There are a few different budgeting options that you will be able to choose from when it is time to move into an apartment and you would like to keep your finances in good working order. You will need to explore some of them and figure out the one that makes the most sense for all of your needs. One option that works well for a lot of people is the proportional budget, which is also known as the 50/30/20 budget, though you can split up your income in the manner that you would like.

When you do this kind of budget, you are going to pool all of your money and then will need to split them towards your needs, your wants, and then your savings and some of your other goals along the way. Some of the ways that you can divide up the money here include:

# Needs, these will be the things that you need to pay for to stay employed and alive. They can include your housing, such as the rent, the money you spend on groceries, transportation to get to and from work, and your insurance.

# Wants: These are the things that you will pay for that are all about personal enjoyment. Shopping for clothes, beyond what you need for basic things, traveling, and eating out can all count in here. This is a good one to cut down if you need to put money towards debts or have to cut your spending.

# Savings: This is a category for reaching some of your financial goals. If you want to pay down debt, put money to retirement, or create an emergency fund, then this is the money that you will use to get that done.

When dividing up the income, it is often best if you are able to do this with your after-tax money or your take-home pay. This is going to provide you with a way to divide up the money that you earn and can prevent you overspending because you didn’t calculate out the taxes properly.

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