I am 25 years old and live in a large city in Alberta, Canada with my two partners (ages 32 & 37). Our collective financial situation is a little hairy (minus the stache) and I'm trying to get us on track to do better. Some background notes:
- All three of us are currently in school full-time funded by student loans.
- Partner S (32) has around $30,000 of previous student loan debt (govt & bank). He has returned to school in year 3 of a 4-year BA thanks to transfer credits. His job history is mostly clerical, so hopefully the degree will help him get higher-paying office jobs. He relies a lot on creature comforts and so has a lot of room for getting better at saving.
- Partner P (37) has no previous debt and no savings. He was a high-earning tradesperson for 10 years, saved nothing, then broke his back last year. He is now in school to earn a 1 year travel program diploma. He wants to start his own travel planning/accompaniment business in the future. He's also interested in a transfer program to a university where he could get a Bachelor's degree in tourism management. He is terrible at saving but has given me full control of his finances, and is a master at frugality when given no access to money.
- I have $7000 remaining in previous student loan debt from getting a professional certificate (federal govt loan only), which my mom is helping me pay off in dribs and drabs. I have worked in non-profit sector jobs for the last 4 years (as a program coordinator, education facilitator, etc in LGBTQ* advocacy and anti-sexual violence fields). I saved up $10,000 in one year for a surgery, so I know I can be an adept saver. I am in my 1st year of a 4-year BA program that I hope will allow me to move into management positions. I am open to switching careers but don't have the chops for STEM.
Current monthly expenses for THREE adults: House- Rental house: $1650/month (actual rent is 2200 split between 4 people but I'm not counting roommate's share)
- Utilities (gas, water & electric): ~$150-300 depending on the season (300 max in winter) - roommate kicks in $125/month
- Wood for fireplace: $180 (we are experimenting with this since we just moved into a house with a fireplace - maybe it will help us cut down our gas bill?)
- Internet: $30 (this & netflix are pretty much our only entertainment expenses)
- Cell phones: $170 for 3 people
- Netflix: $9
SUBTOTAL: $2189-2339
Car- Car insurance: $115 (2005 Ford Focus shared between 3 people - we also have a retired 1984 Toyota Tercel wagon, love of my life money pit sitting out back)
- Gas: ~$80
- Parking: $110
SUBTOTAL: $305 (I know this car expense is ridiculous for students. My justifications: Two of us carpool to school together & park on campus, saving us 90 minutes/day and untold anxiety for bus commuting. I'm trying to learn to winter cycle, but my partner who commutes to the same school has zero interest, so he'd be driving anyway. Outside of this, we use the car for groceries, going to the off leash dog park, and that's pretty much it.)
Consumables- Groceries: $500 (includes household supplies such as TP, soap, light bulbs, home repair materials, etc) - reduces in summer when we grow much of our own produce
- Eating out & lunches: $200 (this month we have started packing more lunches, so this should go down)
- Alcohol: $80 (estimate because partner always buys this ~one 6 pack of good beer per week)
- Cigarettes: $120 (partner is trying to quit)
- Other smokables: $120 (self-medication, whoooo!)
- Prescriptions: $60
- Pet food (& litter) for 1 dog, 2 cats: $100
SUBTOTAL: $1180
Fees & Debt Repayment- Bank fees: $100
- Payment on partner's previous student loan debt: $250
- Payment on partner's previous credit card debt: $50
SUBTOTAL: $400
TOTAL: $4074-4224Monthly Income- Me: $1600 working ~30/week at two different non-profits on campus (actually I work more hours than this but my main job is salaried at $1400/mo)
- Partner S: $300-500 at PT on-campus job
- Partner P: Variable piecework as handy-person, cash jobs with catering company. Range from $500-1000
SUBTOTAL: $2400-3100 before factoring in student loans
School/Student LoansAs mentioned, we are all in school full-time, being paid for by student loans. We're in three different programs, so our expenses vary. Tuition & fees at the school Partner S and I go to is about $3,600/year per person. Partner P's total program cost is around $11,000 (accelerated diploma program done in ~1 year). We have all received the maximum student loans we qualify for and are left with
~$800/each in student loan money for monthly expenses. This is somewhat variable based on how cheaply we can get used textbooks.
Specific Question(s): I know our hair is on fire. Both partners know that they need to earn more money, but they are struggling to balance their schoolwork loads. I honestly don't know what to do. I want to get all this freaking debt paid off, but we are continuously racking up more by being in school. I waffled for so long on going to school, since I was able to earn about $2000-3000/month without a degree in my fields, but at my best was only able to reduce my spending to about $1000/month for just me and I think I can do better.
Basically, please punch me in the face, and I will pass on all face punchings to my partners.