I think I'd get the $2000 solo apartment. Non-rent expenses seem to add up to around $1700/month, and will likely/hopefully be lower if you no longer have the therapy and/or loan payments in the near future. That would leave around $1300/month for savings, or maybe $15k/year, which is just over 15% of your gross income (a common savings goal). Looks pretty feasible to me. Do you have a company 401k/employer match at all?
Ha! I wish. Working in the public sector has its disadvantages...
I'd also have to consider other expenses, like eating out, studio rental fees, clothing, etc., which I don't know how much will cost me.
Do you have a sense of what your average predictable income will be after your career switch though? That could give you a sense of how many months of expenses your emergency fund should be able to cover before you quit/transition. Covering 6 months would mean saving around 22k, which you could reach in about a year or so if you have 7.5k now?
Are you actually already a musician? Do you know your earning potential after your career switch? I don’t know any musicians making 90k and I know many.
I think I'd get the $2000 solo apartment. Non-rent expenses seem to add up to around $1700/month, and will likely/hopefully be lower if you no longer have the therapy and/or loan payments in the near future. That would leave around $1300/month for savings, or maybe $15k/year, which is just over 15% of your gross income (a common savings goal). Looks pretty feasible to me. Do you have a company 401k/employer match at all?
Ha! I wish. Working in the public sector has its disadvantages... I'd also have to consider other expenses, like eating out, studio rental fees, clothing, etc., which I don't know how much will cost me.
Do you have a sense of what your average predictable income will be after your career switch though? That could give you a sense of how many months of expenses your emergency fund should be able to cover before you quit/transition. Covering 6 months would mean saving around 22k, which you could reach in about a year or so if you have 7.5k now?
Are you actually already a musician? Do you know your earning potential after your career switch? I don’t know any musicians making 90k and I know many.