How To Manage Your Finances In Grad School

Tackle your finances of course. Today, we’re gonna be discussing how to manage your finances so you have more cash for important things like tacos. Oh okay, and rent. As a side note, today’s video is made in collaboration with Alicia Does Adulting. She’s speaking about getting into said grad school and has some great tips to share so be sure to check her out.

Okay back to talking about finances.

First, find a way to earn an income in grad school.

For ex: If you want to be a wildlife biologist (Oh hello, dream job!), try to find a job as a wildlife tech or be a TA for a class where you’re going to school.  You’ll gain real-world experience to use towards your career while earning an income at the same time. If you don’t think you can commit to a part-time endeavor, I have a list of side hustles just for scientists.

Second, start a budget.

So, you might not have huge bills yet or “adult” expenses such as insurance and retirement contributions to budget for yet, but don’t let that stop you from starting one. Right now is actually a great time to start one so you can get the hang of it.

You’re going to fail your budget at first.  SURPRISE! It’s not a failure though. As Thomas Edison says, I didn’t fail, I just found a way that didn’t work.

You can try automation tools or make an excel spreadsheet. Budgets are like dating. Different strokes for different folks. I made a budget for a veterinarian here to give you a taste.

Next, start saving for life.

You won’t be in college forever. Now’s a great time to start saving for those expenses you may need post-graduation. Examples could be a car, a new wardrobe or field equipment. You also know you aren’t going to be living in a dorm any longer so you are gonna need a hefty deposit to get an apartment.

As scientists, you might find a great opportunity across the country and saving for life is going to let you take advantage of it. If you need help figuring out how to save, check out my four-day savings challenge.

You’re gonna have to watch the video to figure out the last one. I can’t give away all my secrets.

Let me know what you think in the comments, and let me know if you have any money management tips to share!