How Much to Save Before Graduate School?

[TeaOverCoffee]

I don't know if this question has been answer somewhere else, but I did not find it when I searched through the forums. 

 

I could be getting ahead of myself, but I'm looking into budgeting already for graduate school. I'm a senior English major, and I'm looking into English Literature Phd programs. I know funding depends on the university, city, program, etc., but I assume literature graduate students must live on a frugal income (which may not even cover the entire 12 months). Also, I currently live in a furnished apartment, so when I move off (flying, no u-haul or anything) I'll have to buy furniture and everything else for my apartment. I've had some really awful roommate experiences so I also intend to live alone (that's subject to change; however, I am adamant about living on my own if possible). Does anyone have any advice on how much to save before moving to graduate school for all of my start up costs?

[TakeruK]

I would recommend a few thousand dollars for startup costs, but as you said, it depends on a lot of factors (so that "a few" might mean 2 or it might mean like 4!). Maybe it's more helpful for me to just list some of the biggest ticket items so that you can figure out a good estimate for yourself:

 

1. Flying to new city. This cost about $600-ish for me from Eastern Canada to California.

2. Moving our furniture. This cost about $2000 (but you said you're not moving stuff--just listing it here for completeness). This was the stuff my spouse and I had from our one bedroom apartment.

3. Apartment deposit. This can be as high as 2 months rent in some places. Our deposit was $800 (a little higher due to international status = no US credit)

4. First month's rent, which is due on move-in usually, $1400 for us.

5. Probably safe to save for 2nd month's rent too. We arrived in Sept but my first pay period was not until the end of October.

6. Deposits for various things like utilities. Every company wanted $100 or $200 from us because of the whole no US credit thing and no SSN (until a few weeks later). 

7. Buying new furniture if necessary -- cost would vary a lot!

8. Initial grocery / cleaning supply run; extra costs of eating out or whatever as you get settled in and unpack/buy kitchen stuff...a few hundred?

9. You may have to pay big ticket student fees right at the start too (e.g. health insurance etc)

 

So, the cost of rent and the move itself is really the biggest driver of startup expenses. I would say something like estimated cost of move + 3 months rent is probably good to cover most things. My school had a $2500 no fee no interest startup loan meant for these expenses exactly. They gave us 6 months of no payments and then you repay the $2500 in 18 monthly payments (no fees/interest!). Other schools pay you for each semester up front, so perhaps that is another way to help offset the high initial costs.

[TonyB]

Yeah... I'd say definitely save at least $1,000 to 1,500 for rent plus deposit, another few hundred for furniture (provided you're not bringing any with you), enough to get the lights turned on, and of course, money for food, gas, etc. til your first paycheck comes in. I would say no less than about $3,000 or so, honestly.

 

Most programs I've been looking at seem to fund in the $13-$17k range for nine months. If you go the MFA route, there are a handful that go higher (up to almost $30k in a few cases), but the middle teens seems to be a pretty reliable guestimate.

[geographyrocks]

I saved around $5000. It's alarming how quickly it disappears.

You might also want to budget for applying to grad school. I see you have about 13 prospective schools? That's $405 in GRE fees alone. The average application fee is $50 so based on that number, you'll have $650 in app fees. And you may get charged for transcripts. My UG charged $7 per transcript.

[Sigaba]

I recommend that you also budget for clothes. As a new graduate student, you may have opportunities to participate in a variety of mixers, some hosted by professors. You'll definitely have opportunities to participate in department-related events. In many cases, you may be good to go with your everyday wear. However, it is better to have the ability to dress up and not need to than the reverse.

 

I would also budget/plan for the graduate school equivalent of the vampiric zombie apocalypse: dead hard drive/fried motherboard at about the same time several assignments are due.

[tspier2]

I'm sure I can't be the only one thinking that applying to thirteen only-RU/VH schools is a bad idea, not strictly in terms of finances but also in reference to prospects and "safe schools."

[TeaOverCoffee]

Well, the application fees aren't much of a problem. I'm in the McNair research program, so every application fee from each university I'm applying to is waived. I just have to focus on sending my GRE and Subject scores to universities, which is still a chunck of change. Fortunately, I have already budgeted for that, though.

All of those universities are considered RU/VH? I don't want to come off as cocky in any way, but not only do I feel like a decent candidate for a majority of those programs (as do the rest of the thousands of applicants, I'm sure), I also am fairly confident I'm a genuine fit with many. I think I can fit into any of the ones I've chosen, but I feel more comfortable with certain ones. I did think it was risky to choose just thirteen because of the competitiveness of each school, and I may still add more once speaking with my advisor because I can't imagine what I would do if I wasn't granted acceptance into any of them. I do appreciate your advice, and I'll look into more programs. English degrees are already risky job placement-wise, so I will probably only choose programs that have decent job placement records for graduates (as long as they seem like a decent fit, of course).

[tspier2]

Well, the application fees aren't much of a problem. I'm in the McNair research program, so every application fee from each university I'm applying to is waived. I just have to focus on sending my GRE and Subject scores to universities, which is still a chunck of change. Fortunately, I have already budgeted for that, though.

All of those universities are considered RU/VH? I don't want to come off as cocky in any way, but not only do I feel like a decent candidate for a majority of those programs (as do the rest of the thousands of applicants, I'm sure), I also am fairly confident I'm a genuine fit with many. I think I can fit into any of the ones I've chosen, but I feel more comfortable with certain ones. I did think it was risky to choose just thirteen because of the competitiveness of each school, and I may still add more once speaking with my advisor because I can't imagine what I would do if I wasn't granted acceptance into any of them. I do appreciate your advice, and I'll look into more programs. English degrees are already risky job placement-wise, so I will probably only choose programs that have decent job placement records for graduates (as long as they seem like a decent fit, of course).

 

I'm not sure if Temple and Penn State are RU/VH, but all of the others are. Although, to be fair, I'm not sure if either of those two schools are even known for English. Many of my colleagues found Lehigh (about two hours from Philly) to be a great fit for English [literature and composition/rhetoric]. I'd personally try to narrow the list down a bit though, because you're going to spend an eternity putting together those materials. You can find a lot of information on this site about how many schools to apply to, how to write each statement, etc. You don't really want to send slightly-modified, but overly generic, statements to the schools out of a lack of time to individualize. In any case, I've sort of derailed your thread at this point, but most have suggested a few thousand dollars and more specifically to look at factors related to cost-of-living.

[geographyrocks]

I recommend that you also budget for clothes. As a new graduate student, you may have opportunities to participate in a variety of mixers, some hosted by professors. You'll definitely have opportunities to participate in department-related events. In many cases, you may be good to go with your everyday wear. However, it is better to have the ability to dress up and not need to than the reverse.

Or you get to your new city and decide that you hate all of your clothes...

[rising_star]

If you're worried about apartment startup costs, you could look into grad housing wherever you end up since that will probably come furnished (bed, desk, etc.), leaving you to buy the kitchen type stuff but not the large furniture.

 

But really, save up as much money as you can. 3-4 thousand is what I would guesstimate. A lot depends on how much flights are and whether you live in a furnished or unfurnished place from the beginning.

[Horb]

I would also estimate about 3000. My apartment was 1470 for security and fist and last month's rent. I also spent a few hundred on furniture (YEAH IKEA!!!) and anticipate about 200 for installation of internet fees (I have roommates, so I figure it won't be more than that). I am lucky, however, that my program pays us on Sept 1st, so I am not too worried about getting my check for the next months rent. 

[TeaOverCoffee]

I would also estimate about 3000. My apartment was 1470 for security and fist and last month's rent. I also spent a few hundred on furniture (YEAH IKEA!!!) and anticipate about 200 for installation of internet fees (I have roommates, so I figure it won't be more than that). I am lucky, however, that my program pays us on Sept 1st, so I am not too worried about getting my check for the next months rent. 

So living on my own would perhaps cost between $5000 to $6000 for start up fees, furniture, etc., right?

[music]

I'm taking $5k to cover start-up costs which I really hope wont all be needed, but already spent around $3k on things like flights, GRE, application fees, international removals... So long as I have enough left for a UChicago hoodie it will all be ok.

[Vene]

So living on my own would perhaps cost between $5000 to $6000 for start up fees, furniture, etc., right?

I think that's a reasonable amount. Some factors will change it. If you move one state over it's a lot cheaper than moving to the opposite coast, for example. Cost of living in the city where you're moving also changes things; it's a lot cheaper to pay for first month's rent/deposit in Des Moines, Iowa than New York, New York. If you accumulate any furniture it can both cost and save you as on one hand you need to move it and this may mean a higher cost for travel, but it does mean that you don't have to scramble to buy furnishings at the new city so you can be on the lookout for the right sale.