stipends and other expenses

[ramprasad]

I'm trying to allocate me stipend. What % of your stipend should you allocated towards (on a monthly basis):

Rent (including utilities, internet)

Food

Recreation

Transportation (although I plan to walk)

Child/ Spousal Care

etc etc

Is there any big ommission?

I also want to try to save a portion so that I can do some travelling next summer. Is this possible ??

[Dreams]

I have some loan that I need to pay off. My grace period ends soon, and I'll need to start making monthly payments. Are there any of you who're paying off loans off your stipends?

In that case, what % (or how much) are you paying of your stipend?

Are these federal loans from your undergrad studies that you are paying off? If so then they can be deferred while you are in grad school. If not, then contact your lender about seeing if you can qualify for forbearance. That way, you will not have to worry about the payments for a while.

[aginath]

I can't speak to all of these, but I am in the boat of budgeting a stipend to include a spouse. I already use a spreadsheet to budget and track income and expense. About a week ago, I created a copy that would take into consideration my severe decrease in salary. Based on the budget, I'm anticipating:

Rent/mortgage: $750

Phone: $100

Electricity/Gas: $160

Internet/TV: $70

Vehicle payment: $340

Vehicle insurance: $60

Fuel: $75

DVD/Entertainment: $35

Total: $1590

Yes, that is well above any stipend I might expect, but my spouse is a Paramedic and has income of his own. My estimates are based on current expenses for those categories and research of current costs in the city to which we're moving (Athens, GA). We currently have two cars, but I am planning on selling one of them when we move and relying on walking/biking or city buses. The bus is free for students (yay!). We both currently have BlackBerries, but will be downgrading from SmartPhones to just a general cell phone with messaging capabilities; this means a decrease in our data plan requirements. I currently have a number of credit card payments that will be paid off right as school starts, and I currently have two student loans (one state, one federal) in repayment. I will opt to defer both of them in the Fall and resume payments again after graduation (and likely a reconsolidation, if necessary).

When I started this task, I simply took my current salary and compared it to my stipend "salary." That told me at the very least how much I needed to cut from my monthly expenses. In an effort to be cautious, I kept trimming knowing that my husband may not make as much as he makes now.

[MaximKat]

Am I missing something or your budget doesn't include food? :?

[ramprasad]

I noticed the missing allocation for food as well.

But thanks for all your contributions - I hope more come.

[aginath]

Sorry! Grocery line is $300/month

[MaximKat]

Sorry! Grocery line is $300/month

is it for two people?

[Dreams]

is is for two people?

Have you seen the price of fresh veggies lately? Food is expensive if you expect to be eating anything other than ramen and eggs!

[MaximKat]

actually, I have no idea about US prices, so I would appreciate a more direct answer

[aginath]

Yes, that is for two people. We make our own bread and have a vegetable garden (we can/freeze surplus). That figure is beans, meats, cleaning supplies, and the occasional junk food.

[rising_star]

If it helps, I spend about $120-150/month on groceries for one person. I don't make my own bread or anything like that but I do use my crockpot to cook meals and try not to eat out much. I also buy things like frozen dinners for quick dinners after a late day at school. I do bring my lunch with me basically every day though.

[ramprasad]

I do bring my lunch with me basically every day though.

How do you take your lunch to school? Is there a special bag to keep it warm (or cold) for hours? I hope you don't eat only sandwiches and salads. Me likes spicey food, and can't think of a way to keep the smell away. But $120-$130 gives me a lot of hope about my survival.

Thanks.

[rising_star]

We have a graduate student lounge which has a refrigerator (with freezer) and a microwave. A lot of times I make extra food for dinner and eat the leftovers for lunch. Not to mention, I do eat a lot of fresh fruit, a decent variety of fresh veggies, and a lot of frozen veggies. I don't buy organic but I do by locally-grown produce both at the grocery store and at the farmer's market.