So I am a sophomore and I am unsatisfied with commuting 1 hr to school every day. I did so to cut cost but it is taking a toll on my social life. So for my junior year I am looking into moving closer to campus but I don’t know a lot about the different options and was wondering if anyone had any advice. I have 15,000 in savings (that I was going to use for college, but haven’t) I made 11,000 at my job last year and mainly used that for living. If my finance trend continues it should look like this at minimum for 2 years (This is where it is now and I have 6 months or so before this would happen):
Savings- $15,000
Income (I’m just being safe and saying 16 hrs a week, though I work 25 avg)- $16,640
Scholarships that are reimbursed after tuition and books- $3,300
Total: $34,940
I feel like this is a solid budget for me. With that said, on top of this I honestly do not spend a lot currently. I spend about $600 a month on average. This is gas, food, electric, water, etc. Pretty much everything other than rent and internet (I live at a house owned by my roommate’s parents and they do not charge us rent or internet). I don’t eat out or shop a lot. I spend less than $100 on food a month. My biggest expenditure is gas ($200), which would be nearly eliminated with this move.
What I know I want is my own room. With that said, what am I missing? What else do I need to consider in making my decision? Based on my finances and spending habits, which do you think is best for me?