There are a few different budgeting methods that you can choose to make your own. It is important to have a budget in place, no matter where you live and what your financial goals are and it is even more important when you are on a smaller income. But which budgeting method is going to be right for you and which one will make things harder than it needs to be? This is often down to personal preference for the person using it, but one option that tends to do well for budgeting is known as the 50/30/20 budgeting method.

With this budget plan,  you will be able to take any income that you make and divide it into three categories, or percentages, to help you know what you are able to afford. As your income goes up over time, you can continue to use this budgeting method, just adjusting the amount based on the percentages that you have.

So, how do you make sure to divide up your income with this method? You will simply divide up the income as follows:

# 50%: For half of your rent, you are going to cover all of your needs. This would be things like the debt payments that you have to pay back, your insurance, rent, groceries, and utilities. These are the things that you have to pay for each month, or you will not be able to survive.

# 30%: Once that first half is done, it is time to move to the next 30% of your income. This is going to be for your wants. This can be for your shopping, entertainment, and hobbies so that you can have a little fun. If you owe a lot of debts, you may cut into this one a bit to pay down the debts a bit faster.

# 20%: This is for the savings. You can choose what to save for here. It can be to pay down debts, for your retirement, or for something else that is important for your financial health.

The right apartment can make all the difference and choosing a location that you are certain to love will help you want to stick with that apartment for years to come. We welcome you to come check out some of our  apartments in Northern Liberties to see if they are right for you. We have many great options to choose from and are confident that you will want to move in when you see the location, the amenities, and all the features. When you are ready to find your new home, contact a member of our team today to tour!