Hey all- as the text mentions, I’m having huge anxiety about the fact that I cannot comfortably afford my one bedroom apartment. Previously I (26F) have lived with boys for the past 5 years as roommates and I finally decided this year was the year to have my own clean and quiet space.
I think my emotions for wanting out from my old space encouraged me to think I deserved a bigger /better space with closet space and kitchen counters… so I made a horrible financial decision and signed a 14 month lease for an apartment I realistically can’t afford.
I make an okay salary for my city/field and am normally ok with finances. I went from having only paid 18% of my gross salary to rent with FREE parking. I live in a VCHOL city unfortunately and I’ve felt a dramatic change in lifestyle. My monthly expenses before were $4-5k on average, 30% of my salary went into savings and investments (401K, Roth, HYSA, taxable brokerage), and then the other 52% was food, utilities, gifts, travel and entertainment. I have no debts. Travel was a big part of that spend. My family grew up low income and it was a blessing to be able to buy them expensive gifts for Christmas every year.
Now it’s only been 2 months and although I love living alone, it’s just a huge change. Still live in VHCOL. I now pay 48% to rent, 30% in savings, and so that leaves me 22% for food, utilities, travel, and entertainment. I feel like so dumb for thinking the concessions would help me pay lower rent. Furnishing an apartment has been expensive and I keep having to pull from savings. I wait for sales, I look at Fb marketplace, etc. I say no to dinners.
So Reddit, I know I made a huge mistake. What are my options here? 1/ Accept my new homebody life 2/ Reduce my savings rate 3/ Break my lease for $5k and move again? 4/ Ask for a raise ? 5/ Find a supplementary income?
Something all of the above ?
Submitted November 21, 2023 at 10:04PM by Overall_Challenge_79 https://ift.tt/lo80QqJ
