When you're moving out on your own for the first time, creating a budget can be a daunting task-there are lots of things you haven't had to think of yet, and the time to think of them is BEFORE you go apartment hunting! Here aresome basic ideas on how to plan for the task.

1. Determine your net income. Not your gross income-your net. This is your basic starting point.

2. Make a list of monthly payments and expenses. Here's where you figure in rent, insurance, groceries, electric, gas, car, credit cards, phone, etc. It's better to over-estimate than under-estimate. Figure out all your other current bills before you try to decide what you can afford in rent.

3. Establish your rent budget. Do NOT go over your rent budget, no matter how good it looks or how bad you want it. Consider having a room mate if possible, but be sure that person is on board before signing any leases. As a rule-of-thumb, more than a third of your net income is getting kind of high. There can be circumstances where it will be more, especially in cities, but TRY to stay in your target range.

4. Save for emergencies and retirement. Establish a minimum amount to put away in savings every month. It's nearly certain you won't make it EVERY month, but if you make it most months, you'll have a nest egg against emergencies.

5. Make tweaks and stick to it. No one is perfect, sometimes things change and budgets need to be re-thought. It's a good idea to go over your budget twice a year to adjust payments and be sure that you're not stretching yourself too thin.

Congratulations! You now have the basic tools to figure out what you can afford in rent. Now it's time to scour the rental ads, talk to friends/family and of course check the neighborhood ratings in your pursuit of a new apartment. Good luck and happy apartment hunting!