BUDGETING TIPS FOR RENTING IN CHARLESTON

Are you searching for a rental in Charleston, SC? Are you already leasing in the Charleston area? In either case, managing household costs is crucial to a happy renting experience. 

TRACK EXPENSES

Record a month’s worth of expenses (rent, food, utilities, gas, car maintenance, debt repayment, etc.). Deduct those expenses from your income. If you are already in a lease, this will help you to identify necessary spending vs. frivolous spending. If you haven’t signed a lease yet, track current monthly expenses and call utility companies to get historical data on prospective properties. Add expenses, utility estimate and advertised rent. Deduct that from your monthly income to determine if a rental is a reasonable fit.

ANALYZE SPENDING HABITS

Once you have documented an entire month of spending, look for patterns. What are you spending the most on (eating out, miscellaneous shopping, etc.)?

CREATE A REALISTIC BUDGET

Create a monthly budget that includes all necessary expenses like rent, utilities, gas, debt repayment, etc. Deduct that from your monthly income and allocate the balance toward categories like saving, leisure, etc. Be strict but realistic… Charleston is full of great restaurants and fun things to do. If dining out is an important part of your routine, make sure that it is a line item in your budget, and cut spending in another category.

STAY ON TRACK

Renting is a popular option among Charleston residents who are saving to buy a home. Other renters simply enjoy the flexibility of leasing. In either case, most renters get a break on some household expenses (general maintenance, repairs, lawn care, etc.). That money can be saved and ultimately used for other things (down payment on a home, travel, leisure, etc). Once you have created a household budget, stick to it! Responsible spending will help you to Be Happy Renting, and keep you on track to reach your goals.

BE HAPPY RENTING

If you are relocating to or within the Charleston area, we invite you to check out our available rentals