Last updated: May 13, 2026
When it comes to budgeting for a property, particularly that of an affordable apartment, you’ll want to make sure you think about all the costs beyond just the upfront cost of a deposit.
It’s important to budget accurately when buying a property to ensure what you’re buying is something you can afford now and in the long-term.
With that in mind, here are some helpful tips for budgeting to ensure the right affordable apartments are picked for you and your household.
Top Tips for Budgeting
To budget your finances from the beginning and to get to a point where you can purchase a property sooner rather than later, some top budgeting tips include the following:
Calculate net income
First and foremost, it’s good to know your monthly take-home pay, including all renters’ incomes that are applicable. You want the rent to be around 30% of your gross income.
Use the 30/30/20 rule
This rule splits all your outgoings to help you spend your money more strategically. The 50% goes on your rent, utilities, food, and council tax. Your 30% are your wants and make up entertainment and dining out.
20% goes into savings and debts, whether it’s student loans or credit cards you’re paying off, or putting money into savings.
Factor in hidden costs
It’s helpful to budget for all the hidden costs that you might not have thought about. These include council tax, your internet, utility bills, and contents insurance. These might not always be available in the rent price.
Create a budget plan
As well as all the above, you should also use a PA Housing budget planner, or a similar s spreadsheet to track your spending so you’re making better choices.
Saving on Costs
To help save on your outgoings, there are plenty of ways in which you can save yourself some money.
Get roommates
Splitting rent and utilities is the best way of reducing your costs, and so getting roommates might be exactly what you need to save some extra cash.
Automate savings
It’s good to automate your savings with relevant apps that set up automatic transfers for rent, deposits, and moving expenses.
Adjust location
Consider apartments that are located outside city centres in order to find lower rent prices.
Review subscriptions
It’s also worthwhile to cut down your subscriptions by reviewing them, as you’re likely to find some subscriptions you didn’t realise you had. This helps to boost your housing budget for the benefit of saving or just living a bit more comfortably, rather than being paycheck to paycheck.
Before Signing
Before you sign for the apartment, you’ll want to check your income requirements. Letting agents often require your annual income to be 30 times the monthly rent.
An emergency fund is also a good idea to have so that you can save for any unforeseen costs like emergency repairs or higher utility bills over the cooler months.
The more effort you can put into your budgeting, the more money you’ll save, and hopefully, you’ll be able to buy the apartment you deserve.
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