I'm a Mustachian and I'm looking for other Mustachians to chime in about ways to be smart as well as uber efficient FINANCIALLY. I do appreciate the responses but the conversation is diverging from my original objective.
Your GF is smart. But is she Mustacian too? I am in favor of the roommate thing even if I had three different experiences 2 bad.
Just be careful who
you two pick. I would also include a 6 month renewal clause in-case things go sideways. Does she like your current roommate? Would they stay?
I imagine the roommate would want to pay a bit less with three of you or at least split utilities 3-ways now.
Rent $1225, roommate $925, leaving $300 for you two. She paid $850 alone so now that is an extra $700 to go towards her debt or your long term savings.
Maybe you two should open a "joint" future house account. I find "joint" accounts romantic. Seriously. No sarcasm. Keep your own personal accounts but this is your future together. If you each put in $500 a month you will have $12,000 in just one year. Do you make a lot more than her? Maybe you should put in savings proportional to your incomes. If you share expenses proportional or 50:50 is another discussion you should have
before you move in together.
If you keep living like "students" your first few years out of school your savings can really grow and you will probably have the down payment for your own home 2 years out of school. If you have no roommate and spend every penny now and let lifestyle creep come in then home ownership will take much longer. Especially in your HCOL area.
I am not opposed to you running two scenarios and showing her on paper, PowerPoint, Excel whatever the differences are.
Maybe numbers are not emotional etc but trust me girls can get it. Sure, you should talk to her in general about the situation but eventually she should see the numbers and find value in them. Don't force her in a chair and bring out a laser pointer. But on the couch, snuggled-up, she can look over your shoulder at your lap-top kinda thing.
Someone above said " There's quite a bit more to life than money and if you're both in grad school now, your financial futures are bright. No need to pinch pennies now and upset your SO. "
I disagree. Sure there is more to life than money agreed. Quality time with GF is important and living together you will have more of that. That is why if your roommate is home be prepared with an insta-pick-nick kit so you two can go to the beach and have some alone time. I imagine the weather is nice enough you can do this quite often. Or just taking the time to walk by the beach as a couple alone for 30 min after dinner will probably be enough to really bond and get away from the roommate briefly. I image she will have homework and thesis work to do some evenings so make the room in your bedroom for that. She may want to "nest" a bit in your "new to her" apartment. Help her with that.
Now is a great time to build penny pinching habits. Sure don't dumpster dive and be ridiculous about things. But now is the perfect time to be living within your current minimal student means and setting common goals. Finding work after grad studies can also be a challenge. Don't assume she will make the big bucks when done. I am not sure what field she is in, but there can be years of post-docs & contracts before something good comes along.
My friend did a Grad degree in Law in NYC. Had $100K+ debt. Got a pretty good job with an NGO doing more humanitarian law stuff. Decent money but not huge bucks for a NYC lawyer. She kept up her frugal student living and put a down payment on a NYC apartment after about 5years. It's a 1 bedroom and she has done some creative renting of the place when she travels for work. 5 more years later she has it paid in full.
That is just an example of grad school, crazy HCOL area, lots of student debt, frugal living, roommates, home owner and mortgage free all within a decade.
Another grad student couple, small apartments, they alternated grad school and work making no more than $60K total a year. Took on the odd roommate here and there depending on things. After 4 years bought a duplex. The 1/2 duplex they lived in was not much different than the student rentals. Another 4 years later they bought a house. So they rented both sides of duplex. 6 years later and about 10 years out of Grad School they are mortgage free on their house.
I really think keeping up with the "student" lifestyle is a great plan for a few years our of school. It has allowed people I know to achieve mortgage freedom (Not yet FIRE) much sooner than if life creep sets in too soon.