Budget Issue: Working in Moorpark, living in Sherman Oaks comfortably on 65K (2015, apartment)

[amu621]

Dear city-data experts!

So I'll be working in Moorpark (M-F) and I'm planning on living in Sherman Oaks (good idea?). I want to live somewhere that is reasonably close to Moorpark but still has some liveliness to it, since I'm a 24 year-old single guy. I'm not really into the bar/club scence but I would like to meet cute and level-headed young girls in their early twenties (Students or professionals).

More importantly: I'll be earning 65K/year, and I'm not sure how to budget my net monthly income which I expect to be around $4000.

Ideally I'd like to save $1200/month to put towards debt payments and emergency funds, leaving me with only $2800 to spend, which isn't much since I was hoping for a 1 bedroom apartment in Sherman Oaks, they are running about $1600 + Utilities + Cellphone = $1800.

Gas will be around $300/month, health insurance $200, food $300. We're looking at $2600, and I need to add $200 for car insurance, bringing the total to $2800/month.

The car I want to lease (given my credit) is going to be costing me $500/month, so I'm short $500 / month. It's a black 2015 Audi A3 (Yes expensive, but I've been dreaming of getting an Audi my whole life once I got a job )

So my options are:
- Stick with using my gray 09' honda accord and get the apartment to myself as planned
- Find a roommate to join me in my apartment and split the rent, giving me enough leeway to get the new car
- Find a roommate to join me, and still use the Honda Accord, pocket the extra $600 (the roommate won't get the master so not exactly half of rent) to my savings for the future, but then I have an old car and I don't get my own place either.

Looking at his from a comfort perspective, and especially from how young single women will surely judge my spending habits (Let's not deny that a new car / own apartment will be beneficial for this goal), how do you all think I should budget my income?

Thank you all for your time and contributions! Please don't flame me but do feel free to post any comments/suggestions as I'd really appreciate your help and input!

[elvira310]

I'm on stick-in-the-mud, but OH HELL NO on the new car. An '09 is not that old. I voted for shared apartment, but if you want your own apartment I guess that could be doable.

I know you really want that car, but delay gratification. You'll be glad you did later. Even delaying a year or two would be a big help.

[amu621]

What's your gender / age group / profession / marital status elvira? You have a point, I'm just curious what your background is

[elvira310]

Originally Posted by amu621

What's your gender / age group / profession / marital status elvira? You have a point, I'm just curious what your background is

Oh nooo, no personal questions. Though I will say I'm female (I thought Elvira would give it away). And I'm older than you.

I'm going to take a wild leap and guess that most people are not going to tell you to cut it close to the bone. A savings is a good thing.

[amu621]

Originally Posted by elvira310

Oh nooo, no personal questions. Though I will say I'm female (I thought Elvira would give it away). And I'm older than you.

I'm going to take a wild leap and guess that most people are not going to tell you to cut it close to the bone. A savings is a good thing.

I'd still have a savings of around $700 / month, taking some out for entertainment, I'm looking at least $500/month in savings. Of course, my salary will get bumped up in ~ 2 years to 85K and I'll have more room to save as well.

I should mention I've worked my ass off to pay off all my student loans and I only have 1 grand in credit card debt, no other liabilities

[elvira310]

Okay, let's wait for the other members to chime in. It sounds like you want that car by hook or by crook!

[Cream1]

I'd stick with the Accord and get your own place. Having no roommates is much nicer than having a nice car.

[Voyageuse]

I have an Audi. If you buy one, be sure to have a hefty slush fund for repairs. In the past two years, I have had to repair the following:

-Pistons
-Motor Mounts
-Fuel Injectors
-Alternator

~$5K-$6K

...and this doesn't include regular maintenance such as brakes/tires. I own my car free and clear, so the repairs have been more of an annoyance than a financial hardship.

[quixotic59]

Put off the new car for now. You sound like you're on a good career track so you will be able to get to that goal more comfortably later. You have many years to indulge automobiles. Having your own apartment is a big plus and a better short term investment.
The best thing you could do for yourself now is to rid yourself of any debt and begin a solid savings plan including at least a Roth IRA.
Trust me, some solid planning and saving now will pay off big time later on. You will be able to enjoy many luxuries without worry later in life with some small sacrifices now.
By the way, congratulations and good luck on the job and the move!

[nightlysparrow]

With the commute you're considering, think about buying a car, not leasing. Most leasing contracts have yearly limits of around 12,000 to 13,000 miles, and after that the price per mile SOARS. Just your 5-day a week for 1 year work commute miles from Moorpark to Sherman Oaks alone adds up to approximately 13,718 miles. That's never using the car for shopping, weekends, etc., obviously.