Friendlyel said:
I'll worry more about that as it comes and I am assuming I would be moving on to grad school, but as a grad student don't you usually have more opportunities to pay for college by TA positions?
You'll still be living below poverty in my opinion.
At UBC, you would get $20,000CDN by working TA and what not. Let's assume you get an extra $2000CDN from scholarships or grants or whatever. So, that's $22,000CDN. Also let's assume it's 100% tax free.
Now, you have to pay tuition with that money which is $5000 atleast. So, now you have $17000 left. Say another $1000 on books, so down to $16000.
Also, let's assume you pay only $500 rent (low end student housing in Vancouver). That costs $6000 a year. Down to $10000. Let's now assume you eat $75 of food a week. Cost of living is high in Vancouver, so naturally food is a bit more expensive whether you eat out or not (I wouldn't plan on eating less). That's now about $4000 out of your budget. Now, you're down to $6000. Keep in mind, you never bought clothes. You never went out. You didn't even get cable or a phone. You don't even have any kind of furniture you might want. Let's say you average $20 a week for going out. (If you plan on not having a life, that's your decision not mine.) So, now you have $5000. Say you get basic phone package for $20 a month. Now down to $4750. Now you average $500 a year on clothes so now $4250.
Also, I increased the salary and lowered the budget. That's not enough of a buffer for me. Because realistically, you can't live in cheap student housing. Why? Too loud, too many undergraduates who aren't serious, bad environment, it stinks, etc... It's cheap for a reason. That's student housing for you. So, let's say $700 a month is the real value in the good old expensive Vancouver. You now only have $2250 left.
My plan? Go to work full-time while going part-time. Let's say I only get a modest $40 000 a year job. Taxes is like 22% at that salary. So, you have roughly $31000 left. But let's make it $30000 to round down a total of $1200! Now, you're going to school part-time so you get a tax break of about $3500 so you're now back up to $33500. So now, let's say I wanted to rent a nice condo which would be like $1200 a month. That brings me down to $19000. Now, I want to eat good food so I spend $100 a week on myself. So, I have $18500. (Notice I'm overshooting the expenses and undershooting the income.) Now phone and going out down to $15000. (Going out a lot!) And say $1000 for transportation (public yearly fee is only $600). I now have still $14000 to spend or invest! (Investing is wise. If you don't invest, you're hurting yourself in the long run. I'd probably invest atleast $6000 of that.)
Now, why the hell would someone want to live on the edge? Just imagine if I was making $50000 instead of $40000 or the part-time tax business I plan on starting to make extra money. I'll even have enough to fly to other universities to attend conferences meanwhile my other fellow graduate students sit at home while I network all over the country and US.