Submitted by Physical_Future913 t3_124rxrh in personalfinance
Got my first job as a lab tech out of undergrad, I have no student debt/car payments/credit card debt. So essentially everything I’m making goes into rent, savings, or basic necessities. I’ve run the basic math- I’ll be taxed $9061 annually so I’ll end up taking home around $38500. However I know the rule of thumb is not to spend more than a third of income on rent, in my case that would be $1067. However I’ve found the perfect 1br/bath for $1200 so I’m conflicted. I live very very cheaply so maybe this won’t be an issue? I appreciate all honest advice :)
Updates: -water gas electric and trash are included in the $1200. Internet is $20 a month
-I am 22
-this is in Philadelphia
-I have no car, or debt of any kind
-I spend very little on clothes/my only monthly expenses are food and occasionally a night out at a dive bar
-I have $15k in savings but will try to avoid usage of this at all costs
-I plan on going to grad school for my PhD in two years, molecular biology. So this is only for TWO YEARS not the rest of my life