Spending $ on House vs. Saving for College

[All Torhs Team 0]

Ok this may seem likle a pointless topic to some but I hope to get a little bit of positive feedback here. Im a guy about to go to college still in HS now.

Ive got a really sweet set up offered to me for now through summer until I go to college. My own house with two other roomates, and Id only pay about $150 a month to live in this nice house.

The problem is that my parents want me to save all of my money for college payments.

But my decision is between having a great summer with my best friends at my own house (using most of my money from a part time job) vs. saving for college and kind of missing out alot over the summer.\

What Im asking you guys is -- Is it smarter to use up all of my part time job money on a house payment for the summer or is it smarter to save it for college.

I know it would be smarter in the long run to save for college, but then again, you only live life once and I want to have these good times with friends which would mean Id go in for the house.

[gxc999 7]

What you have to consider is that rent might only be $150 a month, but groceries, utilities and misc. items will easily add up to another $400. Taking out loans for college isn't ideal, but interest rates are favorable now.

The real concern is that you might get into the party mode that you won't be able to get out of. Being in law school now, I've seen people who partied their way through undergrad and are still in that same habit, having real trouble breaking it. I don't think being at home, working a little, saving some money and having fun a couple nights a week is a bad idea at all. Don't be in a hurry to leave home, because bills really, really suck.

[Doctor Hook 0]

Use college to let you pay for a really sweet house in the years to come. Education is always first. Sorry to get all Dad on you, but my .$03.

[fatwabbit 93]

I'd say to save the money. Like gxc said, it will all add up. It will be fun but it would be good to save up for a good education and not worry so much during school term.

I stayed with my parents till I was 28 :) but I did give my parents about $400 a month. I only moved out much later on, and although I now live overseas, we still go back and stay at my parents place.

[Fire0nIce228 1]

28 holy crap lmao.

[kosydar 0]

Just work during the summer and that'll offset your costs (plus a lot more, hopefully). Thats what I did last summer and it worked out well. Granted I was paying a lot more than $150, but its the same idea. As much as you'd like to think you'll be missing out on a lot by working during the day, you're wrong. In my case I didn't start working right away and the day times were boring. Lots of days of golfing by myself until my friends got home from work. Even if you decide not to work I'd say live in the house. My first summer in a house with my friends was one of the most memorable times of my life, and I'd hate to think that someone else might miss out on it. In regards to which is the smarter decision, its probably to save the money. That being said, I think this is one of those situations where doing the smart thing isn't doing the right thing.

[fatwabbit 93]

28 holy crap lmao.

28 aint a big deal. Would have stayed there much longer if I wanted. We had 4 generations under the same roof.

I think thats the ideal setup, make sure that your kids are well enough that they can afford to live comfortably on their own before they do move out... esp in land scarce Singapore were a gubment subsidised flat would cost you about $250k (thats for a nice 900sq feet flat)...

[oggy_3 0]

I am kind of in the same boat, i applied for a job in ontario which includes living and such but if i dont get it i am stuck home, which i dont want to do. So i have decided if i dont get the job in ontario i am going to move out of my house for the summer and probably 2 or 3 of my buddies will live together once we find somewhere to stay. Also i will be working either full time at my current job or work 2 part time jobs depending on some things. Also i will be working out and playing hockey getting ready for junior camp in august. So work full time, live with your buddies and have a good time.

[lee92 2]

My advice would be to see if you can first get student loans or open up a line of credit through the bank, so you're guaranteed to have the cash to pay off college (albeit you'll have to pay it back). If you can get loans, then go have fun with your friends. You'll still have to work, and paying for rent and what not won't let you bring as much dough with you to college compared to staying home, but money will always be there to be made, if you're willing to work for it. So have as much fun as you want now, being realistic and sensible as well, and then just bust your ass in the following summers and during the school year to make some cash flow. Also, side note, $150 a month for rent is dirt cheap compared to my situation. Housing near campus where I'm at runs anywhere from $500-600 a month, but some places include heat, electric, water, tv, internet, and phone. $150 is a steal, even with utilities tacked on.

[ljbaron 0]

A wise man once said "work now play later".

[kovalchuk71 212]

Another wise man once said "why do today what you can put off until tomorrow". ;)

I say go for it. Enjoy it before you get hit by college and then the "real world". Loans wont be THAT bad. But I agree make sure you can establish a loan/credit.

[thefelixculpa 0]

28 holy crap lmao.

you're really cool

people who make fun of other's situations w/o any knowledge of them annoy me.

[fatwabbit 93]

28 holy crap lmao.

you're really cool

people who make fun of other's situations w/o any knowledge of them annoy me.

Say what you want, doesnt bother me at all. Lets put it this way, my wife and i stayed at my parents place, bought our own place about a year after getting married, then rented our place out for about 1 year before we decided to move in ourselves. The money from the rental paid for all the renovations that were done, furniture were hand me downs from various relatives or thru garage sales.

At the end of the day, i know that the place is pretty good. A 17th floor flat tucked in a corner of a smaller town, neighbours are pretty good, schools nearby, shopping centre 5 min walk away... am glad we waited that long to finallly get the place we felt was home (esp since we are tied in for a min of 5 years since its gubment subsidised).

[PWBIII 0]

$150 a month is a steal for rent, especially a house. I say go for it dude, you're only young once.

[QandA 0]

If your working full time you should make 500 a week easily. $150 is well worth it. It'll be the best time of your life. You're only young once.

[chippa13 1844]

I assume that all of the "have fun" answers are coming from guys on the high school side of this equation. If you are going to college then the smart thing would be to stay at home and put that $150 plus all the other expenses of living with the guys toward school. The less debt you have when you leave college, the better off you will be.

[Remman 0]

I would do it. You have 10 years to payback school loans and the interest rates are low. Plus, there is plenty of grant money available.

But also, college will be very enjoyable. This summer with your friends will great, but college will be quite an experience as well, that is if you are going away for it. Commuting sucks.

[Swiss17 0]

Id do it. You're only saving $150 a month. You wouldnt even have to work full time to make that up.

[chippa13 1844]

Id do it. You're only saving $150 a month. You wouldnt even have to work full time to make that up.

Right, eating is overrated anyway.

[Swiss17 0]

Yes he'd have to buy food and other things. I understand that and agree with you, but I used the 150 because thats the number he suggested he would save.

[PWBIII 0]

I assume that all of the "have fun" answers are coming from guys on the high school side of this equation. If you are going to college then the smart thing would be to stay at home and put that $150 plus all the other expenses of living with the guys toward school. The less debt you have when you leave college, the better off you will be.

I went straight from high school to the work force, straight to married, straight to..."where did my youth go?" Just want him to try to enjoy it while he can.

[Tailboard Jockey 25]

[mack 44]

There are times to capture and cherish when they happen. Living with friends is never one of those times. Never live with friends. They're called roommates for a reason and not "friends who pay 1/3 of my rent and we get long like peas and carrots."

[start_today 770]

Yeah, if you're paying $150 for rent, there's probably a reason, and that reason won't present itself until you've lived there a week or so.

It's cool to spend a lot of time with your friends, but living with friends, especially in early college/ highschool will suck. No matter how close you are, you'll get real pissed over someone not doing their dishes or locking you out of the house, or having their girlfriend over all of the time.

Just stay at your parents house, then hang out at your friends' all the time. You can probably crash on the couch fairly regularly. That way, when stuff gets heavy and selfishness rears its head, you can leave and still be friends the next day.

That $800 your saving will be nice when your in college.

[kobcc 0]

^^^^^^

I agree with start_today, you can still have fun with your friends, living with them is another story.