Hi Mustache People!
Would love some advice...
I'm a mid-30s single gal and I've been buckling down hard trying to get out of debt and managed to pay off $14,000 out of $36,000 debt btw Nov and March (in 5 months). My goal is to pay off the entire debt by January 2019 (in 9 months). I teach yoga/meditation and my income is highly variable (btw 4,500-10,000 per month, with plenty of hustle I've been managing to make 6,000-7,000/mo). In order to meet my goal I need to average paying about $2,700 to debt per month.
After I pay off my debt I'd love to build an emergency fund of $20,000 between Jan-June of 2019.
The cost of my life here in Brooklyn, NY, (including a training I'm cash-flowing this year), adds up to about $4,000 per month.
Here's my question: I live in a small apartment that costs $1,500/month (it will likely go up to $1,700 in July). I have lived in this apartment for 5 years, it's in a sweet spot next to beautiful Prospect Park, but I feel like it's time for a change. The lease is up July 1st and I'm considering getting really hardcore and moving out, renting a room for 6 months to a year, to slay the rest of my debt, and start to build an emergency fund, and savings. I'd love to have $20,000 savings by June 2019. I could probably rent a decent room for 1,000/month.
So, is it crazy, at my age, to move into a shared space? Will I totally resent not being able to do whatever I want when I want (including leaving dirty dishes in the sink, etc.)? Will people think I'm a loser? Or will it be totally liberating to be saving the money? Will I enjoy living with people after being alone all this time? Will I feel refreshed and inspired? Will I love having a significantly lower financial burden?
I've been pondering this for months and can't come to a clear conclusion... any insight is greatly appreciated!