Financial Tips for Graduate School
Your time in graduate school is likely to be some of the leanest years of your life when it comes to finances. Follow these tips to help you pay for school with as little debt as possible.
Lower your current debt
If you already owe a lot of money on credit cards and car loans, that means you have that much less money to pay for graduate school. Get those loans and bills paid off as quickly as possible.
Stop the shopping
The months before you start graduate school are not the time to be buying a new car or making other major purchases. Make do with what you have for as long as you can.
Keep working as long as you can
It's fine if you plan to quit your job or switch to a part-time job so you can focus on your graduate studies. But don't quit too soon so you can take a long vacation before school starts. Work as long as you can and save every penny - you will need it later.
Plan ahead
Financial planning can help you survive your years of graduate school. First, figure out how much you spend for current living expenses. It may help to write down everything you spend for a few weeks so you include small expenses that you might otherwise forget.
Once you have an idea of how much money you are spending for your current living expenses, see whether there are any areas in which you can cut expenses. Then, figure out how much extra money you will need for:
- Tuition
- Books
- Conferences
- Travel
- Additional living expenses if you will be moving to a new town with a higher cost of living
- Moving expenses
This process should give you a good idea of how much money you will need for your years of graduate school. Don't forget to plan for the year or two during which you will be writing your dissertation.