Grad school brings a multitude of challenging factors: the stress of going to class, working in a lab, writing a dissertation or master’s thesis, and taking care of yourself financially. For these reasons, managing your finances as a graduate student can be a daunting task. You might find yourself with limited funds and very little spare time. However, it is possible to financially survive and even thrive in graduate school. Here I offer five tips to get you started:

1. Create a basic budget by calculating fixed and variable expenses. With a basic budget you will need to calculate your fixed expenses (i.e., rent, food, utilities, car payment, and debt repayment) and your variable expenses (i.e., entertainment, self-care, clothes/shoes, computer needs, or unexpected expenses). From there you will figure out how much money to allocate for each category. Here are some simple budget Excel sheets to get you started!

 

[Image Description: A green piggy bank jumps and colorful confetti explodes from the top]

[Pictured: A clear budget will make your piggy bank jump with joy!]

2. Track the dates that fellowships and monthly salary get paid for UCR. Unlike traditional jobs that may pay weekly or biweekly, UCR graduate student employees get paid once a month on the first. In the Fall quarter, if you are TAing, your first paycheck will be on November 1st due to the academic calendar. Additionally, stipends and fellowships usually get paid in one lump sum at the beginning of the quarter. Also, if you owe any money in tuition or fees to UCR, that is subtracted from the stipend or fellowship monies that you may receive. Check out the UCR academic calendar for more information.

 

[Image Description: Pages quickly fly off a pink and black wall calendar]

[Pictured: Time flies, so keep track of important dates.]

3. Plan for summer and save an emergency fund. If you are not teaching during the summer, you may not have an income during the summer. Try to save a portion of your paycheck for summer living expenses, even if it is just $100/month! One way to approach this is adding a line for “Summer Living Expenses” when you make your budget so saving can be automatic. Pro Tip: If you are not working in the summer, check if you qualify for EBT/CalFresh.

 

[Image Description: A gray cat lounges in the pool while holding a tropical beverage]

[Pictured: Plan ahead so you, too, can relax with the knowledge you budgeted for summer]

4. Take advantage of the free or discount programs for UCR students.

• Free or discounted digital products or subscriptions: When you get your UCR email address, check out UCR on the Hub to get access to digital downloads like Microsoft Office, Adobe, and more!
• Free bus pass for UCR students!
• UCR Basic Needs has many resources to find free food on campus. They include R’pantry, picking fruit from trees on campus, R’garden, and UCR Food recovery. Join the message system to be notified when there is free food on campus from events!
• The gym! During the school year the gym is included in your student fees and offers a pool and hot tub, cardio equipment, weights, a rock climbing wall and many different types of classes from yoga to cycling!
• The library! It is possible to check out almost any book from the library. If the book is not on the UCR campus, you can use the interlibrary loan system to request it from another library. Also, the staff librarian can also order a book needed for class that might not yet be available.
• For entertainment check out the student bundle of Spotify and hulu for 4.99/month. You can get this price for up to four years!
• Check out this list of chain restaurants that offer student discounts!

 

[Image Description: A green fox wearing glasses dances while money falls from the sky]

[Pictured: That feeling when you get two pizzas for the price of one]

5. Emergencies happen! If you find yourself in an emergency financial situation, reach out to the Economic Crisis Response Team (ECRT). If you find yourself with an urgent financial need like not being able to afford groceries or if you are struggling to find a safe, stable place to sleep (e.g., living in your car, temporarily staying with friends or family, or living on the street), you can contact ECRT.

 

[Image Description: An activated alarm blinks red]

[Pictured: When your financial alarm bell goes off, take advantage of the help UCR has to offer!]

Ultimately, it can be challenging to live on a tight budget and income. Hopefully these five tips will help acclimate your finances to the changes that graduate school brings while also sharing resources that UCR provides for students. As a graduate student you are more than equipped with the skills necessary to reach your financial goals!