Hello all, looking to get some of your input on a situation of mine, as I am considering moving closer to work, and am weighing the pros and cons of making such a move.
The situation: I am currently in my mid-20s. I currently have a 100 round-trip commute to and from work. That's 500 miles a week, which includes the obligatory having to wake up earlier to account for traffic, traffic accidents, etc. to get to work on time. It's a 5AM alarm clock for me, and I often don't get back home until 8PM at night, and I will hit the sack by 10PM to get enough sleep.
The plus side? I have a great deal on rent with this long commute. I live here in CA and pay $700/month total for all utilities, rent, etc. for my own room in a great neighborhood. Downside? I have only about 30-45 minutes to myself every day of the week Monday-Friday because of the long commute.
My dilemma: Moving closer to work would allow me much more personal time, albeit at the cost of much higher rent. At my current cost of rent, I'm able to stock away ~$500/month in liquid savings (in addition to $416/mo to a Roth IRA, the balance of which I'm determined never to touch until true retirement). Making the move would torpedo my liquid savings down to about $150/month (I'd still be maxing out the Roth IRA).
The $350/month in savings would be a pretty steep sacrifice, but it would be nice to have the shorter commute.
Feel free to weigh in, thanks.