Using your PhD Stipend Wisely

Nothing in this world is unlimited and have to be allocated wisely. From time to the money you earnthrough job or any other means is limited and you have to allocate everything taking into consideration a number of factors. From undergraduate to doctoral programs, students get involved in internship and fellowship programs for which they get a monthly stipend. However, PhD students need to know that spending this stipend wisely is very important due to the fact that they might not have enough time to undertake any type of job.

teenwriting-beb2d8c5

Also, you must be aware of the fact that stipend is not of a significant amount. You would only be able to cover basic costs of travel and miscellaneous and this is the reason why you need to spend it wisely. Instead of paying and asking can someone call essay help UK, I just took free advices and guidance from professionals. Here are some ways and tips on how you can spend your PhD stipend wisely:

  • Calculate your total costs and income: The first step to take for any individual, regardless of the program he is pursuing, is calculating the total cost that would be incurred in the month and the total income that you are receiving through stipend and other means. Include the total income that might consist of stipend, job wage or salary andfinancial support from familyto see how much you have to spend. This way, the allocation can be done in an accurate manner.
  • Try minimizing the costs if possible: The more you get and the less you spend, the better it is. Since you might not be able to earn more, there is always a possibility to cut costs. Try reducing our expenses by either cutting down activities or needs or by simply switching to a cheaper substitute. How about taking a bus instead of cab to your college or workplace? Such strategies are successful in reducing the costs for students and eventually, students are left with more money to save or spend on other important things. So find ways to cut as many costs as possible.
  • Find good investment options using saved money: After minimizing the costs, you would most probably be left with some money that you can save. Save this money each month and save in such a way that you cannot use it for leisure purposes at any point in life. Keep the savings in fixed deposit account or deposit it to someone trustworthy so you would not have any to spend on leisure. Only use those savings when urgently needed like in a medical emergency or sudden educational expenses.
  • Never compromise on health and education: While it is highly recommended that you try to save your stipend as much as possible, this does not mean that you give up a meal from the day or not buy course books that would help you get that PhD. These are things you must prioritize under all circumstances and so you can spend on these things first before saving up the rest. Whatever you save, keep some with you and invest the rest in something productive.

Avoid unnecessary spending during PhD so you can easily survive. I never asked can someone do my dissertation because I knew it would cost me something!

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s