I know the 30% rule and whatnot but I recently got a job that pays $10k more than what I was making. So now I’m making $50k a year. I’m planning on moving out and I did make a budget but would like some tips/advice on what to do.
So minimum debt payments: $270.49 (car + credit card) but I want to pay off my credit card fast (total for cc is $2,900)
Monthly expenses: Phone $110 - planning on switching to mint Gym $30 Subs for ent & work : $30 Apple $30 Gas $100 Food $200 Toiletries $50
The place I’m looking at is really close to my new job about 7 mins and the rent would be around $1100 and utilities would probably be an extra $100.
Would this be a good idea? also I do plan on going back to school and paying for it out of pocket. Would be an extra $300 a month.
I want to move due to my toxic, abusive home, feeling trapped by my income. I plan to invest but don’t know where to start—Acorns or Robinhood? I also want to pay off debt first before investing.
Think about it this way- you can set yourself up and get enough of an education now to where once you leave your troubled home, your chances of ever having to come back are basically zero . You can make that happen. That’s the kind of freedom financial security can buy you.
Before paying for school out of pocket apply for federal grants. If you don’t already have a BA and go to a state school or a community college tuition might be covered. That could assist you with expenses.
Pay off your credit card before you go anywhere. You’ll thank me later. Also $200 for food is not a realistic budget right now. 50k / yr ends up roughly $2800/month after taxes.
That said - on 60k you should be able to afford $1100 rent.
I feel like your budget in general is far too low but I’d go for it.