Hi PF! I could use some help to determine if moving out is feasible for me, or if I'm considering making a terrible, terrible choice.
Issue; My friend and I have been chatting about moving out for a few months now. I can admit that I've been pushing the date back to save money, which has caused tension, but this is PersonalFinance - I'll save the drama for r/relationships. Move date is tentatively 4/1.
Ultimately - I could use some help determining if moving out will be a total financial disaster for me. I've been getting all sorts of opinions from friends and family, but it's too emotional and very few of them have much experience with the subject. I really want to take a hard look at numbers. Thanks in advance.
Financial Details: I graduated college last May and earn approx $63,000 a year. I accrued approx 50k in student loan debt, which I've worked down to 43k.
Loan 1: 15k, 11% interest - I'm avalanching this one and aggressively paying it down (Private Loan)
Loan 2: 28k, average of 4.3% interest. Really 4 government loans but I make 1 payment to all. Taking this one at just above minimum payments.
Car loan: I bought a car last summer - I pay 373 a month (YIKES) and about 40 a month in gas. I would likely sell this if I moved. Or parents offered to absorb monthly payments.
Commuting: with everything all together, I pay around 500 a month in commuting costs for parking and Subway. The 60 a week in parking would be eliminated with a move.
401k : I'm doing a mix of traditional 401k and Roth. 16% of my total income right now. Approx 900 a month. Open to lowering but don't want to if I can avoid.
Bottom line: My motivations to move are 1) shorter commute (I'm at about 1.5-2 hours one way), 2) more fun because I feel a little restricted at home 3) my friends want to move NOW and if I don't move with them, I'll have to move with strangers later.
I do like being home and it's bearable. But at what point does spending the money on rent become more viable than dragging myself down with a commute and limited social life at home?
Thank you for reading!
TL;DR: I have debt and high monthly payments but motivation to move. Really unsure if a move is financial disaster at this stage.
Submitted February 15, 2018 at 08:39AM by OtherwiseBeautiful http://ift.tt/2obUa0O
