Hey!
I recently got my first full time job at 40k a year in an industry I love and went to school for! With this, I'm at a lost at what to do next with budgeting and figuring out a strategy to move out on my own for the first time.
My parents have been saying how I should buy a place because it's "stupid to rent" but I'm unsure of this since I've never known anything outside of living with my family. I would also be moving to a close by city where housing prices aren't astronomical, but are more expensive than the suburbs (unless it's a rich suburb then it's comparable). (A studio is usually 1k-2k rent depending on the city neighborhood)
My questions/concerns are: what is a good amount to save? I estimate I'll have a little above 1k leftover each month after paying bills, utilities, insurance, 401k (and eventually student loans). I have a savings account with a small, but growing number in it and have a goal of 5k to have in it. What would be things to consider to do with this leftover 1k that would help me benefit financially?
Also, renting is something I'm open to when it comes to moving, as I'm nervous to live alone, however since I am wfh and have an extensive set-up to do my job, I'm realistic that having either a 1 bedroom (or extra large studio apt) would be better for myself v. roommating it.
What are people's perspectives on this/advice?
Appreciate any and all suggestions! :)
Also: I am also considering doing side work to add to my salary to make sure I have a buffer in case of emergencies since it is a lower pay than I had originally envisioned.
Submitted April 22, 2021 at 07:55PM by lizpoder https://ift.tt/2QoStPy
