As more people seek comfortable and flexible accommodation options, renting a serviced apartment monthly in Singapore can be an excellent alternative to traditional apartments or hotels for short and long-term stays. They offer the perfect balance between a hotel and a home, with all the amenities and facilities you need to feel comfortable and relaxed during your stay.
However, it’s important to create the right budget to ensure you can afford the monthly payments without compromising your other financial expenses. Although it can be challenging, especially if you’re unfamiliar with the local rental market in Singapore, this guide will help you with valuable insights and practical tips to create the right rent budget for a serviced apartment that meets your needs and preferences. Let’s get started.
Learn More: 3 Things To Avoid When Renting A Serviced Apartment
1. 50/30/20 Rule
The 50/30/20 rule is a budgeting guideline that should be done before you decide on an apartment. According to this rule, 50% of your income should go toward necessities such as rent, utilities, and groceries. 30% can be spent on discretionary items like dining out, entertainment, and hobbies while the remaining 20% should be saved or used to pay off debt. This rule can help you create a realistic budget that ensures you have enough money to cover your essentials while also leaving room for fun and savings.
2. Adjust Budget To Lifestyle and Needs
When setting your rental budget, it’s important to consider your lifestyle and needs. For instance, if you enjoy eating out frequently or have expensive hobbies, you may need to reduce your spending in those areas to accommodate a higher rental budget. Alternatively, if you’re willing to live in a budget serviced apartment, you can free up more money to spend on other things. It’s all about finding a balance that works for you and your lifestyle.
3. Check The Facilities and Amenities That Are Included
Before signing a lease, make sure you understand what is included in your rental. Some affordable serviced apartments come with amenities like a gym, cleaning services, or Wi-Fi, which can save you money on extra expenses. On the other hand, if these services are not included, you may need to factor in the additional costs when setting your budget to cover the facilities that you might need.
4. Try Using A Budget Calculator
If you’re not sure where to start when setting your rental budget, consider using a budget calculator. This tool can help you calculate your income, expenses, and savings goals, and provide you with a recommended budget based on your financial situation. A budget calculator can be a helpful resource to ensure you’re not overspending on rent and can still meet your financial goals.
Setting the right rental budget for a serviced apartment can be a daunting task. But, with these simple guidelines, you can definitely create a budget that meets your needs and preferences. The 50/30/20 rule provides a helpful framework for budgeting while adjusting your budget to your lifestyle and needs helps you find a balance that works for you.
Evaluating what is included in your rental can also help you save money on extra expenses while using a budget calculator provides you with a clear picture of your finances. Taking these steps ensures that your next serviced apartment experience is both comfortable and affordable, leaving you with more money to enjoy everything Singapore has to offer!
Looking for the perfect serviced apartment for your home away from home in Singapore? Do check out Expat Corporate’s wide range of serviced apartments that are located in good neighbourhoods and near cities all over Singapore. Contact us today to know more!