Considering it would be an increase of $250 per month for a new place. I just got done with my car payments. However, I do have outstanding credit card debt and student loans (around $4000 & $4000 respectively)...So the question is..is it better to move out to a better place, or stay where I am to pay my debts off faster? The place I am at now is not bad, I would just like to move closer downton and live by myself. (haven't done either) ...Kind of a Cunundrum.
2007-02-01 04:48:45 · 4 answers · asked by Catullus 2 in Business & Finance ➔ Personal Finance
Hello, Catullus, and thank you for your question.
Your situation is by no means a unique one, as many people are put in your position at some point in their lives. You are not hard pressed to act one way or another right now, or you wouldn't be asking this question in the first place.
Unfortunately, since habitation and socializing are personal matters, no one can make (or should) try to influence your choice, yet we can all use some advise sometimes in order to make a more informed and practical decision.
Here are some things to consider before you decide either way. The first one is money. Since you say the new place would be about $250/month more expensive, you have to figure out how this new expense will affect you. Perhaps you will not be able to afford as many things as you can now, or maybe you won't be able to go out as often? Even so, it may be worth it if you feel strongly enough about moving out of the place you're living at now.
If you had to make it purely a financial decision, then you wouldn't move, since from a financial point of view, if would be the wrong thing to do. But in your question you say you would "like to move closer downton [sic] and live by myself." You have to weigh in the pluses and minuses of moving out.
Living by yourself can be a tempting proposition indeed, but there are many good things to be said about living with friends or family too, and sometimes these things don't surface until you've already moved out and by then it might be too inconvenient to go back.
Only you know exactly how you feel in the place you are currently at, or how much you want to be by yourself. Please consider carefully the implications involved in moving out before you do anything.
Remember, it is your life, and very few people are looking out for your well being, so use care and do what's best for you in the long term.
2007-02-01 05:13:39 · answer #1 · answered by Thornography 1 · 0⤊ 0⤋
That would be a decision only you can make.....if you are financially comfortable, and feel that you could live on your own without stretching your budget so tight that you have to worry every day about money.....then I would say living on your own would be a great idea. My first suggestion would be that you make sure you have enough money in a savings account to cover at least one complete month of ALL your expenses..."just in case" make sure you have funds available should you have things such as unexpected car repair..etc. also, you'll need to make sure you have renters insurance. That way if something happens to the building you'd be living in...your belongings would be covered and you'd have the means to replace them. You have to completely analize your financial state and determine from there which would be the best decision for you! Good Luck!!
2007-02-01 04:58:57 · answer #2 · answered by Shelly B 5 · 0⤊ 0⤋
It's not just the $250 a month. How much more will it cost you to live downtown? Higher costs for food, unsplit utilities, going out, etc.
The flip side is, are you spending that money to get downtown right now? Do you have to drive downtown and park for work? After that $250, could you actually save money?
Finally, what sort of influence are your roommates? Are you caught up in (or feel compelled to) do things that cost money simply because someone is "bored"?
To know the right answer, try to see what it will actually cost you to do one or the other.
2007-02-01 05:08:20 · answer #3 · answered by JoePonzio 2 · 0⤊ 0⤋
It really depends on where you are at with your life.
In the long run, I would recommend living with roommates to pay off debt. You should set a target date to move out.
If you live with the roommates, make sure you make a commitment to pay off the debt!
2007-02-01 05:03:25 · answer #4 · answered by traderb550 3 · 0⤊ 0⤋