Surviving your first apartment

The idea in plain words

Rent is only the first line of the bill. A security deposit is held against damage and returned if you leave the place in good condition. Utilities, internet, groceries and transportation come next. A common rule of thumb keeps rent near 30 percent of income, though it is a guide rather than a law. Renters insurance covers your belongings and some liability, and it is usually inexpensive compared with replacing everything. Practicing a month of expenses before you live them makes the real first month calmer.

Your plan

1. Start from take-home payBudget from net income, not the salary number.
2. Add the hidden costsDeposit, utilities, insurance, furniture and a small emergency cushion.
3. Run a simulationMake the trade-offs in a game first.

Handpicked resources

• Hands on Banking Experience

  Assign fictional household profiles, then make spending decisions across 13 life categories.

  Hidden gemFreeGame & simulationAccount or sign-up needed

• JA Finance Park Virtual

  Choose a career and lifestyle, then allocate income to realistic household costs.

  FreeGame & simulationAccount or sign-up needed

  Requires JA classroom program access.

• CFPB Budgeting Activities

  Scenario-based lessons on budgeting, shopping, bills and choice tradeoffs.

  FreeGuide & reference

• Hands on Banking High School Lessons

  Includes insurance basics, loans and major financial choices.

  FreeCourse & lessons

• CFPB Shopping and Phone Plan Activities

  Compare phone plans, emergency savings, buying plans and value tradeoffs.

  FreeGuide & reference

• NGPF BUMMER! Insurance Game

  Understand insurance choices and unpredictable setbacks.

  FreeGame & simulation

  Select BUMMER! in Arcade.

Knowledge check

Educational practice, not financial, tax or legal advice.