repayment is also within budget and a realistic time frame. Use this home loan repayment calculator to help you determine the amount and loan terms you can take. Lastly, note renting’s hidden costs, such as the following, to help you adjust your loan or budget.

Security Deposit

Aside from a one month deposit, most landlords also ask for a security deposit. If you rent short-term, there’s a chance that you can get your security deposit back, as long as you maintain the property and avoid damages. However, laws on security deposits vary, so be sure to know your rights and obligations before you have an agreement with the landlord. In some cases, landlords can seize your security deposit due to heavy repair, paint jobs, delayed payments, and pet ownership.

Tip: Avoid modifications and document the property before moving in to have a record of its original condition and avoid bogus damage claims.


Before closing the deal, make sure that you can pay all the expenses, not just the rent. Electricity, Gas, Water, Cable, and Internet expenses must be calculated because not all apartments are inclusive of these. However, in the event that they are, the rent cost may be higher. Again, discussing these with your landlord will help you have a clear picture of what you need to allocate money for.

Tip: Expenses for utilities differ from season to season (ie your air conditioning bill can be cheaper during winter, and more expensive during the summer) so you have to be ready once it skyrockets and take the time to save up once it plummets.


Proximity should be one of the factors to consider before moving in, not just the renting fee. Having a car is an advantage, but make sure that you live relatively near bus terminals and train stations, so you can easily move around, especially during emergencies.

Tip: Public transportation is definitely cheaper than driving your own car, so it’s best to utilize them to be able to save up for emergencies and other renting fees.



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About Kristin

Master reviewer of all types of products. Love XL Fountain Sodas!! Cheer Mom extraordinaire. Socialite to all things small town and founder of Come socialize and connect with me.


  1. These are good suggestions. It is wise to ensure you can truly afford it, as it will be more responsibility than what appears, that you have spelled out.

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