Our friends at PerkStreet Financial sent along this cheat sheet covering some tips for getting that first apartment and living on your own. Their friend Ryan Guina put it together and we think it’s pretty solid.

Tell us what you think!

Moving out on your own for the first time can be both exciting and a little scary! It’s exciting because for the first time in your life, you are on your own. And it’s scary because for the first time in your life, you are on your own! But moving out for the first time doesn’t have to scare you. If you prepare and have realistic expectations, then you can tackle this life-changing event in style. Here are some tips for learning about common expenses, budgeting your money, and how to make your money go further:

Common Expenses When You Move Out

When you move into your first rental you should be prepared to pay more than the listed price on your rental agreement. For example, most rentals require first month’s rent, a security deposit and sometimes even last month’s rent. This means an apartment that rents for $600 a month could easily cost you $1,800 or more to move in. Some rental units may charge you a prorated portion of rent if you move in near the end of the month, in addition to the following month’s rent. You may also have to pay connection or set up fees for utilities such as gas, electricity, phone, and more. You should also be prepared to pay a large deposit and an additional monthly fee if you have a pet. Go through a home room by room and make a list of things you will need when you move out, that you don’t already have. For example, your kitchen will need cooking utensils and pots and pans, glassware, silverware, etc. You can shop at garage sales leading up to your move-out date to begin gathering the items you need at discount prices.

Budgeting Your Money

For many first-timers, moving out on your own is the first time you have really had to think about budgeting your income. The best way to do this is to figure out what your consistent monthly income is – that is, the amount you earn each month after taxes and deductions, and before bonuses, overtime pay, or earnings through temporary jobs or freelancing. You want to create your budget using the absolute minimum take home pay you will have each month so you don’t over-estimate your income. Once you have your income down, you need to look at expenses. It’s best to categorize your expenses broadly at first. Some good options include “Necessary Expenses,” “Optional Expenses,” and “Savings.” Put everything on a list that you have to pay under your Necessary expense category; things like rent, utilities, car loans, insurance, groceries, prescriptions, phone service, etc. Optional expenses are things you do not absolutely need to survive, like your gym membership, eating out and date money, movies or game rental, etc. Pretty much all sources of entertainment fall under the optional expense category where as before you moved out on your own it may have been your primary use of your income! If you’re using a debit card with cash back rewards, like PerkStreet, you can earn cash back when you pay your Necessary Expenses to help you out with some of those Optional Expenses. Your Savings category is not optional. This is where you save money for unexpected expenses, utilities that are higher than you budgeted for, and the non-monthly expenses like car registration, inspection, maintenance, holiday gift giving, and any unexpected expense. Try to figure out how much you spend annually on this type of non-monthly expense, divide the total by 12, and save that much each month. If you spend $3,000 a year on non-monthly expenses, you would want to save at least $250 per month. To better track your budget and expenses, you can use a free online money management program like Mint.com or one if its competitors. These programs can help you more easily track and manage your money, giving you more insight to how you spend and save.

Make Your Money Go Further

To make your money go further, you want to learn quickly how to reduce your expenses. You can do this in many ways – you just have to select the lifestyle changes that you can live with comfortably:

• Make all meals from home instead of eating in restaurants
• Use alternative transportation - walk, bike, carpool, use public trans, etc.
• Learn to use coupons and sales to purchase necessities like groceries and personal care items
• Skip the cable television bill and watch shows via your internet connection or through DVDs borrowed from the library and friends
• Consider having a roommate to share living expenses
• Turn lights off when not in use, unplug any electronics item that is not in use
• Avoid the temptation of credit cards; pay cash or use a debit card instead
• Comparison shop before making any purchase to find the best price
• Take on part time jobs or freelancing assignments

This list is obviously not all-inclusive; just a start to get your mind working on the possibilities. Moving out on your own is a challenge, but one well worth the effort. Take some time to plan and do it the right way, and you can avoid some of the problems you may have seen others experience. Ryan Guina is a frequent guest blogger for PerkStreet Financial and writes his own blog at Cash Money Life. Ryan is a writer, small business owner, entrepreneur, and professional in the corporate world. He also runs The Military Wallet.