If your parents didn't pay for your college

[Anonymous]

28. I worked my way through college, although I did have an apartment for a lot of that time. I didn't graduate with a bachelor's until I was almost 26, however. I paid as I went. I bought a small townhouse in the burbs when I was 28 and in law school (and working full time). But law school was a lot cheaper back then than it is today. My total loans for that were only $40,000. And yes, I borrowed the full amount back then because I was living pay check to pay check.

[Anonymous]

Anonymous wrote:28. I worked my way through college, although I did have an apartment for a lot of that time. I didn't graduate with a bachelor's until I was almost 26, however. I paid as I went. I bought a small townhouse in the burbs when I was 28 and in law school (and working full time). But law school was a lot cheaper back then than it is today. My total loans for that were only $40,000. And yes, I borrowed the full amount back then because I was living pay check to pay check.

Just meant to add, I am not sure I could have done this today.

[Anonymous]

My parents did not pay for my school at all. They were working class poor. I had financial aid (Pell Grants, remember those?) and a tuition scholarship. I realized when I was in middle school that if I wanted out of where I was, I had to get a scholarship. Luckily, I test well. I then got a masters in a field that pays pretty well with no PhD required and did that on a teaching assistantship. My not yet DH and I paid for our apartment and all our bills on my TA salary (I can clearly remember I took home $818 per month.) DH's parents paid for half his undergrad and he took out loans for the rest, but it was only about $6K loans total which we quickly paid off after graduating. DH does not have a graduate degree, "just" a BS in a computer field, but he does very well IMO.

We saved everything and bought our first house 2 years after we were married, so that must have been 1994. Then sold at a loss 2 years later to move to Silicon Valley. Rented again for 2 years before buying a home in a nice neighborhood in San Jose (vs trying to buy a shack in Palo Alto or Cupertino). We got lucky with that house and it doubled in value in the 3 years we had it. Then sold it to move here when DH was laid off when I was 20 weeks pregnant. Moved here and were able to buy a nice home in an area that is very safe, but not considered "better" by most people's standards. Our kids go to public school, but they seem to be getting a great education IMO. Oldest is at a gifted magnet and doing well.

We have always paid ahead on our mortgage and almost have this house paid off after 10 years. But our big luck was buying that house in San Jose when we did. We could never have afforded it 2 years later.

[Anonymous]

I graduated from grad school (paid my own way through college and grad school) in 1997. I paid off the last of my student loans in 2003. DH graduated from college in 1989 (but he joined the Army a few years later and travelled a lot).

We bought our townhouse in 2005.

We saved and budgeted.

[Anonymous]

OP, I think it makes sense in your situation to rent. Home ownership isn't the be all, end all. The happiness and enjoyment you would get from owning a home you could afford would be totally negated by the commute and the fact that you would have to cut your budget to the bone both to save for a down payment and to actually afford all the things that come with home ownership. I'm not one of those "deprive yourself of all joy and pleasure so you can own a home" people. Of course you have to call your family back home. Of course you need to eat the food that is familiar to you. And (gasp) sometimes it is fun to eat out with friends and have a laugh and some social contact. It is important to save, but what is the point if you are miserable and anxious?

If I were you, I'd figure out how much realistically you can put away in savings every month, and invest that money in a balanced portfolio for your age and goals. Then, I would go about my business in my rented home, live sensibly but not in a miserly fashion, and enjoy your life.

As far as credit goes, I would get a credit card with miles, charge as much as I could pay off every month, pay it off religiously, and use the miles to visit your family back home.

Sure you can spend your life eating beans, brown rice and green tea, but me, I like a little butter, sugar and coffee in my diet! Life, like food, must taste good!