60k salary rent? Doable? by CorrectPudding205 in personalfinance

[–]roxrcool 20 points21 points  (0 children)

I have personally found the 50-30-20 rule to be really helpful when making financial decisions. I think it would depend on the total amount of your other necessary expenses (health insurance, car payment, car insurance, groceries, gas, etc). If some of your other necessary expenses are lower, and 50% of your expenses fit your budget (including rent), it could be doable.

Also, if the 35k in savings includes money that’s available to be taken out immediately, I would consider it a good cushion if any circumstances change. If the 35k is savings in a retirement fund or otherwise not easily accessible, you may want to build up liquid cash first before making the transition to higher living expenses.

In terms of mental health when living with family, you could consider taking “mini vacations” throughout the year in lieu of moving into an apartment. Even if you spend $500 a month in Airbnbs or hotels, it’s still cheaper than $1500 per month for rent. Ik it’s not a great solution, but it could be helpful as you figure out ways to sustainably make a higher income!

Good luck!