Living on a grad student stipend is tough, but we often make it harder on ourselves if we don\u2019t know where the money is going. By tracking our spending habits, we can get a better sense of what we value, our motivations for spending, and areas where we can save a few dollars or even a few hundred dollars. Although our schedules our tight, making time to track spending and create a practical budget will pay huge dividends in the long run. Read on for budgeting and money-saving tips!<\/p>\n
Figure out where your money is going<\/strong>. Track your spending for at least one month (3 months yields better results) and categorize the expenses. This will give you clues about where you can save money (more on this below). Using Excel is an easy way to track income and expenses, but if you prefer to use apps, here are few to try:<\/p>\n Divide expenditures into\u00a0<\/strong>wants versus needs<\/strong><\/a>.\u00a0<\/strong>Just a note of caution here \u2013 don\u2019t give up everything on your want list,\u00a0otherwise, you\u2019ll never stick to your budget.<\/a>\u00a0If you enjoy drinking wine and don\u2019t want to give it up, consider doing tasting experiments with $5 and under wines at Trader Joe\u2019s (one of my current projects). You\u2019ll be surprised how many wonderful wines you can find that won\u2019t hurt your budget!<\/p>\n Identify categories that are unnecessarily draining funds<\/strong>. For example, can you cut out your daily $5 coffee purchases, make your own at home, and bring it along in a thermos? Can you purchase an inexpensive coffee maker for the grad student office? This can save you $100 or more a month!<\/p>\n Consider your purchasing motivations.<\/strong>\u00a0Do you turn to shopping (in stores or online) to relieve stress? While things are tight, can you replace this habit with something less expensive, such as going for a walk or calling a friend?<\/p>\n Reduce your bills<\/strong>. Do you need a data-heavy cell phone plan or can you cut back on this and rely on wifi? Consider getting rid of cable or satellite TV for a while or trimming down the package. Check out\u00a0Lifehacker\u2019s Bill-by-Bill guide<\/a>\u00a0to see where you can save money on other common expenses. Liz Homan\u2019s recent GradHacker article on\u00a0meal planning<\/a>\u00a0offers advice to make your money go farther and still eat well.\u00a0Housing\u00a0<\/strong>is probably one of your biggest expenses. Consider looking for a roommate, subletting, or alternative housing options, such as graduate student housing on or near campus.<\/p>\n Learn to do things yourself\u00a0<\/strong>or find out what skills your friends and colleagues have and offer to\u00a0swap work with each other<\/strong>. Not the best mechanic? Offer to edit and provide feedback on conference papers and articles they\u2019re working on or babysit their children for a couple of hours.<\/p>\n Negotiate.\u00a0<\/strong>There are many things you can\u00a0negotiate<\/a>, such as rent and even interest on your credit card. Don\u2019t be afraid to ask about these things.<\/p>\n Avoid debt<\/strong>, especially credit card debt and loans from private agencies. Talk with your financial aid office to\u00a0create a plan to get on top of any debt<\/a>you currently have and avoid taking on more. Look into the various options to pay off current debts, including\u00a0SponsorChange<\/a>\u00a0to pay off student loans with volunteer work.<\/p>\n\n