Move Now or Wait and Save Up?

  • Posted by a hidden member.
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    May 13, 2015 4:10 AM GMT
    I'm wondering about something I'm going back and fourth about.

    I've been wanting to move out of my neighborhood for the past couple of years due to noise levels, summertime rowdiness, and being not a good area for "me" in general among other reasons. Lucked out with the apartment but not the surrounding area. I couldn't move anywhere expect back home with my parents since I was living right at my limit of my expenses and couldn't barely even save.

    Now I finally have the financial opportunity to move to a better neighborhood due to a bump in income but after figuring out how much everything will cost for a move (movers, security deposit, one months rent) I'm thinking it might be a good idea to just save up so I can rebuild a financial cushion instead of running the risk of getting into a situation where I was living paycheck to paycheck- financial stress is something I wouldn't wish on anyone honestly; especially in expensive cities like New York.

    It's also made me realize I need to prioritize what I need vs want for now. I'd like to get everything I've been putting off all at once now to catch up in a sense. I'd like to move to a better neighborhood but getting a dental checkup is a higher priority I've gone longer than I would have liked without one and it's irresponsible to keep going without one, especially since I'm spotting the start of Gingervitis (perfect dental health all my life but it just takes 2 years with no checkup for potential issues to arise) Now I have the money to get one I should get that out of the way first.

    Plus, there's the general consideration of when your income goes up so do your expenses. Moving to a better area means paying more in rent than I already do in my current place. Maybe it's all relative but I'd be able to save up a nice amount of money over the next month or so waiting it out here. Plus it allow me to have a well planned out move and make a good decision about my next place who my roommate(s) will be. I've learned my lesson from making a hasty move once before.
  • Posted by a hidden member.
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    May 13, 2015 4:26 AM GMT
    ....move when your 85!!!

    get my point?
  • Posted by a hidden member.
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    May 13, 2015 4:34 AM GMT
    Staying and moving are sound decisions when done for the right reasons, and both will bring their little regrets no matter what. I'm the sort to stay put and try to save up, but the hidden costs can be hard to spot until you're looking back on 5-10 years going nowhere.

    You may want to set a schedule for say six months investing leftover income in things like dental care and other neglected priorities, six months getting ahead on daily expenses and padding your bank account, and six months planning and executing a strategic move. These are arbitrary timelines, but the idea is to force yourself to prioritize.

    Also, I'd say if your intended move doesn't include a plan for getting further ahead, it may be premature or too big a step. Living paycheck-to-paycheck incurs its own extra expenses (late fees, overdrafts, and credit card interest add up FAST if something goes wrong) so an upgrade should include a little leftover every month.

    Oh, and finally, my own experience says don't take big risks immediately after getting medical work done. Give it at least six months (preferably to year-end) for the hidden fees, shady misbillings, and insurance gotchas to surface, as you have very little recourse against those without an expensive lawyer.
  • BloodFlame

    Posts: 1768

    May 13, 2015 4:40 AM GMT
    I personally would wait and save. That way, you'll be more prepared for hidden costs and stuff like that.
  • SilverRRCloud

    Posts: 872

    May 13, 2015 5:49 AM GMT
    Only you know the actual details, and the devil is always in the detail.

    It is only very wise to save up for the emergencies of all kinds. Living from paycheck to the paycheck is both stressful and very risky.

    I was a college freshman when an amazing opportunity presented itself, and I started making a windfall after a windfall. I also met a guy, much older than myself who was a top notch executive, and a big shot in his time and day. He took me on the side, and told me that he knew how lucrative the venture was, etc. He also told me to save 1/3 of my income for my future, if I wanted to have any. Well, saving 1/3 or even more did not sound too difficult, and for some inexplicable reason, I totally trusted this guy. (A gut feeling?)

    I lived well, but lived well below my means. A few people started talking about my frugality, etc. Wow, I was not wearing a Rolex? How come?

    My policy was very sound. I saved enough to buy my first upscale home by the time I was 24 with still a lot of cash in the bank. Not paying a rent was a cool deal, allowing me to save up some more.

    The money actually did not matter that much. I learnt the virtue of being financially independent. This allowed me to pick and choose when it came to the jobs and professional opportunities.

    Even when all the hell broke loose, the strategic reserves saved the day, and I was able to jumpstart my professional career.

    I also figured out that the meaning of professional success is not the ability to splurge on luxury items that do absolutely nothing for you. It is to gain control over your life.

    Attend to your medical issues first. Save as much as you can. Live below your means by discarding the things that only cost but really add nothing to your life.


    SC

  • Posted by a hidden member.
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    May 13, 2015 3:48 PM GMT
    always live below your means:
    -have the garden level or unit with no view or the most inexpensive house on the block
    -own a junk daily driver if you have a car at all
    -avoid things like a $1000 stainless steel dishwasher with the $200 discount.

    plenty of dentist offices are insisting everyone has Gingervitis. This gives them a nice income tho the to remediate the fake situation is not covered under preventive care. Accumulation of 2years build up on your teeth is at minimum consistent bad breath.
  • Posted by a hidden member.
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    May 13, 2015 3:57 PM GMT
    It would be wise to have at least some financial cushion before moving.

    If you're really living on the edge financially, consider renting a truck and moving your stuff with the help of a friend instead of hiring movers.
  • Posted by a hidden member.
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    May 13, 2015 5:55 PM GMT
    Good advice, live below your means is the general consensus. Makes financial sense since I'll live well below my means and not spend the majority of my income on rent like many NYer's do. In Manhattan no less (an incredible feat for the non wealthy here)

    True, Pellaz. A lot of dentists like to tack on extras to general check ups but gingivitis (if I even have it) is nothing to let go unchecked and down the line can lead to receding gums, loss of teeth, heart disease, etc... All of which cost a small fortune to treat. Or maybe I've been looking at too many images on Google...

    Moving is expensive but I actually found a mover for $100 flat rate (on CL of course), used him for 3 moves including from Queens to my current place in Manhattan.
  • Posted by a hidden member.
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    May 14, 2015 2:02 AM GMT
    I think you need to save, it sounds like you're on the edge if dental work is going to break the bank..
  • LJay

    Posts: 11612

    May 14, 2015 2:54 AM GMT
    Save and stay where you are until you have a good reserve. Then take your time looking for a place you like and can afford.

    As for expenses going up with the income, you can control that. Living well is not simply about status and status symbols.
  • Posted by a hidden member.
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    May 15, 2015 11:13 AM GMT
    Hm, Isn't NYC Manhattan pretty noisy like 24/7 ?? Lol, except for areas like Greenwich Village, Hell Kitchen or something? If you're not happy at your current place, then just do your research and make a move. Get a roommate, save up, share cost, might want to Bunk up or get a NYU roommie. If you move out of Manhattan, then make sure wherever you live, you'll be close to the Train Subway line. icon_smile.gif Don't go too far out from your job/work. And yes, definitely take care of those teeth, lol, in case if you end up kissing a guy, bad breath is a NO NO. icon_razz.gificon_biggrin.gif
  • Posted by a hidden member.
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    May 15, 2015 10:51 PM GMT
    Erobert said

    It's also made me realize I need to prioritize what I need vs want for now. I'd like to get everything I've been putting off all at once now to catch up in a sense. I'd like to move to a better neighborhood but getting a dental checkup is a higher priority I've gone longer than I would have liked without one and it's irresponsible to keep going without one, especially since I'm spotting the start of Gingervitis (perfect dental health all my life but it just takes 2 years with no checkup for potential issues to arise) Now I have the money to get one I should get that out of the way first.

    You might look into getting dental insurance - probably doesn't cost to much. E.g., Delta Dental. In California, the annual premiums equal about the cost of 2 cleanings and an exam, and the dentists get to charge less for procedures than they would for uninsured patients.

    If you are really on the edge financially, you could always get low cost treatment at a dental school.
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    May 18, 2015 1:02 AM GMT
    I think the best way to make major financial decisions to is write down your current expenses, the things you would like to buy, and how those rack up against your current level of income. From there, you can see that if you were to work for three more months, could you cover that major expense as well as the other small things? I find that have things written out makes it easier to visualize my priorities and really think about what I want.