Author Topic: Finally getting smart paid off in 2015  (Read 2027 times)

High FIdelity

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Finally getting smart paid off in 2015
« on: December 29, 2015, 06:50:24 AM »
After years of staring at ever increasing rent renewals that are considered 'normal' in Manhattan, I finally bit the bullet in 2015 and moved out to Queens

- saved 40%+ in rental costs and moved to a building with a renewal for 2 years at a 2% increase per month.  Not onerous.  Plus I'm living in a spacious place as opposed to a box.
- commute is the same fixed cost with a Metrocard which I get discounted through my employer (pre-tax money) and maybe 10-15 minutes longer
- Lower food prices coupled with my usual cooking just about everything for myself lowered costs as well
- Bike commute in warmer months next year will be 11-12 miles each way daily so not too bad,  and certainly better than the 5.5 each way I'd been doing
- The world didn't end and I still see all my friends and my family.  Some extra planning needed, perhaps, but such is life
- Allowed me to kick up my rate of savings into the 40% range with an eye towards 50% in 2016
- Increased savings allowed me to handle unforseen medical expenses with ease
- My life wound up costing me 50% less than the previous year in Manhattan.  -- Why oh why didn't I move sooner??

Looking forward to an even better 2016.

« Last Edit: December 29, 2015, 06:58:05 AM by katzeroo »

Jack

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Re: Finally getting smart paid off in 2015
« Reply #1 on: December 29, 2015, 09:30:30 AM »
- saved 40%+ in rental costs and moved to a building with a renewal for 2 years at a 2% increase per month.  Not onerous.  Plus I'm living in a spacious place as opposed to a box.

Wait a second, 2% per month? So when it renews in two years, the rent will be 1.02^24 = 61% higher?

High FIdelity

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Re: Finally getting smart paid off in 2015
« Reply #2 on: December 29, 2015, 09:43:17 AM »
- saved 40%+ in rental costs and moved to a building with a renewal for 2 years at a 2% increase per month.  Not onerous.  Plus I'm living in a spacious place as opposed to a box.

Wait a second, 2% per month? So when it renews in two years, the rent will be 1.02^24 = 61% higher?

Apologies.  Its only 2% more per month than my last lease.  e.g...if I were paying 1500/mo the last lease, now I'm paying 1530/mo over the course of the next 2 years, locked in rate.

We cant know everything but I enjoy knowing this part of the future for planning purposes.

High FIdelity

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Re: Finally getting smart paid off in 2015
« Reply #3 on: December 29, 2015, 09:43:40 AM »
Nice! I've been in Queens almost exclusively since moving to NY, and aside from the (somewhat) lower rent, I love having multiple cheap grocery stores within walking distance.

Have you considered coming to a NYC meetup? We've been having them every month or two, and it's great to meet other local MMM'ers.

Sure, PM me if you like with the deets.