Hey guys, this is my first time posting here, so I hope I’m doing this right. I just accepted a job as a junior analyst and need to relocate to Manhattan starting January 1. Moving to NYC is way too expensive, so I’m looking at Jersey City instead. I’m creating a budget and would love some feedback on whether this move is realistic and sustainable long-term. I’m a bit of a finance noob, so any advice would be super helpful!
I think the $250 for food seems a bit low. I manage on $200 a month, but I live in the south and eat a lot of sales. I’d suggest increasing it to at least $300 since you’ll have other grocery costs like paper products and toiletries.
That rent budget is pretty steep. Ideally, you shouldn’t spend more than 30% of your income on housing. 50% is risky, especially with living expenses in the city. What’s your gross income? Are you saving for retirement?
Definitely budget for some fun activities! It’s important to treat yourself occasionally, especially in a city like NYC. Also, don’t forget to include grooming for yourself—haircuts, clothes, etc.
If you can afford therapy, I’d say go for it. Mental health is super important, and it’s worth investing in yourself.
For a high-interest savings account, just transfer any money you won’t need in the next couple of months. Start with whatever amount you can spare and keep adding to it when you can!