I have $26,000 in savings and I want to live in a one bedroom, because I've had roommates all my life and I'm completely sick of it. I found a place for $1250/mo + $68 fixed utilities. My after-tax take home pay is $2,240/mo. My car insurance is $91, my internet bill will be $50, my health insurance will *probably* be $150, I generally spend about $350/month on food but I need to cut down on that, and I spent about $300 a month on entertainment. 1250+68+91+50+150+350+300=$2259 monthly expenses if I keep up the same lifestyle I'm living now. If I live a little more frugally, I could break even each month on my $2240 income. I would not be able to save any money for a year.
I'm in a field where I will work at this paygrade for 1 year and then I will be moved to a higher paygrade where my take home pay will be $3600/mo, so if I keep all my expenses the same I would have $1,341/mo left over. So my plan is to not save ANY money for one year, and any time I want to make a big purchase it would have to come out of my savings. Then I get promoted and go back to saving. I think this is reasonable because I have a lot of savings ($26k, no kids and no debt) and the lifestyle of living alone seems worth it to me. And if it turns out to be a drain on my savings, it's only for one year, and then the following year I could easily put $12k into my savings (over the course of a year) with my new salary.
With that said, I would be comfortable losing $5,000 from my savings over the course of a year if it meant the peace and privacy of a one bedroom. I'm pretty confident in my plan but I want to see what you guys think. Am I being naive?
Submitted September 03, 2020 at 06:30PM by -0-o-0-o-0-o-0-o- https://ift.tt/2QUw7lK
