It can cost over 8k to furnish a new apartment — here are 3 tips to do it without breaking the bank

Signing the lease for a new apartment is an exciting experience. But, the financial implications of furnishing an apartment can be overwhelming.

According to Furniture Bank — a Toronto-based social enterprise that re-homes furniture to those in need — the average cost to furnish a one bedroom apartment is $8,353. Now that, plus the cost of first and last month’s rent and a security deposit, is a lot to fork over.

While furniture is going to be a bit costly regardless, there are still ways you can furnish your new apartment without totally breaking the bank and still making it feel like home. Here are three ways you can furnish a new place (methods I’ve used myself) and keep the cost to a minimum.

Buy secondhand

While it can be nice to buy brand new furniture, if you’re on a budget, shopping secondhand is a great way to be able to affordably furnish a new place. The best part is, you can find practically everything you need for a new apartment secondhand.

I’d recommend checking out local thrift stores or online resale platforms to find what you need. My personal favourite to use is Facebook Marketplace. I’ve been able to find a used sectional in great condition for half its retail price, a solid wood refurbished dresser for $100, and more.

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Take your time

Furnishing your new place doesn’t have to be a mad dash. While it’s nice to make a new apartment feel like home as soon as possible, rushing the process might lead to impulse purchases and wasted money.

The more time you take to curate your home’s furniture, the more time you have to find pieces you truly want and space out your spending to avoid maxing out your credit card. If necessary, you can buy cheaper alternatives in the interim to keep the place functional while you seek out your ideal furniture. This cheaper piece may be purchased secondhand or even from IKEA, which specializes in more affordable furniture options.

Start an apartment fund ASAP

The sooner you save money for a move, the better as it’ll make it easier for you to furnish your new place without the financial pressure.

Prior to moving, you might want to consider opening up a TFSA to put aside money for your move. A TFSA is a great option for saving for short term goals (like furnishing an apartment) so when the time comes you’re equipped to start making your new place feel like home.

Sources

1. Furniture Bank: How much does furniture cost for a new apartment?