1Rent and deposit come first
Most landlords want the first month's rent and a security deposit when you sign. Some also ask for the last month, so ask before you apply.
2Price the move
Our example drives a rental truck with friends. Movers for a local one-bedroom move often charge $600 to $1,800, so get a quote first.
3Count setup costs
A bed, kitchen basics, cleaning supplies, utility deposits and internet setup.
4Keep a cushion
About one month of rent left after you move. The first month in a new place always brings a surprise.
How to do it in Oaktally
The total tells you what to save. Oaktally tracks the deposits, then plans your first month in the new place.
- Make a moving goalIn Plan, add a goal for the total and choose Target date: your move-in day.
- See the monthly amountOaktally shows what to save each month to be ready on time.
- Plan the first monthAdd your new rent and bills with Repeat, so the first month is planned before you move.
Try it with your numbers
Enter your target, what you have and your deadline.
Plan deposits by dateFrequently asked questions
How much should I save before moving out?
Add your own numbers: rent and deposit from the listing, a quote for the move, setup costs and one month of rent as a cushion. In our example that came to about four times the rent.
How much rent can I afford?
A common rule of thumb is rent near 30% of your pay before tax. Check that your other bills still fit after rent.
Further reading
Consumer.gov: Making a budget ↗CFPB: Income, bills, spending and savings tools ↗Educational examples, not individual financial advice.
