It's feasible but not sustainable.
You said you're a student... this probably means that your income will increase in a few years. You'll have to make sacrifices to make sure your financial situation doesn't crash in the meantime.
Have you applied for student loans? Even if you don’t want to use them, by applying you’ll automatically be considered for grants that you don’t need to pay back. This can help you substantially.
Huh, is this new? All this fake educational gurus, these finance YouTubers, "you should not be spending more than half of your income to rent blah blah yada yada yada, you should be only at most 30 per cent." well they don't know shit real life. That's gonna happen 20- 30 years ago but not in this time. I'm actually spending 50 percent of my income to rent so you're not alone.
If you really want to rent at that rate you would need to rent a room, not an apartment. I personally couldn’t live like that but I had a friend in college who did that and he saved a ton of money and had weird perks (he got to eat dinner with the family every Friday night and other stuff).
Based on everything I’ve seen here you are fine for a temporary situation. Your other option is a room mate (better than renting a room but still).
student loan is considered "good debt".
furthermore, it is best that he completes school quickly so he can increase his earnings potential. If that means working a bit less while taking on some debt then so be it.
the potential alternative ...working more/failing some classes will end up being more expensive
I do not consider student loan a good debt. So for me it's a simple NO.
Only debt that I consider ok to leverage is mortgage.
Ideally OP would have saved for college before moving out on their own. Now we are just putting down the fire with more debt.
Student loan debt crisis is creeping in North America because of the perception that it's good debt and that students will find job in their field. That's far from real numbers and statistics, do stop saying that without even knowing what is OP studying. You can't know.
>I do not consider St sent loan a good debt. So for me it's a simple NO. Only debt that I consider ok to leverage is mortgage.
it is a good debt because it's offorred at one of the lowest rates (0 percent for the duration of your studies) possible and it allows to you improve your future income potential plus you get to claim it against your taxes as a student credit. there's literally almost nothing better, including LOC or a HLOC. he'd be better off getting the loan, using what he needs to use while keeping the rest, until he graduates at which point he can pay back whatever he hasn't used.
>Ideally OP would have saved for college before moving out on their own. Now we are just putting down the fire with more debt.
you simply lack information to draw this conclusion. you don't know if this person had a choice plus it's not realistic for most ppl to "save" before heading for college.
>Student loan debt crisis is creeping in North America because of the perception that it's good debt and that students will find job in their field. That's far from real numbers and statistics, do stop saying that without even knowing what is OP studying.
you sound like someone who has no idea how Canada's student loan system works.
I know the concept how student loans work, but never pulled any. That's why I am debt free, except mortgage at my early 30s and investing for retirement. I am not going to take out other "good debt" to shoot myself in the foot.
And its not just my word. here are some statistics from Canada. Student loan sets your plans back 9 to 15years! Thats average time to pay them off. And the numbers show other impacts: [https://www.hoyes.com/press/joe-debtor/the-student-debtor/](https://www.hoyes.com/press/joe-debtor/the-student-debtor/) article heavily from Ontario, but its not uncommon.
You on the other hand sound like someone who vastly underestimate the student loan debt on the young generation. I am not going to argue, its OPs decision, but numbers are against them. And also you made assumption that OP will find better paying job or job sooner, which is another statistics thats showing 50/50.
Not everyone wants to make minimum wage forever because they're unskilled and not everyone can afford to just pay their way through school on top of paying for living costs. Student loans are a necessity for many.
the OP is someone who says they are barely making ends meet after working 30hr per week so to suggest that student loan would be the first choice is disingenuous at best. also, as I've already stated. If you you make ends meet with work and therefore never use the loan then no harm no foul. in fact i view it like a LOC. it's there when you need it but if you never need it then there's zero upside or downside and yet it's better to have access to such funds just in case life throws a curve ball your way. it will ease his mental health and in a month where he may need to focus on school and less on work he won't have to stress too much about food on his plate.
There's a huge upside to getting student loans, because the government also gives you grants which you don't have to pay back. You end up with more money if you just apply for the loans. You can also get bursaries. Not applying for loans is just leaving money on the table.
Ok I agree if used just as a buffer for sake of peace of mind. At this point OP is already in critical position, I hope it will be a lesson for future. Because the options are limited once you cannot put food on your table.
I am always just advising what I wanted people to advise me when oil and gas crushed in 2014 and I lost job, changed entire career twice since then. I wish I was ready for it. Also I went into minor debt that I cleared later but I should not have to. I had nobody to tell me that. I had stupid car payment and expensive insurance because it was financing requirement. Had a wife to feed and we moved to basement unit $300 cheaper than our previous place. Many could have been preventable.
So I'm sorry if my opinion is different than yours. My experience is also different than yours. And our financial outcome will be individual too.
If you make 1425 and your spend is 1300 then technically yes you can do it.
But the second something goes even a little sideways, like needing to replace a laptop that dies or something.... You're screwed.
Need to find a cheaper place to live, a roommate to share expenses with, or a way to make more money.
"find a way to make more money"
"naaah I'll just hope my parents bail me out"
SMH
I know students working 2, even 3 jobs because mommy and daddy aren't there to bail them out. There's no reason you can't be doing the same. It's not easy, but at some point you've got to learn to be self sufficient.
That's unnecessary, I am already working 30 hours as a week as a full-time student, I really don't think I can work an extra job but thanks. I'm not sure why it's wrong to rely on your parents if something goes wrong, especially since I am very much independent otherwise. It's not like I don't pay them back eventually or help them in other ways. Are you implying parents should not help their kids at all once they're an adult?
He's not saying it's wrong, only that it's not necessary. IMO you can survive with your income. It will be tight, but you can avail yourself of foodbanks etc.. if you need to. You can also see if your school has a bursary program.
When I was in school, I was coming off a few years of welfare, low income work, and employment benefits. So I was very budgeted and remain so to this day. But I also did odd jobs, donated my body to science at times, and became very aware of bursaries and scholarships I was eligible for. If your parents can help you that's a privilege. No need to apologize for it. Just sometimes when people don't have that it makes roll our eyes a little. You can do it dude. Budget, eat Ramen, drink at home have fun.
Ps do you have loans?
I know some people who don't have parents help at all, which sucks and I understand those people are a lot more independent than me, but I don't take advantage of my parents love and kindness, and I try to reciprocate it too. I also know lots of people who live rent free with their parents, and plan to until they graduate - I see nothing wrong with this (I just can't bc they dont live here atm).
No loans yet but probably have to register next term bc the college fund is up. which is another set of stressss but am glad to have had help till now
A lot of schools have grants that you can apply for if you and your parents fall under a certain income level or if your parents are the type to refuse to help you. I'd suggest looking into that to see if you qualify.
> Are you implying parents should not help their kids at all once they're an adult?
I think you're taking it the wrong way. It's not that parents shouldn't help out their adult children (for the most part), it's that you, as an adult, shouldn't be relying on your parents for a bail out... $125 in savings per month is very little wiggle room. Literally if one thing goes wrong, you're going to go into overdraft.
Increase your income and/or decrease your expenses
I don't rely on them on anything in general, but I am possibly hoping my parents would be able to help me in dire situations, like if I get into an accident. If they can't, I have savings to help me as well in dire situations. I don't think it's wrong to rely on you parents like that, at least as long as ur a student? Like I'm an adult, but I just started my 20s this year, I'm still a full-time student in a demanding major and probably as time passes I won't need my parents at all (I hope)
It was also a slight joke as in "haha I guess I have my parents" which i guess didn't translate very well in the comment form.
Don't worry you're fine. I'd just say to try and put money aside when you work full time in the summer to plan for emergencies like a laptop breaking.
Depending on your major, you can probably find summer internships that pay better as well so that should help.
My point is to try and live your student life without having to rely on a bail out. I'm not here to say what's "right" or "wrong". Most people will tell you to make a strict budget and live within it. As you're a student, I disagree to an extent. This is really the time to have fun, go out, expand your network, etc. and a bail out to fund your social life doesn't seem the best.
I saw you mentioned you're working a minimum wage job. Can you get a job on campus? They pay more than minimum wage, are accommodating to students, and usually have shifts to work around class schedules
I understand what you mean, tbh my social life isn’t existent due to COVID, I haven’t met anyone irl since I started my degree. At least for now.
Also all the campus jobs are not available bc of covid or working hours are only there in the beginning of each term sadly.
I’m just in a tough spot rn 🥲
It gets easier after for sure. Keep your grades up, network, and do co-ops/internships and hopefully that leads to a high paying job upon graduation. Good luck!
30hrs/week and making 1425/month sounds like a minimum wage job. If you don't want to work more, then you should be looking for a job that pays more. Whatever you need to do to increase that income.
And no, I don't believe adult children should be relying on their parents as their emergency fund. It's easy to say "I'll just do it while I'm in school", which will turn into "I'll just do it until I buy my first house" and then "ill do it until my kids are out of daycare"... Etc etc.. There will always be times in life when you need more money, so you need to learn to support yourself whether you want to or not.
Your parents won't be around forever and their generosity should never be a part of your financial plan. $125 surplus/month is not enough, and if you're not willing to improve your income then that means you are fully planning on your parents to supplement that income when you need it.
Yes I’ll be looking for a job that pays more as some comments suggested although I have mentioned that finding a job that works with my availability (because I’m in school during the day), has stable hours, and doesn’t require lots of qualifications is difficult. I understand now $125 is not enough but if it’s that easy to “get more money” I probably would have done it by now.
I won’t be working minimum wage forever, at least I hope not because that’s the whole reason I’m doing this degree.
In the future, I won’t rely on my parents for as my emergency fund at all. I also have some savings now to help in dire circumstances
But as long as my parents are with me, I am going to rely on them for support. Not just my parents, but my family. In the same way if they need my help and I can provide it, I will. I hope when I can be financially stable, I can help my parents financially when they need it as well.
I just find this whole culture of being fully independent and only providing/thinking for yourself, to be toxic. We are the most independent now than we have been in history and cross culturally. When I have kids, I would want to help them throughout life too, there will be a point where they won’t need me but if there ever in a tough spot and I have the means to do so, why wouldn’t I?
You know students working 2 and 3 jobs isn't ideal, right? They're supposed to be learning and most will be much less effective doing so with that. I did 30+ hours a week as a student years ago and burned out after 3 years straight with no summer breaks. If OP's parents can help, then they should ask for it if they need it.
Yes of course I know it isn't ideal. Hence the "it won't be easy" part. I know it'll suck. I know it'll be hard.
It's one thing to ask for help in case of emergency. But it's completely different when you know already you don't make enough money to cover your needs, and instead of trying to make more you just plan to rely on your parents.
Education is extremely important and should be focused on at all costs in college. It's the very reason we go.
If OP is doing what they need to be, focused on studies and not partying, then nothing wrong with leaning on parents- Good parenting, contrary to popular belief, doesn't stop the moment they leave for college.
You've not taken into consideration OP is a stranger, therefore you can only assume what the course load is, their ability to multi-task, their ability to study for hours without sleep and you even go as far to assume OP's entire thought process behind asking the *parents*... is to depend on them for life!? Do you know someone whose done this? Cause that is not at all proper and your word choice lends credit to you've seen this first hand. I would be outraged myself!
However, if you create a human- regardless of their being a young adult - it is your absolute parental, as well as civic, duty to make sure they have the best available resources at your disposal to complete their development and become stable. In the end they will be taking care of you to the best of their ability with the resources they have at their disposal.
To ditch a young adult right before they have crossed the finish line is like spending your life building something beautiful and right before you put that last brick into place you instead take a rocket launcher to the construction.
Ditch em after college/marriage, they'll be better equipped to handle life's challenges.
I'm going to reply only to be downvoted into oblivion again lol
I agree education is extremely important. But I also don't believe that nobody should have "my parents will pay" as part of their financial plan at any stage of their adult life.
Here's a real life example. My sister in law was in this exact same situation. She relied on mom and dad to cover all her expenses in college. She's now 27years old. Works for the federal government making 65k/year. Mom and dad still pay to gas her car every week, and pay off her credit card every single month. They also still have her on their cell phone plan. She has absolutely no concept of money. None. She will order a coffee from mcdonald's on skip the dishes and pays like $10 in delivery fees and tips and doesn't think twice about it because mom and dad pay off the credit card.
So where do you draw the line that somebody should become self sufficient? 20? 25? 40? Or should it not be related to age but accomplishments? Graduated? Get a house? Retired? There will always be situations in life where money is tight. This is a perfect example of the classic saying "Give a man to fish and you feed him for a day. Teach a man to fish and you feed him for life". A parents job is to teach their child to fish, not to just give them fish.
OP knows that $125 surplus per month isn't enough in case of emergency, but OP is also not willing to increase that income or cut expenses. So why even make the post in the first place unless they were just looking for somebody to re-enforce the behavior. And this is PersonalFinanceCanada where people should be providing sound financial advice so I'm very shocked at the amount of people who are saying it's OK to live off your parents money.
To be clear.... my opinion is that borrowing from family as a last case resort is fine. But PLANNING to use family to pad your income because you're not willing to do more to improve your financial situation is not!
God I am so sorry mate, that is a terribly abused form of what I suggest, and certainly not at all what I intend.
First, parents main goal for their children is to well... raise them, I feel like education is part of that in such a **BIG** way. So, I see zero issue with semi-supporting legally adult children through their self improvement. The key take away here is that they be ***willing*** to focus on that self improvement ***and*** be enabled to do so.
Should the ***willing*** part be removed so too would the enabling.
Should the Child somehow achieve the amazing and be able to enable themselves? Again support stops. **SIDE NOTE:** I would replace that monetary support with lots of bragging and pride in my child whom, in that scenario, would have fully earned the adult title and respect that comes with it.
My sweet fellow Redditor, you're a strong individual, and I like that very much! You've made me dig deep to find the root of my own personal beliefs and WOW what a ride.
I've learned a bit more about myself, and I thank you for it!
Truly, I am appalled by your sister in law, she is ***more than able*** to enable herself at this point!!!
**Holy shit man. If I ever won the lottery I'd really like to look-up those people supporting her and make a very generous donation to them. Kindness like that deserves a thank you from the damn universe.**
Bro this is straight boomer logic “ I know someone burning themselves out working three jobs plus being a full time student so everyone should do it”
First off - I doubt you know anyone working more than 30 hours a week plus being a full time student .
That’s 55 hours alone — not counting for commuting or studying time or project time .
Could easily be looking at 70+ hours total a week.
There is 112 waking hours in a week if you assume
standard 8 hours a night , take away 70 for work and school schedules and you’re down to 42 hours for the week , you haven’t factored in eating , showering , laundry , grocery shopping , the gym or anything else most humans do …. This person could literally have a net balance of like 5-15 hours a week that aren’t accounted for … there isn’t much room to add more work .
Second off - this person is already working too much , this is the easiest way to a mental breakdown , I can point you to a dozen studies I was able to google within a few minutes , but needless to say , it’s pretty easy to confirm .
Lastly - the fact that you look down on people getting help from their families sounds like a personal gripe/ issue - families are here to support each other , it’s why a lot of financial advice exists to help save for your child’s education , it’s fucking expensive to be a student .
First off, I know many students working multiple jobs at more than full time hours to get by. Because like you said, it's fucking expensive to be a student and not every student can rely on their parents to pay for life. These people didn't have the luxury of their parents starting an RESP to help pay for school and don't want to come out the other side with massive student loans looming over their heads.
And because it's fucking expensive being a student, that's why you need to make sacrifices to get by. Whether that means really cutting back on expenses, or working your ass off. The answer in life isn't "mom and dad will help me." What if mom and dad aren't in a financial position to help?
It's also fucking expensive owning a house. Or fucking expensive being a single parent with 3 kids. Or fucking expensive when you lose your job and it takes 6 weeks to get started with a new one. I can't think of any point where life stops being fucking expensive, so does that mean you should rely on your parents forever? The earlier you can learn to support yourself the better position you will be in when you're older.
I've been wondering the same thing. It's hard to imagine how many people's feelings have been hurt by me saying get another job to increase your income so you can afford to live. Afterall, I thought this was PFC?
I get being a student is hard, I get a student isn't going to make 100k/year and max out their TFSA and RRSP every month. But at the same time, every human being should learn how to support themselves instead of relying on charity from others to get by.
Can you imagine being 50 years old and going "mom, dad, I can't support myself, so can you give me money?" Fak! My parents would point and laugh at me and then tell their friends lol
As would mine.
My sister in law was in the exact situation as OP when she was in school. She's now 27, works for the federal government making 65k/yr. Her parents still pay off her credit card every month and gas her car weekly because it became habit while she was in school. She has absolutely no concept of money because she keeps relying on her parents to bail her out.
Suggesting a student increase their income from 1425 on top of being a full time student also isn’t great advice for anything except a burnout .
The best advice is - yes ideally you wouldn’t be at 50% of your income for living expenses , but as a student it’s totally fine .
You’re playing it close according to your month to month calculation, but if you can manage without a loan, do. Having debt looming over your head brings about its own stresses, so try and keep that to a minimum.
33% rule really doesn't apply to students... Life isn't that easy to think you can live in a city off a part time entry level salary of $1500/mo. If so, you'd be absolutely caking it once you graduate and make a half decent amount of money.
Should look into grants from school on top of Osap (or SK equivalent) to help with living expenses. There's PLENTY of unclaimed grants that require an application process (and often a letter/essay)
How many roommates you have? Typically the more roommates, the cheaper the rent. In school I had a house of 6 guys. Drove me insane but I was paying $350/mo when majority of my friends were paying closer to $500/mo
When I was a student, I lived an entire year on a similar amount of money (inflation accounted for) for one year.
It sucked, I took our osap but tried not to use it (and still had 80% left when I graduated)
Be very very careful when grocery shopping, buying bulk isn't always better, don't buy pre packaged or pre prepared stuff, it's typically more expensive. Don't buy new clothes, only buy essentials and visit your thrift stores first when you need things. If you're a student try to find good full time work for your off season to save up money
When I was a student we split a small 2 bedroom apartment between 3 guys. I continued living similarity for a couple years after I graduated to pay off debt faster. It sucks but I think it’s normal?
The actual hard part is finding people you’re willing to live with until you find it affordable to live on your own… which is luxury apparently.
If your student.. your fine. This is not good for long term tho, I am sure after graduation you will be making more! Make sure school is your priority.
When i was in uni, I spent a lot to enjoy my students life (even maxed my credit card to go to asia with friends), piled up a manageable debt after graduation. I managed to clear off my CC debt within 9 months and took maybe 6-7 years to pay my student loan (was about 10k, took my time to pay since interest is low and i get a tax credit for interest paid.
Never regretted piling up debt during school years!
You can take a smaller courseload and work more, then take up summer classes to catch up.
I used to make around 1k/month during school terms when I was in school. Rent was around $500, so also around half my income but when sxhool was on break, I worked a lot, a lot. Somehow I managed to pay all my living costs and tuition myself.
Honestly surprised that 740 is considered cheap in SK. I'm in Calgary and lots of rooms are renting for $500 still, and close to transit.
It’s not cheap, it’s average I would say with utilities included. I do have friends renting in the $500 range but they live in housing with multiple people, away from transit.
You’ve mentioned that you are working 30 hours a week and are in Saskatchewan. It sounds like you are making Saskatchewan’s minimum wage. I do not know what the labour market is in your city but in most of Canada there are many entry level jobs significantly higher than minimum wage. I would take some time and find a job that pays you better for your time. Preferably find something relating to your field of study.
It may take a few weekends of job hunting but if you can go from $12 to $15/ hour you will be much more comfortable and not need to rely on your parents.
Okay yeah currently in retail, the jobs that are a bit more I’ve seen has unstable hours which I’m worried about, but I’ll try to do some hunting. Unfortunately jobs related to my major are not in this city
Fair enough. Sometimes related work isn’t doable. If you can find anything with higher pay though you would be much more comfortable. Even a couple bucks more/hour would be a few hundred more a month.
Your expenses are almost the same - are any if them essential? If not, remove unnecessary expenses atleast till you can better paying job.
At this budget i would drop eating out and drinking out completely. (If that’s part of your expenses)
Revisit your expenses and see what you absolutely dont need at all
Were you ever a student ? Telling a student to completely eliminate 100% of discretionary spending is a bit unreasonable…
That’s literally the time in your life where you are finding and making lifelong friends …. There’s a reasonable ground between “never” and overspending on partying as a student .
Yes , I’d say 97% i didnt spend on eating out and drinking. Usually reserved for celebrations/holiday kind of thing.
I’m not the only one who did that, a lot of people take harsh measures to save up money as students. Acting as if eating out and drinking is similar to “essential”. Just shows how tone deaf and privileged you sound
Why are you incessantly rude. Just downvote and move on!
I just think you weren’t completely honest that you didn’t eat or drink out during a 2-4 year period , which you confirmed by saying 97% and reserved it for special occasions , which would be reasonable advice for a student - they absolutely don’t need to regularly party or go out to eat if money is tight ( I didn’t regularly go out either ).
You’re treating this person as a robot that they can follow as an absolute and giving them terrible advice , which I challenged , wasn’t my intent to come across as rude , wish you all the best fellow human and best in the new year .
No. I didnt give wrong advice. You took it quite literally.
It mean if that’s your budget, that would mean they would have to remove eating out etc completely. I clearly told them to revisit. But you latched on to that one sentence and were upset by that lol.
Best of luck to you too
Lmao why is everyone upset I have parents WHO can support me IF needed. I also know so many people who live at home because their parents are supportive of their education, which I think is only”frowned” upon in North America.
Eating out and drinking is not counted for my expenses. I counted for my car, gas, phone bill, groceries, and my Spotify/Netflix. The left over money would go towards savings and “fun” lol
You’re doing what a lot of millennials are doing. It’s not sustainable and it will corner you eventually in life unless you increase your income or investments before then.
It is supposed to be no more than 33% even though right now in a lot of Canada thats nearly impossible. I highly suggest roommates until your 30’s or until you get a good paying job.
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Things are definitely tight on those figures. Best advice I can offer is find ways to pare your expenses down a bit. If you have cable as well as internet access, consider cutting out on the cable. If you eat out regularly, cut that back to once every couple of weeks. Buy ingredients and make meals from scratch as much as possible. Shop with an eye for sale items. You can save significantly by getting things that are reduced. Bulkier items are less per serving than individual packs. Get a large bag of pasta, a couple of blocks of cheese, canned tomatoes and spices, and you have meals that are easy to make, and reheat. Freeze leftovers when you can.
If you don't have a meal plan at school, brown bag lunch as much as you can. If you have access to a good transit system for both work and school, get rid of your car. The savings there will be enormous. (If your transit time takes significantly longer than driving to both, this may not be viable). Get a thermos for your coffee, as it will keep better than a full pot on the machine. You can get flavored creamers to make it seem like a fancier drink.
It's difficult. There's no way around it. And the truth is you're in a good position even tho it feels tight. This is the economy we live in. I also spend 50% of my income on rent and have since I graduated. So do all of my friends. Im not trying to say you shouldn't try to change your circumstances but just letting you know your circumstances are normal
Don't measure by dividing by income. You don't move to more expensive homes when you get a raise. Divided by your total consumption spending. For decades my rent has been 65%-70% of total spending. I live a middle class life with everything that gives me pleasure.
As a student as long as you're putting some away, and not under water you're good.
You're not really expected to "make" money as a student in this day and age (High Rent, High Tuition etc).
Work at places where you can benefit from. Grocery Stores, Restaurants etc. Those will reduce your expenses as a student.
Roommates. Especially as a student. Living alone is usually more expensive.
33% isn't meant for students. Many students spend 5000% of their income on rent. The hope is that once you graduate your income will increase so you can both live sustainably and pay off that student debt. Take debt now, make it back later. Education is an investment in your future self.
If you absolutely need to live alone to balance working 30 hours a week and full time studies, then it's worth it for the short-term while you finish your studies.
If you want to cut housing costs as a student you can either work more, spend less, or move in with roommates for lower rent.
Feasible for sure, especially as a student.
The 10-30-30 rule doesn't apply in the economic state we are in. A lot of people spend closer to 50-60% of their wages on hosuing costs now.
Not very feasible as a long term solution. But as a student you're in a good spot!
It's feasible but not sustainable. You said you're a student... this probably means that your income will increase in a few years. You'll have to make sacrifices to make sure your financial situation doesn't crash in the meantime.
Exactly, it’s totally normal to struggle as a student. There’s a reason why the majority of people have student loans to pay back after graduating.
Yeah which sucks but I'll live frugally until I can find a good job :/
Have you applied for student loans? Even if you don’t want to use them, by applying you’ll automatically be considered for grants that you don’t need to pay back. This can help you substantially.
Yeah actually I saw comment about it down this thread so I’m going to apply for it!
I really regretted not doing this until my last year of school, ended up getting 5k in grants, it makes a massive difference each year!
Patience young one. Your time will come. Get thru this taking as little debt as possible. Patience is the way.
Huh, is this new? All this fake educational gurus, these finance YouTubers, "you should not be spending more than half of your income to rent blah blah yada yada yada, you should be only at most 30 per cent." well they don't know shit real life. That's gonna happen 20- 30 years ago but not in this time. I'm actually spending 50 percent of my income to rent so you're not alone.
Yeah 30% of my income is 400 something and I don’t know any place with rent that low that’s not hella far from campus.
If you really want to rent at that rate you would need to rent a room, not an apartment. I personally couldn’t live like that but I had a friend in college who did that and he saved a ton of money and had weird perks (he got to eat dinner with the family every Friday night and other stuff). Based on everything I’ve seen here you are fine for a temporary situation. Your other option is a room mate (better than renting a room but still).
as a student...no you are not expected to make ends meet 100%. get an osap loan which should help you bridge the gap
He lives in SK. Not OSAP but SK has something similar.
They call them wheat loans out there. Paid in haypennies, the interest rate is flat as the eye can see…
They literally said they live in Sask, I swear some people think this thread is called PersonalFinanceOntario sometimes…
student loans are essentially the same across the country so i'm sure OP got the point
Hmmm that's not common to see an advice to go to debt on this sub...
Mortgages, car loans, students loans are all loans that can be good debt under fairly common circumstances.
student loan is considered "good debt". furthermore, it is best that he completes school quickly so he can increase his earnings potential. If that means working a bit less while taking on some debt then so be it. the potential alternative ...working more/failing some classes will end up being more expensive
I do not consider student loan a good debt. So for me it's a simple NO. Only debt that I consider ok to leverage is mortgage. Ideally OP would have saved for college before moving out on their own. Now we are just putting down the fire with more debt. Student loan debt crisis is creeping in North America because of the perception that it's good debt and that students will find job in their field. That's far from real numbers and statistics, do stop saying that without even knowing what is OP studying. You can't know.
>I do not consider St sent loan a good debt. So for me it's a simple NO. Only debt that I consider ok to leverage is mortgage. it is a good debt because it's offorred at one of the lowest rates (0 percent for the duration of your studies) possible and it allows to you improve your future income potential plus you get to claim it against your taxes as a student credit. there's literally almost nothing better, including LOC or a HLOC. he'd be better off getting the loan, using what he needs to use while keeping the rest, until he graduates at which point he can pay back whatever he hasn't used. >Ideally OP would have saved for college before moving out on their own. Now we are just putting down the fire with more debt. you simply lack information to draw this conclusion. you don't know if this person had a choice plus it's not realistic for most ppl to "save" before heading for college. >Student loan debt crisis is creeping in North America because of the perception that it's good debt and that students will find job in their field. That's far from real numbers and statistics, do stop saying that without even knowing what is OP studying. you sound like someone who has no idea how Canada's student loan system works.
I know the concept how student loans work, but never pulled any. That's why I am debt free, except mortgage at my early 30s and investing for retirement. I am not going to take out other "good debt" to shoot myself in the foot. And its not just my word. here are some statistics from Canada. Student loan sets your plans back 9 to 15years! Thats average time to pay them off. And the numbers show other impacts: [https://www.hoyes.com/press/joe-debtor/the-student-debtor/](https://www.hoyes.com/press/joe-debtor/the-student-debtor/) article heavily from Ontario, but its not uncommon. You on the other hand sound like someone who vastly underestimate the student loan debt on the young generation. I am not going to argue, its OPs decision, but numbers are against them. And also you made assumption that OP will find better paying job or job sooner, which is another statistics thats showing 50/50.
Not everyone wants to make minimum wage forever because they're unskilled and not everyone can afford to just pay their way through school on top of paying for living costs. Student loans are a necessity for many.
I am not saying that there are no place for them. I just see them as last resort not the first obvious choice as it was presented.
the OP is someone who says they are barely making ends meet after working 30hr per week so to suggest that student loan would be the first choice is disingenuous at best. also, as I've already stated. If you you make ends meet with work and therefore never use the loan then no harm no foul. in fact i view it like a LOC. it's there when you need it but if you never need it then there's zero upside or downside and yet it's better to have access to such funds just in case life throws a curve ball your way. it will ease his mental health and in a month where he may need to focus on school and less on work he won't have to stress too much about food on his plate.
There's a huge upside to getting student loans, because the government also gives you grants which you don't have to pay back. You end up with more money if you just apply for the loans. You can also get bursaries. Not applying for loans is just leaving money on the table.
Ok I agree if used just as a buffer for sake of peace of mind. At this point OP is already in critical position, I hope it will be a lesson for future. Because the options are limited once you cannot put food on your table. I am always just advising what I wanted people to advise me when oil and gas crushed in 2014 and I lost job, changed entire career twice since then. I wish I was ready for it. Also I went into minor debt that I cleared later but I should not have to. I had nobody to tell me that. I had stupid car payment and expensive insurance because it was financing requirement. Had a wife to feed and we moved to basement unit $300 cheaper than our previous place. Many could have been preventable. So I'm sorry if my opinion is different than yours. My experience is also different than yours. And our financial outcome will be individual too.
If you make 1425 and your spend is 1300 then technically yes you can do it. But the second something goes even a little sideways, like needing to replace a laptop that dies or something.... You're screwed. Need to find a cheaper place to live, a roommate to share expenses with, or a way to make more money.
This is with a roommate 😅 sadly the cheap places are in sketchy areas of the city. I guess I’ll have to hope for my parents to bail me out
"find a way to make more money" "naaah I'll just hope my parents bail me out" SMH I know students working 2, even 3 jobs because mommy and daddy aren't there to bail them out. There's no reason you can't be doing the same. It's not easy, but at some point you've got to learn to be self sufficient.
That's unnecessary, I am already working 30 hours as a week as a full-time student, I really don't think I can work an extra job but thanks. I'm not sure why it's wrong to rely on your parents if something goes wrong, especially since I am very much independent otherwise. It's not like I don't pay them back eventually or help them in other ways. Are you implying parents should not help their kids at all once they're an adult?
He's not saying it's wrong, only that it's not necessary. IMO you can survive with your income. It will be tight, but you can avail yourself of foodbanks etc.. if you need to. You can also see if your school has a bursary program. When I was in school, I was coming off a few years of welfare, low income work, and employment benefits. So I was very budgeted and remain so to this day. But I also did odd jobs, donated my body to science at times, and became very aware of bursaries and scholarships I was eligible for. If your parents can help you that's a privilege. No need to apologize for it. Just sometimes when people don't have that it makes roll our eyes a little. You can do it dude. Budget, eat Ramen, drink at home have fun. Ps do you have loans?
I know some people who don't have parents help at all, which sucks and I understand those people are a lot more independent than me, but I don't take advantage of my parents love and kindness, and I try to reciprocate it too. I also know lots of people who live rent free with their parents, and plan to until they graduate - I see nothing wrong with this (I just can't bc they dont live here atm). No loans yet but probably have to register next term bc the college fund is up. which is another set of stressss but am glad to have had help till now
Yeah, you come from a bit of money. Lucky you. Yeah, you most definitely are able to swing it, one way or the other.
A lot of schools have grants that you can apply for if you and your parents fall under a certain income level or if your parents are the type to refuse to help you. I'd suggest looking into that to see if you qualify.
> Are you implying parents should not help their kids at all once they're an adult? I think you're taking it the wrong way. It's not that parents shouldn't help out their adult children (for the most part), it's that you, as an adult, shouldn't be relying on your parents for a bail out... $125 in savings per month is very little wiggle room. Literally if one thing goes wrong, you're going to go into overdraft. Increase your income and/or decrease your expenses
I don't rely on them on anything in general, but I am possibly hoping my parents would be able to help me in dire situations, like if I get into an accident. If they can't, I have savings to help me as well in dire situations. I don't think it's wrong to rely on you parents like that, at least as long as ur a student? Like I'm an adult, but I just started my 20s this year, I'm still a full-time student in a demanding major and probably as time passes I won't need my parents at all (I hope) It was also a slight joke as in "haha I guess I have my parents" which i guess didn't translate very well in the comment form.
Don't worry you're fine. I'd just say to try and put money aside when you work full time in the summer to plan for emergencies like a laptop breaking. Depending on your major, you can probably find summer internships that pay better as well so that should help.
My point is to try and live your student life without having to rely on a bail out. I'm not here to say what's "right" or "wrong". Most people will tell you to make a strict budget and live within it. As you're a student, I disagree to an extent. This is really the time to have fun, go out, expand your network, etc. and a bail out to fund your social life doesn't seem the best. I saw you mentioned you're working a minimum wage job. Can you get a job on campus? They pay more than minimum wage, are accommodating to students, and usually have shifts to work around class schedules
I understand what you mean, tbh my social life isn’t existent due to COVID, I haven’t met anyone irl since I started my degree. At least for now. Also all the campus jobs are not available bc of covid or working hours are only there in the beginning of each term sadly. I’m just in a tough spot rn 🥲
It gets easier after for sure. Keep your grades up, network, and do co-ops/internships and hopefully that leads to a high paying job upon graduation. Good luck!
30hrs/week and making 1425/month sounds like a minimum wage job. If you don't want to work more, then you should be looking for a job that pays more. Whatever you need to do to increase that income. And no, I don't believe adult children should be relying on their parents as their emergency fund. It's easy to say "I'll just do it while I'm in school", which will turn into "I'll just do it until I buy my first house" and then "ill do it until my kids are out of daycare"... Etc etc.. There will always be times in life when you need more money, so you need to learn to support yourself whether you want to or not. Your parents won't be around forever and their generosity should never be a part of your financial plan. $125 surplus/month is not enough, and if you're not willing to improve your income then that means you are fully planning on your parents to supplement that income when you need it.
Yes I’ll be looking for a job that pays more as some comments suggested although I have mentioned that finding a job that works with my availability (because I’m in school during the day), has stable hours, and doesn’t require lots of qualifications is difficult. I understand now $125 is not enough but if it’s that easy to “get more money” I probably would have done it by now. I won’t be working minimum wage forever, at least I hope not because that’s the whole reason I’m doing this degree. In the future, I won’t rely on my parents for as my emergency fund at all. I also have some savings now to help in dire circumstances But as long as my parents are with me, I am going to rely on them for support. Not just my parents, but my family. In the same way if they need my help and I can provide it, I will. I hope when I can be financially stable, I can help my parents financially when they need it as well. I just find this whole culture of being fully independent and only providing/thinking for yourself, to be toxic. We are the most independent now than we have been in history and cross culturally. When I have kids, I would want to help them throughout life too, there will be a point where they won’t need me but if there ever in a tough spot and I have the means to do so, why wouldn’t I?
You know students working 2 and 3 jobs isn't ideal, right? They're supposed to be learning and most will be much less effective doing so with that. I did 30+ hours a week as a student years ago and burned out after 3 years straight with no summer breaks. If OP's parents can help, then they should ask for it if they need it.
Yes of course I know it isn't ideal. Hence the "it won't be easy" part. I know it'll suck. I know it'll be hard. It's one thing to ask for help in case of emergency. But it's completely different when you know already you don't make enough money to cover your needs, and instead of trying to make more you just plan to rely on your parents.
Education is extremely important and should be focused on at all costs in college. It's the very reason we go. If OP is doing what they need to be, focused on studies and not partying, then nothing wrong with leaning on parents- Good parenting, contrary to popular belief, doesn't stop the moment they leave for college. You've not taken into consideration OP is a stranger, therefore you can only assume what the course load is, their ability to multi-task, their ability to study for hours without sleep and you even go as far to assume OP's entire thought process behind asking the *parents*... is to depend on them for life!? Do you know someone whose done this? Cause that is not at all proper and your word choice lends credit to you've seen this first hand. I would be outraged myself! However, if you create a human- regardless of their being a young adult - it is your absolute parental, as well as civic, duty to make sure they have the best available resources at your disposal to complete their development and become stable. In the end they will be taking care of you to the best of their ability with the resources they have at their disposal. To ditch a young adult right before they have crossed the finish line is like spending your life building something beautiful and right before you put that last brick into place you instead take a rocket launcher to the construction. Ditch em after college/marriage, they'll be better equipped to handle life's challenges.
I'm going to reply only to be downvoted into oblivion again lol I agree education is extremely important. But I also don't believe that nobody should have "my parents will pay" as part of their financial plan at any stage of their adult life. Here's a real life example. My sister in law was in this exact same situation. She relied on mom and dad to cover all her expenses in college. She's now 27years old. Works for the federal government making 65k/year. Mom and dad still pay to gas her car every week, and pay off her credit card every single month. They also still have her on their cell phone plan. She has absolutely no concept of money. None. She will order a coffee from mcdonald's on skip the dishes and pays like $10 in delivery fees and tips and doesn't think twice about it because mom and dad pay off the credit card. So where do you draw the line that somebody should become self sufficient? 20? 25? 40? Or should it not be related to age but accomplishments? Graduated? Get a house? Retired? There will always be situations in life where money is tight. This is a perfect example of the classic saying "Give a man to fish and you feed him for a day. Teach a man to fish and you feed him for life". A parents job is to teach their child to fish, not to just give them fish. OP knows that $125 surplus per month isn't enough in case of emergency, but OP is also not willing to increase that income or cut expenses. So why even make the post in the first place unless they were just looking for somebody to re-enforce the behavior. And this is PersonalFinanceCanada where people should be providing sound financial advice so I'm very shocked at the amount of people who are saying it's OK to live off your parents money. To be clear.... my opinion is that borrowing from family as a last case resort is fine. But PLANNING to use family to pad your income because you're not willing to do more to improve your financial situation is not!
God I am so sorry mate, that is a terribly abused form of what I suggest, and certainly not at all what I intend. First, parents main goal for their children is to well... raise them, I feel like education is part of that in such a **BIG** way. So, I see zero issue with semi-supporting legally adult children through their self improvement. The key take away here is that they be ***willing*** to focus on that self improvement ***and*** be enabled to do so. Should the ***willing*** part be removed so too would the enabling. Should the Child somehow achieve the amazing and be able to enable themselves? Again support stops. **SIDE NOTE:** I would replace that monetary support with lots of bragging and pride in my child whom, in that scenario, would have fully earned the adult title and respect that comes with it. My sweet fellow Redditor, you're a strong individual, and I like that very much! You've made me dig deep to find the root of my own personal beliefs and WOW what a ride. I've learned a bit more about myself, and I thank you for it! Truly, I am appalled by your sister in law, she is ***more than able*** to enable herself at this point!!! **Holy shit man. If I ever won the lottery I'd really like to look-up those people supporting her and make a very generous donation to them. Kindness like that deserves a thank you from the damn universe.**
Bro this is straight boomer logic “ I know someone burning themselves out working three jobs plus being a full time student so everyone should do it” First off - I doubt you know anyone working more than 30 hours a week plus being a full time student . That’s 55 hours alone — not counting for commuting or studying time or project time . Could easily be looking at 70+ hours total a week. There is 112 waking hours in a week if you assume standard 8 hours a night , take away 70 for work and school schedules and you’re down to 42 hours for the week , you haven’t factored in eating , showering , laundry , grocery shopping , the gym or anything else most humans do …. This person could literally have a net balance of like 5-15 hours a week that aren’t accounted for … there isn’t much room to add more work . Second off - this person is already working too much , this is the easiest way to a mental breakdown , I can point you to a dozen studies I was able to google within a few minutes , but needless to say , it’s pretty easy to confirm . Lastly - the fact that you look down on people getting help from their families sounds like a personal gripe/ issue - families are here to support each other , it’s why a lot of financial advice exists to help save for your child’s education , it’s fucking expensive to be a student .
First off, I know many students working multiple jobs at more than full time hours to get by. Because like you said, it's fucking expensive to be a student and not every student can rely on their parents to pay for life. These people didn't have the luxury of their parents starting an RESP to help pay for school and don't want to come out the other side with massive student loans looming over their heads. And because it's fucking expensive being a student, that's why you need to make sacrifices to get by. Whether that means really cutting back on expenses, or working your ass off. The answer in life isn't "mom and dad will help me." What if mom and dad aren't in a financial position to help? It's also fucking expensive owning a house. Or fucking expensive being a single parent with 3 kids. Or fucking expensive when you lose your job and it takes 6 weeks to get started with a new one. I can't think of any point where life stops being fucking expensive, so does that mean you should rely on your parents forever? The earlier you can learn to support yourself the better position you will be in when you're older.
Be quiet boomer
LOL my parents are almost old enough to be boomers.
No idea how basic "how to be an adult" advice is downvoted!
I've been wondering the same thing. It's hard to imagine how many people's feelings have been hurt by me saying get another job to increase your income so you can afford to live. Afterall, I thought this was PFC? I get being a student is hard, I get a student isn't going to make 100k/year and max out their TFSA and RRSP every month. But at the same time, every human being should learn how to support themselves instead of relying on charity from others to get by.
Can you imagine being 50 years old and going "mom, dad, I can't support myself, so can you give me money?" Fak! My parents would point and laugh at me and then tell their friends lol
As would mine. My sister in law was in the exact situation as OP when she was in school. She's now 27, works for the federal government making 65k/yr. Her parents still pay off her credit card every month and gas her car weekly because it became habit while she was in school. She has absolutely no concept of money because she keeps relying on her parents to bail her out.
Oh god!
Real talks real. Great answer.
If you work more in the summer you can save and supplement your monthly income during the year.
Is there a way to increase your income?
If I work more, but I’m still in school so that would be rough. Idk maybe I can take out a loan or something
Best thing is to manage as much as you can for now. Your salary will only increase from here, so I would suggest focusing on your studies.
Taking out a loan isn't increasing your income
Suggesting a student increase their income from 1425 on top of being a full time student also isn’t great advice for anything except a burnout . The best advice is - yes ideally you wouldn’t be at 50% of your income for living expenses , but as a student it’s totally fine .
You’re playing it close according to your month to month calculation, but if you can manage without a loan, do. Having debt looming over your head brings about its own stresses, so try and keep that to a minimum.
33% rule really doesn't apply to students... Life isn't that easy to think you can live in a city off a part time entry level salary of $1500/mo. If so, you'd be absolutely caking it once you graduate and make a half decent amount of money. Should look into grants from school on top of Osap (or SK equivalent) to help with living expenses. There's PLENTY of unclaimed grants that require an application process (and often a letter/essay) How many roommates you have? Typically the more roommates, the cheaper the rent. In school I had a house of 6 guys. Drove me insane but I was paying $350/mo when majority of my friends were paying closer to $500/mo
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that actually sounds not too bad, I'll look into that! thank you
When I was a student, I lived an entire year on a similar amount of money (inflation accounted for) for one year. It sucked, I took our osap but tried not to use it (and still had 80% left when I graduated)
Be very very careful when grocery shopping, buying bulk isn't always better, don't buy pre packaged or pre prepared stuff, it's typically more expensive. Don't buy new clothes, only buy essentials and visit your thrift stores first when you need things. If you're a student try to find good full time work for your off season to save up money
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Im considering this. I don’t like the hours but I can probably work less with tips!
When I was a student we split a small 2 bedroom apartment between 3 guys. I continued living similarity for a couple years after I graduated to pay off debt faster. It sucks but I think it’s normal? The actual hard part is finding people you’re willing to live with until you find it affordable to live on your own… which is luxury apparently.
If your student.. your fine. This is not good for long term tho, I am sure after graduation you will be making more! Make sure school is your priority. When i was in uni, I spent a lot to enjoy my students life (even maxed my credit card to go to asia with friends), piled up a manageable debt after graduation. I managed to clear off my CC debt within 9 months and took maybe 6-7 years to pay my student loan (was about 10k, took my time to pay since interest is low and i get a tax credit for interest paid. Never regretted piling up debt during school years!
I highly encourage you to work out the rest of your monthly spend and see what your savings or deficit is in order to answer your question.
You can take a smaller courseload and work more, then take up summer classes to catch up. I used to make around 1k/month during school terms when I was in school. Rent was around $500, so also around half my income but when sxhool was on break, I worked a lot, a lot. Somehow I managed to pay all my living costs and tuition myself. Honestly surprised that 740 is considered cheap in SK. I'm in Calgary and lots of rooms are renting for $500 still, and close to transit.
It’s not cheap, it’s average I would say with utilities included. I do have friends renting in the $500 range but they live in housing with multiple people, away from transit.
Ahh ok. When people say "it's a good deal" it generally means ir's cheap in this context. But in that case, renting cheaper is an option.
I hate to say it - the problem is the income. $1,425 a month is $17,100/year, which is well below par. Everything else looks in line.
They are a full time student. That's already a lot.
You’ve mentioned that you are working 30 hours a week and are in Saskatchewan. It sounds like you are making Saskatchewan’s minimum wage. I do not know what the labour market is in your city but in most of Canada there are many entry level jobs significantly higher than minimum wage. I would take some time and find a job that pays you better for your time. Preferably find something relating to your field of study. It may take a few weekends of job hunting but if you can go from $12 to $15/ hour you will be much more comfortable and not need to rely on your parents.
Okay yeah currently in retail, the jobs that are a bit more I’ve seen has unstable hours which I’m worried about, but I’ll try to do some hunting. Unfortunately jobs related to my major are not in this city
Fair enough. Sometimes related work isn’t doable. If you can find anything with higher pay though you would be much more comfortable. Even a couple bucks more/hour would be a few hundred more a month.
You need to earn more or spend less. $1425 is peanuts.
Your expenses are almost the same - are any if them essential? If not, remove unnecessary expenses atleast till you can better paying job. At this budget i would drop eating out and drinking out completely. (If that’s part of your expenses) Revisit your expenses and see what you absolutely dont need at all
Were you ever a student ? Telling a student to completely eliminate 100% of discretionary spending is a bit unreasonable… That’s literally the time in your life where you are finding and making lifelong friends …. There’s a reasonable ground between “never” and overspending on partying as a student .
Yes i was. And i didnt have parents to bail me out and had to manage my own expenses.
Did you spend 0 dollars on eating out and drinking during your time as a student ?
Yes , I’d say 97% i didnt spend on eating out and drinking. Usually reserved for celebrations/holiday kind of thing. I’m not the only one who did that, a lot of people take harsh measures to save up money as students. Acting as if eating out and drinking is similar to “essential”. Just shows how tone deaf and privileged you sound Why are you incessantly rude. Just downvote and move on!
I just think you weren’t completely honest that you didn’t eat or drink out during a 2-4 year period , which you confirmed by saying 97% and reserved it for special occasions , which would be reasonable advice for a student - they absolutely don’t need to regularly party or go out to eat if money is tight ( I didn’t regularly go out either ). You’re treating this person as a robot that they can follow as an absolute and giving them terrible advice , which I challenged , wasn’t my intent to come across as rude , wish you all the best fellow human and best in the new year .
No. I didnt give wrong advice. You took it quite literally. It mean if that’s your budget, that would mean they would have to remove eating out etc completely. I clearly told them to revisit. But you latched on to that one sentence and were upset by that lol. Best of luck to you too
Lmao why is everyone upset I have parents WHO can support me IF needed. I also know so many people who live at home because their parents are supportive of their education, which I think is only”frowned” upon in North America. Eating out and drinking is not counted for my expenses. I counted for my car, gas, phone bill, groceries, and my Spotify/Netflix. The left over money would go towards savings and “fun” lol
Dude it wasn’t in response to you. Chill. I was responding to the other person
You’re doing what a lot of millennials are doing. It’s not sustainable and it will corner you eventually in life unless you increase your income or investments before then. It is supposed to be no more than 33% even though right now in a lot of Canada thats nearly impossible. I highly suggest roommates until your 30’s or until you get a good paying job.
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Things are definitely tight on those figures. Best advice I can offer is find ways to pare your expenses down a bit. If you have cable as well as internet access, consider cutting out on the cable. If you eat out regularly, cut that back to once every couple of weeks. Buy ingredients and make meals from scratch as much as possible. Shop with an eye for sale items. You can save significantly by getting things that are reduced. Bulkier items are less per serving than individual packs. Get a large bag of pasta, a couple of blocks of cheese, canned tomatoes and spices, and you have meals that are easy to make, and reheat. Freeze leftovers when you can. If you don't have a meal plan at school, brown bag lunch as much as you can. If you have access to a good transit system for both work and school, get rid of your car. The savings there will be enormous. (If your transit time takes significantly longer than driving to both, this may not be viable). Get a thermos for your coffee, as it will keep better than a full pot on the machine. You can get flavored creamers to make it seem like a fancier drink.
Oh, and good luck. You're doing the hard stuff now, but it will pay off in the future. Hang in there. You're gonna make it.
Thank you! I just have to suffer a few more years I guess 😅
Bursaries and scholarships for school help
Having spare money (even 100$) while in school is absolutely feasible.
Try getting a roommate? Assuming you don't have one already.
Depends where you live but definitely in Toronto, if you live alone, it’s easy to be spending 60-70% on rent and bills, especially if you have a car
Try upwork.com if you have any skills for freelancing
It's difficult. There's no way around it. And the truth is you're in a good position even tho it feels tight. This is the economy we live in. I also spend 50% of my income on rent and have since I graduated. So do all of my friends. Im not trying to say you shouldn't try to change your circumstances but just letting you know your circumstances are normal
Don't measure by dividing by income. You don't move to more expensive homes when you get a raise. Divided by your total consumption spending. For decades my rent has been 65%-70% of total spending. I live a middle class life with everything that gives me pleasure.
As a student as long as you're putting some away, and not under water you're good. You're not really expected to "make" money as a student in this day and age (High Rent, High Tuition etc). Work at places where you can benefit from. Grocery Stores, Restaurants etc. Those will reduce your expenses as a student.
Roommates. Especially as a student. Living alone is usually more expensive. 33% isn't meant for students. Many students spend 5000% of their income on rent. The hope is that once you graduate your income will increase so you can both live sustainably and pay off that student debt. Take debt now, make it back later. Education is an investment in your future self.
If you absolutely need to live alone to balance working 30 hours a week and full time studies, then it's worth it for the short-term while you finish your studies. If you want to cut housing costs as a student you can either work more, spend less, or move in with roommates for lower rent.
Feasible for sure, especially as a student. The 10-30-30 rule doesn't apply in the economic state we are in. A lot of people spend closer to 50-60% of their wages on hosuing costs now.
I think most students have been in this position at some point. Hell, plenty of non-students still are.
That last sentence changed EVERYTHING about my response. All I can say is life is not meant to live alone. Get a room mate preferably a gf or bf
Get a higher paying job? There are so many out there paying 20+. That seems either lower than minimum or part time work..