r/personalfinance•
Jcorb

So, I'm trying to build a hypothetical budget for myself, both for if I'm employed by a company or self-employed, for the state of Hawaii... Help?!

Budgeting

I normally kinda-sorta enjoy building out a budget. But I feel like I'm in a bit over my head with this one. I recently got laid off, so I'm looking for employment, but also considering trying to pick up enough work on the side to live on.

I've wanted to move to Hawaii for many years now, and I recently had a conversation where someone brought up a great point; that since I'm single, and I've already gotten rid of pretty much everything I own (that was prior even to being laid off), I'm about as "free" to make a big change as I'm ever going to be.

So I'm trying to figure, what exactly would I need to make, to actually move to Hawaii, even for like 6-12 months?

There are some factors I know I can plan for. The cost of groceries looks online to consistently be about 32% higher. I imagine having a vehicle would be out of the question (until I'd lived there long enough to know I'm staying indefinitely), so I'd probably need an apartment in-town. Prices fluctuate pretty dramatically, but I feel pretty confident I could find a place for $1500 plus electric and/or internet (I could likely get this WAY lower, but hesitant to rent a room in someone else's house without first seeing the place/meeting them).

Now, I'm trying to also get a feel for what income tax might look like, and how much of a difference of pay I would need comparing "working for a company" against "being self-employed/contracting for multiple clients".

When I lived in DC, I felt like $65k/year was a pretty good salary; I wasn't saving as much as I wanted, but I also didn't need to penny-pinch either, on the rare occasion I actually did want to go out with friends. My knee-jerk reaction is the same lifestyle in or near Honolulu would likely be closer to $80k, but until I have a budget down, I feel like I'm flying blind, and I'm afraid I may be overlooking some kind of added costs.

Posted May 4, 2022, 6:43 PM UTC

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