Should I Take out a Loan to Move out?
I have no savings but narcissistic parents I’m temporarily living with. I cannot live with them without sacrificing my mental wellbeing. I’m approved for a $5k loan which will get me set up perfectly for a studio apartment. I make double the rent so I can manage all my expenses including the loan payment. Is it a good idea to take out a loan to help start up my first apartment or will I dig myself into a debt hole?
My income monthly: $4,600
Rent, utilities, parking etc: $1,700
Car, insurance, phone,food: $1,200
Remaining monthly: $1,700
I only need the loan to give me enough to get started then I can pay it back. Thoughts??
TLDR;
I need start up capital to move out on my own and away from my toxic family, but that means I need to take out a loan. Should I or should I wait a year at home and save all the money I can?