Hello MMM family,
Background: I am in my mid-20s and currently work full time. I make about $1800 every two weeks from this new job I currently got in April. I just got off orientation 1 month ago and am still on probation until October.
SNIP
Expenses:
- rent - $1500 (I live in a one bedroom apartment in NYC)
- health insurance: $120/month
- Con Ed: $100/mo
- Groceries: $400/mo
- Metro-card: $123/mo
- Wifi:$50/mo
- Phone: $200/yr (~$17/mo)
Expenses - Other:
School: 6 courses this year: $8,500 (100% out of pocket) = $708/mo
Misc/Unexpected: $100/mo = serves as mini EF
Total expenses: 2940/month = TOT EXP $3,118
Savings/Investments
- Roth IRA: $6000/yr ($500/mo).
- 403b Savings: ~$130/mo
TOT SAVE/INV = $ 630/mo = $7,560/yr
NW = $10K inv - Vanguard
Debt - liabilities - Zero
Fixed that for ya:). Your savings and investments are not expenses!
Your school is currently an expense, but is also your ace in the hole since it is only temporary. This represents $8500/yr of your budget that in the future can be sent straight to savings and investments.
Since you only listed groceries but not other household expenses like cleaners or toilet paper or even clothing/shoes, shampoo, toothpaste or a bottle of aspirin:)/bandaid, I assume this represents household expenses in general, not just groceries?
Does the "other" expense category include things like b-day gifts or small one time expenses or the occasional entertainment expense? If so, that is still within reason.
You did not mention credit cards or other debt... ?
Sounds like you are off to a great start. My advice, stay put for two years if your apt is decent and convenient and you can afford it on your own. That is worth a great deal plus you have privacy to study. Not that a roommate situation isn't a great money saver, but you are not in a hair on fire emergency situation.
Far from it, you seem to have found a nice place in NYC - so I would not be too quick to let that go right now. You never know how roommate situations may turn out and with a new job and studies to stay on top of, you don't really have the time/energy and extra monies to deal with a potential fall out.
Sometimes what you have is just fine. You are smart enough to recognize the opportunities that FI will afford you. I don't think that a roommate is necessarily a must for you.
Your priority should be school, perhaps even speeding up the process so that you are ready to enter the workforce and land a well-paying job to help you reach a secure future and the luxury of FI.
Yeah, I get that you are anxious about your cost of living - but it is fine. You'd like to speed up the process and have a nice stash - that takes time.
Fire is a marathon, not a sprint - give yourself credit for what you have done so far.
You are on the right track - time is on your side, you'll be fine.
Instead of buying property or moving in with someone else - concentrate on your studies and your job, just mho.