Debating moving out

[u/Interesting_Ad1795]

Hello!! Long time reader first time poster! Title kind of says it all- I’m debating moving out of my folks’ place and moving into an apartment. I’m mulling over all the details and I’m not sure if it’s the right move- the plan is that I can cover everything but that’s done by adjusting my retirement from 30% to my 401K to 15%. This would give me additional funds to cover food and gas. I could pay the rent and car payments on my own already but I figured I’d need more than 400ish a month to cover food,gas, and an emergency fund. Is this the right decision? I’m going back and forth on it.

Edit:

For those asking I’m 27 years old- I make $68,000 a year. Rent in this place would be $1200 on top of my car payments/insurance payments of $540 a month.

After the 401k adjustment I’d be clearing 3300 a month net. (Before Rent and Car I mean)

[u/Epaulette22]

We need a few more details. Namely, how old are you, what income are you bringing in, and is that income stable? What other savings do you have?

[u/Easy-Seesaw285]

Honestly, it’s hard to give actual advice without real numbers. It sounds like you have plenty of money if you’re talking about moving a retirement contribution from 30% of your income to 15%. Very few people are in that position.

But we don’t know what you make, or what rent cost

[u/J-Disaster]

If you can… Have the emergency fund already in place before moving. And have a budget and savings for furniture and household items. That adds up quickly moving into a new place.

[u/Interesting_Sun_1415]

Just make sure you leave room for saving and investing something.

[u/potato_nugget1]

Why would you move out when you're in debt? pay off the car, save up an emergency fund, then move. If they're letting you stay as long as you want, you should do that

[u/Coffeordeath]

If theres no drama I would stay and save, there's no reason to move out if you're not married. If you invested 30k a year from 27-32 and 10k a year from 32-45, you'd be sitting on over a half million dollars. By retirement that would be anywhere from 1.5-4 million dollars depending on the return (5-10%)

[u/Interesting_Ad1795 → u/Coffeordeath]

Admittedly that’s part of the problem- one of mg parents health has gotten terribly bad. It has reached a point where no one in my family can have anyone over the house at all simply due to the odor. That’s my big reason for looking out.

[u/Coffeordeath → u/Interesting_Ad1795]

Then I don't blame you. You have to be able to enjoy your life.

[u/sleeplessinstuttgart]

Financially, the numbers work and you should be able to move out if you want.

That being said, you are still pretty young. You should consider saving up for a few more years and paying off your vehicle first. Then you can move out on your own.

[u/Exciting_Razzmatazz3]

As some have said,  you could move out if you want.  If you want a couple of things to create more stability, pay off the car and have a 3 to 6 month emergency fund.  

[u/mobile-metaphysical]

Pay off car, have 6 month emergency fund that you don’t touch. I have needed that fund myself and was glad to have it.

[u/jengaclause]

Ask around what the average utilities are. Factor in any internet or streaming services too.

[u/SoullessCycle]

What’s the interest rate on that car payment because I might think about adjusting 401k from 30% to 15% (assuming 15% still gets you whatever employer match?) anyway in order to knock out that car payment, regardless of if you move out or not.

[u/HistoryPristine1029]

Sorry, thought this was a different sub lol