Hi, I'm new to the Moustachian way of living and I have a tough dilemma on my hands. I'm 26 years old, I work as a cook for $10.50 an hour and I live with my parents. I wasted a lot of time and money partying in my youth, so I am just now pursuing my Bachelor's. I recently finished 2 years at community college, but due to lack of foresight, I've just decided my major and need another 3 years to get my accounting degree.
I only have about $1000 in emergency funds, I have $8,500 in student debt from a previous failed foray into schooling in my lazy youth, and a Vanguard mutual fund with only $1000 yet invested. Is it financially smarter to live in a rent-free, free food living situation while working part-time and going to school for 2.5-3 years; or should I pay for rent in order have a car-free commute? I am taking out about $25,000 in student loans to get an accounting degree, and I don't want to put my studies in jeopardy. I know that paying my debt down is important so I will work regardless of which choice I make. It's just a matter of how much I will definitively have to work. I have spent years trying to find a decent office job, but no one has hired me so I am stuck working long hours in hot and dangerous kitchens. It is truly miserable and I am ready to get my bachelor's to move on to a better way of life, even if it means being broke the first few years out of college just to pay off my debt.
I live in a pretty bad neighbourhood (think similar crime rate to Detroit) so, although I only have a 3.5 mile commute to school and to work, it would be unsafe for me to bike it. I'm a small woman, weighing just over 100 lbs so I don't have much of an intimidating physique. I want to know if it seems smarter to move a couple miles into the next town over, which is a safe town, in order to save time spent driving. I'm nervous about the prospect of paying rent (which would be anywhere from $350-$500/month-- i.e. fairly manageable even with low-pay) while going to school.
I'm afraid that the stress of working full-time while taking 16 or more credits will be too much. I know that tons of people have more responsibility, like single mothers and such, but it's still a big deal to me. I haven't lived away from home in 4 years, and then I lived at a retreat center where rent and food were taken care of in exchange for work, so no big stress there.
I'd rather not have to move back home after making this decision. It comes down to whether I should bite the bullet and seek independence and a safe, active lifestyle despite the possible stress-- or stay at home where rent is free, groceries are paid for, and I am only spending about $8 potential dollars a day on commuting.
Thanks for any responses and I hope I laid out the situation well enough!