Creating a Budget

Creating a personal budget as a graduate student is essential for effectively managing limited financial resources and minimizing stress associated with money. A well-structured budget aids in tracking expenses, prioritizing needs over wants, and ensuring that tuition fees, living costs, and other essentials are covered. It fosters financial discipline and helps you make informed decisions about spending and saving, ultimately allowing you to focus on your studies without the burden of financial uncertainty. Developing these budgeting skills during this pivotal time lays a strong foundation for lifelong financial literacy and long-term stability. 

GradSense Budget Calculator
Map your funding and expenses to understand your budget.
Start by listing your sources of funding for your graduate program for the current academic year and include any stipends or fellowships that may continue over the summer. Your monthly expenses will be calculated to show any additional out-of-pocket balance that will need to be budgeted for to make required living expenses through degree completion.
Identify available annual funds
Scenario 1
Amount Awarded ($)
Scenario 2
Amount Awarded ($)
Scholarship
Fellowship
Traineeship
Research, Teaching, or Graduate Assistantship or Work-Study
Off-Campus Job
Other
TOTAL
$0.00
$0.00
List your monthly expenses
Scenario 1
Monthly Estimate ($)
Scenario 2
Monthly Estimate ($)
Housing (e.g., rent, mortgage)
Utilities (e.g., gas, electric, water, cell phone, internet)
Groceries
Individual Meals on Campus (dining halls, grab and go, etc.)
Food Delivery (Grubhub, DoorDash, Uber Eats, etc.)
Personal (e.g., laundry, medications, medical co-pays)
Insurance (e.g., health, car, rental, life)
Driving (gas, tolls)
Parking (permit, daily rates, etc.)
Public Transportation (bus, train, Uber/Lyft rideshare)
Entertainment (e.g., movies, eating out, shopping)
Childcare/Dependent Care
Debt Payments (e.g., student loans, auto loans, credit cards)
Savings/Emergency Fund
Other
TOTAL
$0.00
$0.00
Identify your one-time/Non-monthly expenses
Scenario 1
One-time Cost ($)
Scenario 2
One-time Cost ($)
Books/Supplies
Vehicle Registration
Vehicle Maintenance/Repairs
Apartment Deposit and Amenity Fee
Moving Expenses
Lab/Research Expenses
Professional Association/Licensing Fees/Test Fees
Federal Income Taxes
State Income Taxes
Net Tuition
Student Fees
Campus Meal Plan
Travel to Conferences (e.g., transportation, lodging, meals)
Other Travel
Other
TOTAL
$0.00
$0.00
Determine if the available funds will cover your expenses
Scenario 1
Scenario 2
Total Funding (calculated)
$0.00
$0.00
Total Monthly Expenses (in a 12-month period) (calculated)
$0.00
$0.00
Total Non-Monthly Expenses (calculated)
$0.00
$0.00
Total Annual Expenses (calculated)
$0.00
$0.00
Annual Balance
$0.00
$0.00

Prefer a downloadable version? The worksheet below will help track your graduate school funding, cost of your program, and general expenses to set budget goals. Download an Excel version here.

Budgeting Resources

Budget planning can be particularly challenging if you have a limited income and high expenses, including tuition, books, and living costs. However, there are various resources available to assist you, such as budgeting workshops and financial literacy sessions offered by universities, financial aid offices providing personalized advice, and online tools and apps designed to help track expenses and create budgets. Make sure you understand the difference between the “cost of attendance” and the actual cost of attending, which may include additional expenses – particularly if you need to take more credit hours than anticipated to complete your degree.

Health Insurance can be a significant expense while pursuing your graduate degree – be sure to understand how it is funded when reviewing your offers and making a decision. Your health insurance may change over the course of your graduate degree. If you are under the age of 26 when you start graduate school, you can be covered under your parents’ insurance, however, once you are 26, you will need to acquire your own coverage via the university, healthcare.gov, or if you are working, you may be eligible for health insurance from your employer.

 

Investing

Investing is a powerful way to grow your wealth over time, allowing your money to work for you rather than just sitting idle. There are many different investing strategies and doing research to understand your options will help you make the best choice for your financial future.

Financial Essentials with TIAA

Paying Taxes as a Grad Student

As a grad student, you’ll still owe taxes – but figuring out how to report tuition remission, stipends, or side hustles can make tax season complicated. Use the resources below to understand how to file and how much you can expect to owe. Domestic students can use a variety of free or low-cost tax filing services or file directly with the IRS; for international students, there are other considerations.