Keys to Independence: Finding Your First Apartment Moving Into Your First Apartment Is a Big Step Premium, Etc

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Keys to Independence: Finding Your First Apartment Moving into your first apartment is a big step premium, etc. on the journey toward achieving true independence. This is an exciting time but Pay attention to what Jonathan, a former one that can also be stressful. Wisconsin youth in care, had to say about the importance of money management. “In my One of the ways to maximize the level of first apartment, I was living paycheck to excitement and minimize the amount of paycheck,” says Jonathan. “I learned that you stress is to prepare for living on your own. have to pay for everything!” Setting up a realistic budget is important to getting what you want. Jonathan makes a great point—living on your own is not easy, nor is it cheap. However, Money Management learning how to manage Before begin looking for your money is a life-long your first apartment, you skill that will go a long should figure out how way toward achieving much rent you can financial independence afford. Review your and financial security. paycheck and estimate what your monthly take Household Expenses home pay will be. Your Once you know what you take home (or “net”) pay want in an apartment, is the money that’s you will need to take into leftover after taxes and consideration what you other deductions are taken out of your check. will be able to afford. You will need to set up a budget to cover all of Setting up a budget is an important first step your monthly expenses. You may be surprised in determining the applicable price range for how much your bills will add up. an apartment that you will be able to afford. BudgetWorksheets.org has some good, free Potential expenses include: templates for various budgets you can use.  Application fees  Security and utility deposits Expect the unexpected—we all get hit with expenses when we least expect them. The key  Pet deposits is to plan ahead and set aside enough money  Phone and cable installation and monthly for emergencies, including such things as: an bills emergency car repair, medical expenses, a  First and last months rent higher than expected cell phone or utility bill,  Health insurance—although if you were in a tuition increase, a speeding ticket and the foster care system when you turned corresponding higher car insurance 18, you should Continued on page 2

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have insurance through the state. Where to Look  School loans and other educational Searching for an apartment is a lot like expenses searching for a job—it often takes a lot of  Household furnishings and household work. Make sure to let your friends and items family know that you are looking for an  Moving costs apartment. You never  Renter’s insurance “It ’s very hard being the know when one of your  Entertainment contacts might lead you one responsible for keeping to your new place. expenses up with the bills, and it  Food expenses takes a lot of work. But Newspaper want ads are  Clothing expenses a good place to begin  Laundry bills when you work hard your search. You can also  Public transportation enough for something, it is search for apartments on costs so much more worth it!” a number of websites on  Charge card bills the Internet. (See the  Car payments and —Brianna, resources at the end of maintenance former youth in care this article.)  Home furnishings Another option is to  Medical bills drive around neighborhoods where you might  Internet bills want to live and search for apartment vacancy Now that you know what your projected signs. expenses are going to be, you should set up a Developing a Housing Plan budget utilizing your average monthly income There are several factors that you need to and expenses. evaluate before you make your final housing How much will you be making per month? Is decision. your income enough to afford your bills, food Potential Questions for You to Consider and entertainment? Once you create a realistic budget for yourself, stick with it. Post  How much rent can you afford to pay? it on your fridge. Keep it in plain view as a  Will you have roommates? reminder so you don't overspend. This is  Where do you want to live? crucial to keeping your apartment.  Will you be close to your work or school?  Can you afford to commute or will you For additional information regarding money need to live close to your job/school? management tips and suggestions, please  Do you feel safe at the apartment? review our Managing Your Money tip sheet.  Are the doors locked and secured at the Searching for a Place You Can Call front entrance? Home  Does your apartment have a safety bolt Apartment hunting is an exciting and and a peep hole? rewarding experience. After all, you are  Is the apartment in a safe neighborhood? searching for and discovering your new place  Is there good lighting in and around the that you will call home and therefore, you property? should take your time in finding your new  Are there smoke alarms and carbon monoxide devices home. Continued on page 3

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in the hallways and in the apartment Do they work? Determining how safe an Potential Questions for the Landlord apartment is becomes a vital  When is the apartment available? consideration in your overall decision  Are utilities (heat, water, or electricity) making process. included in the rent?  Are you offering any discounts?  Is the apartment complex well maintained or does it appear to be run  Is there a garage or other parking down? One of the benefits of living in an options? apartment is that the landlord is  Is there a bus line close? responsible for making all repairs and  Are pets allowed in the apartment? If pets maintaining safety. However, if the are allowed, is there an extra fee or apartment looks as if it has been neglected, security deposit required for pets? then the landlord may not be as attentive  Is there an on-site laundry facility? If not, as you would like him or her to be. where is the closest laundry mat?  When is the rent due? Is there a late fee if Tour several apartments before you make we don’t pay on time? your final decision, and it’s a good idea to  Is there a six-month lease, a 12-month bring family or friends in your search. They lease, or is the rent paid on a month-to- can provide you with fresh perspectives, and month basis? they may notice things that you might miss  Who is the contact person and what is the or remember to ask questions that you may phone number if something needs to be have forgotten. fixed? How quickly are problems fixed? evicted. Talk with people you trust before If you are planning on moving in with room signing the lease. mates, make sure you write down everyone’s financial responsibilities and include everyone on the lease. If your name is the Home at Last only one on the lease, you’ll be the only one Congratulations! You’re one step closer to responsible for damages and the rest of the your journey of independence. Being able to lease agreement. Friendships have been find a place to live is something all of us go ruined over the challenges of living together. through. Being financially and emotionally Preparing a list of questions for the landlord prepared for living on your own will provide before you begin your search is also you with the tools and resources that will be important. (See sidebar above.) helpful as you begin your journey into independence. Read and Carefully Review the Lease or Rental Agreement When asked what she didn’t know in foster Before you sign a lease, make sure you care that she found out when she lived on her understand everything that is in the lease. Do own, Brianna Conklin said, “It’s very hard not be afraid to ask questions about anything being the one responsible for keeping up with in the lease. the bills, and it takes a lot of work. But when you work hard enough for something, it is so The lease is a legally binding contract, which much more worth it!” means that if you don’t follow all of the rules in the lease, you may not get your deposit Good luck to you Brianna, Jonathan, and all of the other current back, or even worse, you could possibly be Continued on page 4

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Resources  Practical Money Skills for Life  Mailing Address Changes  Casey Life Skills  Rent.com. Searching the site is free, and includes an online roommate search capability and 360° virtual tours.  Roommates.com. Roommate finder service  Cooperative Housing (Co-ops). The Intentional Communities has a searchable website for co-ops.  Apartment Reviews. The following free site allows people to read renters’ reviews and ratings of apartments Resources to discuss with your case manager

 U.S. Department for Housing and Urban Development (HUD)

 National American Indian Housing Council The Council helps tribes quality affordable housing and provides technical assistance at the request of any tribal housing entity.

 Chafee Foster Care Independence Program Chaffee provides various programs for teaching life skills, as well as direct funding for room and board for young adults who have aged out of foster care at age 18.