Saving money to move for grad school...

[TheDude]

Hi Everyone,

Way early for this, but for us type As this might be helpful.

I'm hoping people can give me a good idea of what to expect in terms of finances. More particularly, I'm wondering about the time-horizon of fellowship/stipend money....what is enough to save, etc.

Out of the 8 schools I applied to I'm really starting to move towards 3 as places I would take a lesser offer from because of the outside factors that would make me a happier person in the long run. Maybe a little premature since I don't know where I will end up yet, and the backstory of why isn't really necessary. The schools are all in the Boston area. Housing is notoriously short and expensive, wiht prime picking time for apartments emerging in July.

Life is great for me right now. I'm working a job I love that allows me some discretionary money, lots of free time and the ability to realistically square away about 500$ a month into a savings account. I could pick up another part time job, but it would be really hard to work around the hours of the students I teach- not impossible, but difficult. If I end up in this city I will only be about 80 miles from where I live now. I won't need plane tickets or moving trucks to move, etc. I'm really only planning on having enough for first/last month's rent and a possible security deposit, and extra for whatever other bills may be necessary (water, power, etc.). I know moving wherever I end up is something I'd want to do 1 month before school starts to settle in.

Does stipend money come into your hands in September? Do schools ever settle up earlier the first year knowing you have to move? I've heard some programs might recognize the hassle of moving and pay you more money your first year and have a subsequent drop off in money the following years, is this common?

More importantly, is there something else I am missing? I know I should be thinking about this now, especially if grabbing another job is something I'll have to do.

Thanks --> sorry if this is silly.

[MoJingly]

I know that one of the schools I am interviewing at will give me $500 to move there. That's the extent of my knowledge

[XOwlfan]

I know it's crazy, but I commute from 80 miles away for my current graduate program. I definitely don't recommend it, but it's "doable" as a temporary situation if you end up needing to wait for your stipend to kick in before you move. My program has a two-week to three-week gap before any funds are available (student loans, scholarships, work-study, and so on). Although, like you mentioned, given the housing situation in Boston, you need to snatch something good when you see it. Perhaps you could commute in the opposite direction to work for a month until classes start?

[rising_star]

When you get the money really depends. At my current university, our department pays students a half paycheck at the end of August. But, that may not be true in every department since the date of your first paycheck depends on when your contract starts.

I'd save up as much money as you can. Having too much saved never hurt anyone. And, I'd try to have minimal overlap between the two leases.

[ZeChocMoose]

How long is your program? Do you know what the typical stipend is at the schools that you are looking at? Do they fund you over the summer? Does the institution pay for your health insurance? If not, how much is it usually? Those are all things that are important to know before you start looking at your finances and making a budget.

When I did my master's, I got tuition remission and a 15.5K stipend the first year and a 18.5 K the second year. I got paid the stipend money every other week. I took a small loan (6K) and got a summer internship between my first and second year that paid a couple thousand dollars. My institution did offer me decent health care and I paid (I think) $60/a month. I made it work, but I had to get a roommate to share costs (I was living in an expensive city as well) and I didn't have a car. At the end of the month, I still had enough money to go to the movies, attend a happy hour, or have a nice dinner out every once in awhile. To be honest, you get so busy in grad school that you don't have time to spend that much money anyway.

Since Boston is expensive, I would recommend looking for a roommate.

[lolopixie]

I am type A like yourself, and have been thinking ahead about this move as well. Regardless of where I end up, it will be another state -- closest location 6 hours away driving. As far as moving goes, I'm hiring movers to load my stuff into my dad's tow behind trailer (usually used to move his motorcycles around) and other movers to unload at the final destination. This works out for me to save moving expenses, but I realize it's not realistic for everyone. I also started saving money about six months ago when I was finally able to get back into full-time employment. I have a good little nest egg saved up, about $2500 now -- but will be putting my entire tax refund and student refund check into that account when they both come next week. Combination is about $5200. I would like to have as close to $10k saved as possible, but this is not just planning for the immediate move before stipends kick in -- I'm looking at those next couple of summers as well where there will not be any money coming my way unless I am able to pick up an alternative job for the summer.

[newms]

I know this is dependent on the cost of living of the city that you will be moving to, but what would be a good amount to have saved up? I read on one school's website that they recommended taking at least $4,000. Is this a good minimum amount?

[Tufnel]

I know I'm going to be way under the recommended amount, no matter the number. I'll probably be showing up with 2 suitcases, a packed hiking backpack, a computer bag, a few guitars and amps (no selling allowed), and maybe $600. It's going to be awesome, I know it. I'll sleep in my car, which I'm selling mid-summer. Oh wait...

Is my Type B showing?

Edited January 30, 2011 by Tufnel

[aginath]

When you get the money really depends. At my current university, our department pays students a half paycheck at the end of August. But, that may not be true in every department since the date of your first paycheck depends on when your contract starts.

I'd save up as much money as you can. Having too much saved never hurt anyone. And, I'd try to have minimal overlap between the two leases.

A fantastic point! Even within a University, it's different. Here at UGA, teaching GAs are paid on an academic calendar. My main assistantship is non-teaching, and therefore on a different calendar. I mention this, because it does make a difference; right before the holidays, many of my friends got paid about two weeks before I did. Don't count on when that first payment will arrive. Aim to save up enough to take care of you into the Fall semester.

[qbtacoma]

I know this is dependent on the cost of living of the city that you will be moving to, but what would be a good amount to have saved up? I read on one school's website that they recommended taking at least $4,000. Is this a good minimum amount?

$4000 sounds about right; enough to move with a buffer. I recently moved with friends down the west coast. The moving company cost about $900, but they royally screwed us: we had to wait for three weeks after our move for our stuff to follow us because they were deceptive about company policy, about having a truck on our route in the first place, and our rights within the law. West Coast Moving and Storage: no!

To buy cleaning supplies, jump-start the kitchen, etc we paid about $300. The first and last month's rent was another thousand.

[Tufnel]

$4000 sounds about right; enough to move with a buffer. I recently moved with friends down the west coast. The moving company cost about $900, but they royally screwed us: we had to wait for three weeks after our move for our stuff to follow us because they were deceptive about company policy, about having a truck on our route in the first place, and our rights within the law. West Coast Moving and Storage: no!

To buy cleaning supplies, jump-start the kitchen, etc we paid about $300. The first and last month's rent was another thousand.

These are largely expenses I won't incur. I definitely won't have costs to move my stuff (I try not to have much of anything) and I don't need more than a skillet in the kitchen. I don't "decorate" places I live, save with random free stuff I accumulate.

The rent and meals are my only real concern. I'm thinking I can sell plasma or something for a few weeks or camp at a park.

Edited January 31, 2011 by Tufnel