Wednesday, 30 June 2010

• Help Wanted: Breaking the Proverbial "Student" Budget

  
  
  Typically, a college student's financial life isn't an easy one.  There's school loans, cafeteria meals, tuition costs, Ramen noodles, book costs, microwaved pizza, and pilfered bread rolls from local buffets. 
  
  Thankfully, I didn't experience any of those things when I was in college or graduate school.
  
  My parents helped me pay for things here and there, while I received scholarships and worked part-time to pay for most everything else. 
  
  Now, however, I'm preparing to return to graduate school to pursue yet another degree.
  
  
  
   Instead of working an unrelated job, I'll be working for my department, which entails my tuition being waived and a moderate stipend being sent to my bank account.  The problem lies in that I don't know how to live on a "student's budget."  I won't be making the comfortable amount of money that I'm now making at my job.  I won't be relying on my parents to buy my groceries or pay for my insurance.  I'll merely be a student, living off of the proverbial student budget.  I don't know how to prepare for that.
  
  Moreover--and this is a crazy notion--I want to be able to save money while I'm in school.  I don't want my stipend to be spent entirely on rent, utilities, groceries, and gas.  Each time I receive a check I want to be able to put a little bit of money into my savings account.  I'm not sure that will be possible with the amount of money given to me by the school.  Thus, I've considered working part-time outside of the department, doing random jobs for the company I'm now working with, but at the same time I want to be wholly focused on my experience in school.  I also don't know how much time I'll have for another job, considering I will be a full-time graduate student, taking classes and doing research for my assistantship.  I just don't know what to do.
  
  Should I give up the dream of saving money as a graduate student?  Should I get another job, possibly sacrificing my focus and my grades for a little extra cash?  Is there another consideration or solution that I have yet to consider?
  

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