How do you live on a grad assistantship?

[imonedaful]

I find this thread interesting. When I did my master's degree I was fortunate enough to be on an athletic scholarship that covered my tuition, books, and for one semester a cafeteria meal plan (if you can get a school to throw one of these in for you, big plus). However, my scholarship did not cover my living expenses. I worked for a few months before I started school but couldn't once I started being full time student and athlete. I did my master's degree program relatively fast but I calculated I had lived off of about $8,500 a year (approximately the average income of someone living in China). After you do this, anything is fairly easy. Haha

Where I went to school (Alabama) had a fairly cheap cost of living. I had a two bedroom apartment with a roommate for $400 month. Then my roommate went crazy and I moved out and got my own place for $330 a month. Having the meal plan for one semester was great because I could go eat in the cafeteria and not have to buy a lot of groceries. When is I attending classes over the summer I didn't have that option and one of my largest expenses was food. I just made sure to make a list and a budget everytime I went to the grocery store. I made sure I was aware of how much everything cost. I ate pretty well, never had the desire to be on college student ramen noodle diet. I know how to cook, so did not have much of a reason to eat out much.

I did not have too many big monthly expenses besides that. I didn't have cable television or internet. When I was doing my master's television had just switched to digital and I did not have a digital television and did not want to pay for cable. I just didn't watch TV much anyway. If I really wanted, I could download movies or shows online to watch. I used to be able to pick up an internet connection at my first apartment and then when I moved I didn't get any reception. I was taking a few online classes so I just did all my work in the library. I feel I was much more productive that way.

As far as entertainment, there are always things to do for little or no cost. Outdoor activities (going to parks, street festivals, and the like) are normally free. Your student ID will get you discounts a lot of places (especially museums). There is normally something going on on campus like they will play movies or plays, have lecture series, and definitely sporting events. A lot of campuses have a rec center, pool, bowling alley, or something of the sort you can do for cheap. I did a lot of these simple things and had a good time.

Another thing that is helpful is for little things you may need you probably know somebody who is trying to get rid of things. When I was in graduate school my mom was doing some serious house cleaning and so I helped her get a few household items off her hands that I needed.

All in all, when you get your stipend write out a monthly budget figure out what is a necessity and what is extra and how much you are going to allot to each thing. Then follow it.

[raise cain]

Does anyone use mint.com to help organize their money and budget? I've been wanting to try it but I'm a bit anxious about giving up my bank passwords.

I receive 12, 000k a year in a fellowship plus my TA/RA jobs which is another 12 or so, but next year, luckily, I have an extra 10K for a scholarship I won. I must say, it's more money than I am used to - grew up in a family below poverty line. My rent is 575, internet is 35, utilities vary at about 80 a month. I mostly bike and love to cook and bake, so that saves a lot of money.

The biggest pain is having 40K in undergrad and MA student loans that I'm hoping to have saved up by the time I finish my PhD. *wishful thinking*

I only travel when I get accepted to a conference, and usually spend more time in the area since the flight has already been covered.

[plastic_enthusiast]

I received a $10,500 yearly stipend when I started grad school. As I remember it (roughly), per month I spent $355 to rent my own studio, $200 on groceries, $65 on internet, $60 on gas and electricity, $20 on a cell phone $50 on miscellaneous (toiletries, clothes, books, going out, medical copays), and $300 in savings.

I wasn't able to work over the summer for immigration reasons so I had to save up summer money, and I also bought a laptop and took the occasional conference trip with my savings. I didn't have a car, and I used to buy food in bulk at CostCo by going as a guest with a friend who was a member. I bought maybe 5 new items of clothing per year, and one pair of shoes if that. My food costs went up in later years when I discovered a CoOp near my house that sold great food. I didn't have a credit card and I didn't take loans (not possible as an international student).

I started grad school in 2005, if some of these prices seem a little low.

Edited May 22, 2012 by plastic_enthusiast