Tips on Furnishing Your New Apartment on a Shoestring Budget

Date posted: Sept. 10, 2015

Getting your first apartment is very exciting, but with all of the costs involved, it can be difficult to find the funds for new furniture. Fortunately, you can get the things you need without a lot of money. Here are four tips for furnishing your new apartment on a shoestring budget.

#1 - Attend Estate/Garage Sales

One of the least expensive ways to furnish your new apartment is to attend estate or garage sales. Often, individuals who are moving or who are simply tired of storing extra furniture will sell it at rock-bottom prices. You can find matching living room and bedroom suites, rugs, and even decorations for a bit of nothing. You may need to travel a bit to find the best sales, and you may need to borrow or rent a truck, but the savings are worth it in the end. For a bit of added fun, take a friend and make a day of things.

#2 - Check Out Thrift Stores

Another excellent way to track down cheap furniture involves visiting your local thrift and consignment stores. People donate or sell their used furniture all the time, and while it is used, it is usually in good condition. If the furniture does need repairs, there are many tutorials for turning old furniture into beautiful pieces that fit your personality and style.

#3 - Rent-to-Own Options

If you are not interested in used furniture but your credit is not the best, then you may consider rent-to-own furniture. Many retailers offer these programs, and it essentially involves making weekly, biweekly, or monthly payments on your furniture until you pay it off in full. This is an incredibly convenient and affordable way to acquire brand new furniture, but you should be careful. If you make payments for the entire duration of the agreement, you will likely end up paying more for your furniture than what it is actually worth. Instead, make additional payments so you can knock down the balance and avoid expensive interest.

#4 - Personal Loans

Conversely, if you want to purchase new furniture but you have a good to excellent credit score, then a personal loan is another option that may work for you. These loans come with affordable interest rates in most cases, and you can typically borrow up to $15,000 depending on your credit rating and debt load. Be sure to consider what you can repay before entering into an agreement, though, and make sure that you can afford the monthly payments. Remember that you can typically negotiate your monthly payment amounts, too. The smaller the payment, the longer it will take you to pay off the balance – and the more interest you will inevitably pay.

As you can see, there are plenty of ways to furnish your apartment on a shoestring budget. If you are crafty, furniture from consignment stores, estate sales, and even thrift shops contain potential beauty. On the other hand, if you want brand new furniture, a personal loan or a rent-to-own option is a great choice.

Check out more related content:

Credit Score book icon

5 Common Credit Myths

Published on: July 11, 2018

Continue reading

Saving Money book icon

How Money Motivates

Published on: July 11, 2018

Continue reading

Top Five Credit Score Factors book icon

Top Five Credit Score Factors

Published on: May 30, 2018

Continue reading