'Is it always a terrible, awful, stupid idea to spend more than half my paycheck on rent?' Read our latest edition of Taking Stock:
will answer your most difficult, emotionally charged questions about money. This year has forced many of us to reprioritize our finances, and there’s no clear road map for getting through the pandemic yet — but Taking Stock is here to help us figure it out together.
I understand, however, that many folks in America simply do not have a choice — their income relative to the cost of rent forces them between a rock and a hard place. One of the most significant issues modern society faces is affordable housing. I’m constantly baffled that we haven’t solved a problem as fundamental as shelter for all humans. But, sure, let’s use our brain trust to build the metaverse instead.
This highlights one problem with the 30% rule: It doesn’t take into account your financial situation outside of your income and the cost of rent. And it doesn’t reflect current financial norms like student loans. The rule has its roots in a 1969 amendment to public housing requirements called the If you don’t want to use the 50/30/20 budget, I suggest putting together a budget or a spending plan of some kind, so you can lay out how to allocate your monthly expenses with the potential rent increase.Guidelines are helpful benchmarks that make us feel like we’re making sound financial decisions, but when we go outside of the recommendation, it might make us feel shitty. So it’s also wise to keep in mind the things we can’t easily quantify, like feeling financially fragile.
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