Should I stay or go? I'm hoping to move to a new apartment
TLDR: Trying to figure out if it's a wise decision to move and increase my monthly rent payments considering about $3k in savings and the debt I have. It will not make me broke or make things super tight to be clear.
I want to share some small wins and ask the larger group for feedback.
1.) I checked my budget in YNAB for my groceries category before buying any groceries yesterday.
2.) I didn't go to the nail salon and instead did my nails myself.
3.) I have been able to budget my money for the whole month (only get paid monthly in my new job) & I would have never been able to do this in the past. So glad I have discovered YNAB to make my money stretch and for the categories!
Here's the piece where I would like some feedback. I have lived in apartments for 13 years and 6 of them at my current place. It's a great neighborhood and I have enjoyed most of my time here, but I have been wanting to move for years. I have held back though because moving is expensive. Until I have been hearing lately that people have been moving to new apartments and getting insane deals (mostly likely due to COVID) like $500 security deposits and free rent for 1 or 2 months. I would love to move to an apartment with an in-unit washer and dryer and underground heated parking. I also would like to move to a building that's a bit more modern and has fewer children crying all the time. (the walls are very thin in this 1960s style apt)
Here's the rub, I've held off due to it being expensive, but realistically I could afford a place for $100 or $200 more a month. However, I don't want to lose sight of my debt and I have about $3,000 between two different savings accounts. Would it be wise or unwise to use some of that to move to a new place? Paying off my debt could take years, so why hold off anymore? TIA!
What kind of "Emergency Fund" do you have? Moving never costs exactly what we expect, it's ALWAYS more. Where is your $3k in your budget? It should have a job. If the job is for moving expenses and you feel confident about your rate of debt paydown and the funding for your True Expenses, then it could be doable. But if the $3k is your entire cash cushion, I dunno.... You should probably wait a little bit. See what it looks like to add $200 a month to your Rent category, and if other budget goals don't suffer. Then you can pull the trigger.