I’m a 26F single nurse in a HCOL area. I currently make about $100k a year with my side jobs. I graduated less than 3 years ago and have $20k in a HYSA and $20k in my 403b. I owe about $68k in student loans (started at $72k). All my loans are federal—$28k is in my name with 3-5% interest rates and $40k is in my dad’s name with 5-7% interest rates but I agreed to paying those back. I plan to have a convo with my dad to see if he can help me with those payments since I found out he’s been helping my sister with hers, but I pay about $800 a month right now for my loans. My car is a 0% personal loan that is only $250 a month, insurance is $80 a month, and phone is $80 a month. Those are my only fixed expenses, which come out to be about $1200 a month.
I moved out 2 years ago and have had a hard time being able to put money away. I had roommates for a bit, but they moved out of the city. I was trying to move home last year, but my parents were helping my sister out and didn’t have the space for me at the time, so I’m paying $2200 a month for a 1 BR apartment, plus utilities and groceries. I’m probably spending about $3000 total on these living expenses. With my $1200 fixed bills, I’m spending nearly $4200 a month just to live. This hasn’t left me with much left over to enjoy life or save.
I found out I can terminate my lease with 60 days notice and then a 1 month’s rent penalty. So basically I can move out on December 1, pay for the month of December and then save 2.5 months of rent/expenses and move home. This would probably net me an extra $6-7k. I planned to move home from March-September and put $3500-4000 away a month. After that, I’ll either pay down a huge chunk of my loans or have a good savings for a house in the future.
I guess my question is, is it worth ending my lease 2.5 months early with a $2200 penalty fee to save for an additional 2.5 months?
Submitted September 10, 2024 at 08:35PM by AssistantEffective32 https://ift.tt/ySjluQK
