How do you live on a grad assistantship?

[newage2012]

Also consider doing conservative investments such as bonds, blue chip stocks etc. A popular way to generate steady income is to write "covered calls" on a underlying stock that you already own.

Never speculate, selling shorts, writing naked options etc. are speculation. Do it after you graduate and found a job(non academic) or after you get tenured (academic).

[StrangeLight]

i think it's totally reasonable to include eating out and entertainment expenses in your budget, as long as your budget balances. i eat out a lot (although rarely for more than $10 a meal) and i go to concerts a lot (anywhere from $10 to $80 per ticket, sometimes driving hours to get there and using a tank of gas). but this stuff is important for my mental health. grad school should not feel like boot camp or a prison. the average grad student puts in 60-70 hours a week of work if they're staying on top of everything. the average professor puts in 65 hours of work a week. so this level of intensity and stress is going to be with us for many years to come. it's best to build habits now that allow us to be as happy as possible while juggling this workload. the goal is to finish and get the degree, right? so let yourself eat out or drink a beer, as long as your budget works for you.

if you really value having nice clothes or eating at gourmet restaurants, then consider having roommates. plural. if you live with 2 or 3 other people, you can really cut down on your rent and then enjoy those other luxuries. if privacy is more important to you, then you'll have to sacrifice the clothes or food. just don't build a budget that cuts out all of your de-stressing time. if grabbing a beer with friends helps you relax after a hard week, put it in your budget. if going dancing or catching a movie or taking a yoga class helps you unwind, then make room for it.

Edited August 12, 2011 by StrangeLight

[ktel]

My personality is not built for risky investment, so I don't know that the stock market would be for me. My boyfriend's brother is getting into that whole financial world (don't even ask me what he does, who knows) so maybe if he had some good advice for me. I'm happy with my $20/month return in my TFSA

[Sarahmarie]

I am applying to several masters programs and I am confused as to whether or not a masters offers the same "stipend" allowances that doctoral degrees get...the FA counselor at my top choice school told me that they are very generous with their aid and they budget in approx. 30,000 into COA for room/board/expenses. This is for Columbia in NYC. I am just curious how stipends work - are they for PhD's only or can master's students get them as well?

[ktel]

I am applying to several masters programs and I am confused as to whether or not a masters offers the same "stipend" allowances that doctoral degrees get...the FA counselor at my top choice school told me that they are very generous with their aid and they budget in approx. 30,000 into COA for room/board/expenses. This is for Columbia in NYC. I am just curious how stipends work - are they for PhD's only or can master's students get them as well?

In the States, typically PhD programs are more funded or more often funded than Master's programs, but there are funded Master's programs. In Canada most Master's programs are funded, as are PhD programs.

[PoetryPupil]

Sarahmarie, I have to sadly tell you that MAs are barely funded, mostly not at all. I've gotten into a wonderful MA in English last year at a very prestigeous uni but had to defer due to lack of funding. They actually offered to pay a big part of my tuition but it was still incredibly expensive for an MA in the humanities.

My advice: go for a phd if you're serious about postgraduate education. In case you really find it too lengthy and think the MA is enough, walk away after a few years and you will earn it in passing, without thousands of dollars in debt.

[Sigaba]

Excuse my ignorance, but does a 9 month grad assistantship mean that you have to survive on your own funds for the other 3 months of the year?

Yes. A discussion of making it through the summer months can be found

Edited November 22, 2011 by Sigaba

[eco_env]

Yes. A discussion of making it through the summer months can be found

You might be able to stretch the money to 12 months, but it looks like you might be able to get summer funding. If you don't get summer funding, I would recommend looking for a summer job relevant to your research or for some kind of fellowship to fund your summer research. As long as they aren't giving you money they can't stop you from getting a job elsewhere.

[long_time_lurker]

Speaking of "permission" to have a job - I have a second job and a TAship next quarter and no one seems to care. Idk if I am "supposed to", but do you think anyone really cares unless it affects ones work at the university?

Aaron you hit the nail on the head - if you can do your duties no one cares.

I went the "permission from the Dean" route to cover my ass, and that was the only concern - the point of the assistantship is for us to devote time to our studies. I made it unequivocally clear that my studies came first and I would do what I had to do to get my work done. I got the permission in under 3 minutes, and it hasn't been a problem since.

I would however make it a point not to mention your job too much to your colleagues. Some people get bent out of shape it, which is b.s., but I've learned to keep my cards close to the vest. I don't think either of us ordinarily do that, but it has worked out well for me in this particular regard.

[Andsowego]

I've really appreciated reading through all these posts! I'm in the 3rd year of a 4-year PhD program at a Canadian uni, and even through I get semi-decent funding from year-to-year (it varies from Cdn. $18K-28K, but then I lose around $8K of that to tuition and fees immediately, and another $7K has to be earned through a weekly teaching fellowship which is a lot of hours), I find each month to be a struggle. Due to the type of scholarship I'm on, I'm not allowed to have an "external" job, so the internal funding I get is all I live on.

I'm already cutting corners, and really need to cut more, so I appreciate a lot of the suggestions here that I hadn't thought of. For the first time in my life, I actually didn't fly home to be with my family for Christmas this year due to lack of $$ (it's approx. $750 round trip for me to fly from where I attend uni back to my hometown - Canada sucks for air travel!). I have a basic cable/internet package that I'm likely going to get rid of (though the internet at home is invaluable as a PhD student... I might have to keep it); I have a used (ready to die) car that I'm likely going to get rid of (not worth anything to sell, but the insurance/parking/gas each month adds up quickly); I've made a new year's resolution to go even more stingy with my food options (e.g., cooking multiple portions and using the freezer); I haven't had a professional hair cut in over four months; other than a new pair of winter boots (it's Canada, I couldn't avoid this) I haven't bought new clothing in over a year (it's only thrift stores for me!); I already spend practically nothing on entertainment (usually my entertainment consists of being with friends and sharing a pot of tea... and the last movie I paid to see at the cinema was Avatar, so that tells you how long it's been!).

I echo the sentiment of others when they say how much stress the financial stuff adds to grad school. It's exhausting. Something's gotta give! I can't get another job, and I can't really cut more corners beyond what I'm already doing. Other than getting rid of my old car to save the insurance/gas costs, I'm at a dead end. Looking forward to reading more creative ideas from people!

[trebuchet]

Bittorrent. Found a cheap unlimited internet plan for $360 if you pay annually. Some readers may not like this, but I can often find many resources (film/TV), even books as PDFs online. I still buy important books, but if I'm broke, or if I'm not sure I want to invest in the book, or the library doesn't have it - it's useful.

Cooking at home for sure. (I have a not-so-secret crush on NYT food writer Mark Bittman, who has tons of great videos online and recipes for making simple things - he's not a trained chef, just a food writer who loves food and cooking).

Pack lunch if you can - otherwise, pack snacks like granola bars and fruit (boring but will keep you from passing out), one of those bullet thermoses for spending the day at the library. It's great - I actually hate most of the crappy fast food places around my campus, so I'm not tempted. My own packed lunch is better than most of those options. Coffee's my weakness.

I spend about 10 minutes a week scanning sale flyers - others have mentioned buying things on sale - I don't have a car, so I can't go crazy and buy in bulk, but I can keep an eye out for cheap essentials.

No car - I walk, bike or take the bus in bad weather.

Study at home when possible - keeps me from spending money by not going out! Otherwise I'll be dropping $5 on lattes if I'm feeling weak.

I'll admit, though, I'm inconsistent with sticking to my budget, which sometimes leaves me with a stretch of 3 or 4 days before the next payday when I'm totally broke, but extremely happy that I froze a bunch of cooked meals and stocked up on a few sale things. Otherwise I wouldn't be eating.

Haven't bought clothing in over 2 years, but I take care of my clothes (don't put them in the dryer - especially at laundromats. They'll often rip or wear your clothes faster. Hang dry, also saves a few bucks.) Next year I need new winter boots (Canada).

Canada totally sucks for cell phone rates - we have the highest rates of *any* other country in the world, bar none. At the moment, I skype and use my phone rarely - only when absolutely necessary. I have a $20 pay as you go plan, and I try to avoid topping up. This may change if I can ever afford an iphone.

Having said all that, I probably pay more on my apartment - I currently live alone. I also *like* food and cooking, so I probably spend a bit more on a few luxury items now and then.

My current stipend: 11K/year from my department for 4 years (fingers crossed on national funding for next year, which would replace this with 20K). I have an RA which is I think around 4K per term, but doesn't run in the summer (so, 19K at the moment) and I'm looking for another TA position to add, or other part time job which will probably take me to around 24K. That's my goal.

For my masters, though, I received much more. Provincial funding at 15K x 2 years. TAships at 10K/year. Plus, I was lucky to receive a private scholarship which added another 10K each year. I was able to put the extra funds toward my research and travel, which was fantastic. It was nice to not worry about funds, or not have to hustle to find your next job like I am now.

I also used to do freelance design work - I don't anymore - but that would also bring in the odd bit of cash. I used to write for more popular publications which pay - I need to pick this up again - because that's also a couple hundred here and there. Not much, but sometimes even $75 can seem like a windfall. Editing, too, can bring in extra cash for those with experience.

Am I mistaken - I thought we still technically pay taxes on scholarship funds in Canada (at the end of the year). Someone, earlier, said it's tax free...

I think it also depends on your age. It's easier to live in poverty the younger you are. If you've worked in between degrees, and gotten used to making a bit more, it's harder to go back.

Next year my boyfriend moves here, which will be great, except he doesn't make much! (Note to self: find rich boyfriend).

Nice to hear that others are inspired by this thread! And to those of you with rich families or high value stipends - congratulations! (not sarcastic). You are lucky, enjoy it while you can. Remember to buy your poorer friends a drink now and then

Best of luck to everyone.

Edited January 11, 2012 by trebuchet

[ktel]

Some excellent tips there trebuchet. To answer your question about taxes on scholarships, all of my scholarships to date have always been tax free (also a Canadian here). TAships and RAships are taxable though. I must say I don't know much about taxes, my dad is an accountant and does mine for me.

The more and more I think about how I want to buy a house and stuff like that I think what the heck am I doing in grad school. Definitely going to work after my Master's. I want money.

[gradschoolheaven]

Graduate assistantship stipends vary by academic program and institution. In my experience, most stipends fall are between $12,000 and $25,000. It's probably fair to say that financial packages in the mid teens represent the norm outside of professional schools. You should evaluate stipends in the context of the city's living costs with a special emphasis on the real estate market. If you can't make ends meet with your stipends, consider supplementing your income with private tutoring on standardized test taking (you aced the GRE, right?), writing/editing, and specific subjects in which you possess expertise. You can also explore the fragmented world of scholarships and fellowships. With luck and perseverance, you may identify a handful of opportunities suitable for your background and research interests. Finally, if all else fails, you can apply for government and private-lender student loans. To learn more about paying for graduate school, visit GradSchoolHeaven.com.

[coonskee]

Are there any Canadians out there who have funding for a PhD in the US? How does paying taxes work?

[booksnlooks]

One good point to save money on food - meal planning. I plan my meals in great detail a week in advance and it helps so much. It's a great way to incorporate fresh food because you can ensure that you'll use it up before it goes bad. It also helps in that you look at your schedule in advance to identify when you've got plenty of time to cook and when you don't, so you can make extra food in advance and avoid having to buy takeout at the last minute.

[booksnlooks]

I also used to do freelance design work - I don't anymore - but that would also bring in the odd bit of cash. I used to write for more popular publications which pay - I need to pick this up again - because that's also a couple hundred here and there. Not much, but sometimes even $75 can seem like a windfall. Editing, too, can bring in extra cash for those with experience.

@trebuchet, how do you find popular publications that will pay you to write? I'd love to get into that!

[mrcrzister]

I am starting my PhD in Mathematics next fall. I am very fortunate to win a national fellowship in addition to receive my university's fellowship. So I will be living off my fellowships for the next four years with average living stipend $31000 (for 12 months). 5th year will be teaching but annual stipend will be much higher than now (23k/9months).

[j3doucet]

Something no one here seems to be mentioning, that I'd love to hear suggestions on, is dealing with travel reimbursement.

So here's the racket if you haven't encountered it already: You need to go to a conference. The university says sure, no problem, we'll pay for it. Then they tell you to buy the tickets and hotel (2 or 3 months before the conference), and that they'll reimburse you after you fill out paperwork with boarding passes and receipts when you get back. Usually this takes another month to work its way through the system, so you're looking at potentially several thousand dollars worth of interest free loans to the university for 3-4 months.

I usually end up putting it all on a credit card, getting advances for whatever the university will cover before the trip (e.g. conference registration), and then watching my bank account dwindle to zero and my CC debt climb toward its maximum for a nail biting couple of months. For example, this month I have $200 cash on hand, $1,500 in remaining CC debt, and $1700 in loans to 3 different universities (admissions visits and a conference).

Often these are hard to budget for too: it's not worth living on pennies because you _might_ get into that conference in Japan later this semester and thus _might_ have to shoulder a $1500 loan for a couple of months in there.

Any suggestions? I've thought about trying to get a line of credit for it (lower interest rates), anyone done that?

[long_time_lurker]

Something no one here seems to be mentioning, that I'd love to hear suggestions on, is dealing with travel reimbursement.

So here's the racket if you haven't encountered it already: You need to go to a conference. The university says sure, no problem, we'll pay for it. Then they tell you to buy the tickets and hotel (2 or 3 months before the conference), and that they'll reimburse you after you fill out paperwork with boarding passes and receipts when you get back. Usually this takes another month to work its way through the system, so you're looking at potentially several thousand dollars worth of interest free loans to the university for 3-4 months.

I usually end up putting it all on a credit card, getting advances for whatever the university will cover before the trip (e.g. conference registration), and then watching my bank account dwindle to zero and my CC debt climb toward its maximum for a nail biting couple of months. For example, this month I have $200 cash on hand, $1,500 in remaining CC debt, and $1700 in loans to 3 different universities (admissions visits and a conference).

Often these are hard to budget for too: it's not worth living on pennies because you _might_ get into that conference in Japan later this semester and thus _might_ have to shoulder a $1500 loan for a couple of months in there.

Any suggestions? I've thought about trying to get a line of credit for it (lower interest rates), anyone done that?

This is how it works too if you do work for state government. You have to pay up front and then you get reimbursed once you send in your train tickets and hotel receipts.

2 tips:

1. Don't reserve your travel or hotel until as close as possible until the event. Especially for conferences often the hotel rate is a special rate for the conference so you don't have to worry about price fluctuations as it gets closer to the conference.

2. If there is a limit to how much you can get for transportation (i.e. train or airfare) don't book the train or flight until the price gets really close to the reimbursement limit. Again, as you said, no reason to book unnecessarily early and give the school a free loan.

3. If 1 and 2 don't work, sign up for a new credit card, they always offer 0 interest for around 12 months which is always plenty of time to get reimbursed.

[j3doucet]

Thanks! Suggestion 3 is especially clever. I hadn't considered that idea.

[ktel]

I don't usually have a problem with having to pay lump sum expenses, as my stipend is paid in lump sum amounts, so I usually have lots of cash on hand. I also have a partner working full-time who could float me, but lately it seems like I have more money saved than him.

[zhang22]

I make $21,000 a year before taxes, though I get all my taxes back in April so I don't see a point in giving a "net". I live comfortably on this amount. I eat out every single day because I can't cook (learning to this summer), though I do have a 6 meal/wk plan at the dining hall to help with dinners. I have a car, but will not pay for repairs. It dies with me, and when it does I will not replace it with a new one. Rent is $375 a month including all utilities so I have big savings there.

Every year I travel to China to see my girlfriend, which can get expensive with tickets that are about $1600. Besides that, I don't buy a lot of expensive things. I do buy some, like a $250 pair of sunglasses that came in the mail just today, but that's a rarity. No new clothes, DVDs, electronics, or other things that can add up cost. I find that I still save money.

Edited April 21, 2012 by zhang22

[TeaGirl]

I think one can live easily on a stipend. At least if you are frugal. I used to get ~1550/mo. after taxes during my Masters.

The best thing you can do? Learn to cook, eat healthily (never bought junk food), and bring your own lunch on most days. And kick that daily starbucks habit.

I spent around $300 in total on groceries + all kinds of eating (including eating out around once/twice per week). I never ordered food, but did splurge on a lot of organic stuff from whole foods, and ate some type of meat at least once every day.

I spent $445 on rent including utilities for a pretty decent studio, $15 on cellphone (had a cheap no frills phone), $30 on internet.

I also often gave myself a $100 budget to buy things: like clothes, shoes, and personal stuff.

I often had months where I was actually saving around $500-600. Sometimes I'd splurge, more often I'd save them to go on a trip somewhere fun.

Actually, for that first year, I was only living on $800/month. Of course I wasn't buying organic, and kept an eye at the grocery store for items and produce on sale. I also didn't buy much and probably spent around $200 on groceries and food total. My motto was: "If I can live without it, I don't get it." It's a meager existance.

It's probably why I felt I was living the high life money wise and was able to save a bunch when I got that additional TA.

[tippytippydayday]

Sounds like most of you can squeeze more out of a buck than I can.

My TA-ship is 8 months (1500/month), and a GA-ship covers the summer (1100/month). That's a total of 16500. After tuition (5400) I'm left with 11000, which is peanuts. Therefore, I work 3 days a week as a graphic designer (1200/month) to supplement my school income, my boyfriend usually covers our entire rent (I'm a lucky girl), and I take care of cable/internet, groceries, car/insurance, cell phone, things like that.

I don't know about you guys, but I'd rather be overworked and have some money to play around with than revel in my free time and have no financial means to do anything with it.

[prettyuff1]

Okay, you're all gonna gang up on me, but I hope not. I'm in business also, and the stipend I receive is in the mid 20s. I'm also holding various TAships (beyond my requirement), so I get money from those jobs as well. In total, I think I make around 40k a year. Don't get me wrong -- I work hard for it. I manage my time very well (I like to believe), and so despite my numerous TA jobs, I'm also above average on my academic/school/research side of things.

I have several student debts to pay as an undergraduate, and I pay all expenses myself. I don't know about you guys, but in my program, some people had previous full-time jobs, or they have parents who help pay for airfares and "gifts" like laptops and bicycles. I pay all of these things myself. But then again, I started teaching piano to kids when I was in high school, and I've been relatively financial independent since then, and I've been taught (through family values) that I have to work for what I receive, and I like to believe that my 40k is justified based on the (quality of) work that I do.

I think this depends on the school/department, but if you can seek other TA/RA jobs beyond your requirements (or even beyond your school), go for it. I truly don't believe in the "I don't have time" crap. I really don't. You just need to learn to better manage your time, not hang out often (not insinuating that all of you are drunk everyday though!). I take more courses than my peers and also work more than my peers, but I still can hang out with them when they suggest things.

This isn't true for all programs. My phd fellowship specifically prohibits any working outside the program and there is no doubling up. That's not always an option. I do agree with picking up a part time job because if it is just you, 2 jobs isn't hard.

We get a pretty generous one at 23k per year so I think we can manage. I'll be managing one person on that and I know I'll be fine. I'm used to living on much less per month with a kid so I know how to be frugal. I cook often so that's no issue. I'm not a heavy drinker so going out isn't a problem. Luckily I'll be in a city with a low cost of living so that helps.