Saving for our first apartment?

Question

My boyfriend and I are saving up for our first apartment. If we estimate that the rent is $700 a month (including utilities), how much should we have saved up before we are ready to start shopping around? I know most of the time you need the first months and last months rent and maybe a security deposit of some sort. . .does that sound right? Also, about how much should we plan on spending to stock the fridge and cabinets?

And anything else you might think of would be appreciated, of course.

Answer 1

Ah, I remember when I was young...  You are on the right path in saving up.  Most of the time, you only need first month's rent and security deposit (usually a full month's rent) - so about $1400.  It sometimes depends on your and his credit score and whether you have a job that can cover your rent or you might need a co-signer.  I say have about $200 to stock fridge and cabinets.  

Answer 2

With one months rent and one months security deposit you may be ok.  Maybe you'll need another months worth, but maybe not - anyhow you can start looking with 2 months saved.  I wouldn't worry so much about the fridge and cabinets, but rather the furniture and utilities.  Still you can  just move into the place with minimal stuff and slowly get stuff as you live there.  Anyhow, maybe 2 months rent plus $500 would do it on a shoestring.

Also, no reason not to go visit a few places now.  Just tell them you are looking to move in a bit and wanted to check costs and all.  They should tell you exactly what the rent and deposit would be, and maybe could give you an idea on utilities.