Going to graduate school is a difficult decision. From one side, getting a master’s degree or a doctorate will increase your professional opportunities. Your knowledge will be more specialized and, as a result, your value in the job market will be much higher. And of course, there is always the prestige of being highly educated.
On the lower side, you have to spend several years more living as a student. This means getting a scholarship, not earning a real salary as if you were working somewhere else. At the same time, you will start making plans for having a family, buying a house, and living happily after graduation.
If you are going to realize these dreams, you have to start saving money from day one at grad school. By the time you get your degree, it would be great to have at least the down payment for a house. To do this, you have to figure out effective ways to save every cent of your scholarship. For instance, if you use assistance, you should look for an affordable option such as CustomWritings.
A graduate student often uses this type of service to proofread and/or improve a research paper. CustomWritings is a company that offers a professional service at affordable prices. Hence, this is a way to reduce your total expenditure. However, to have significant savings, you have to reduce costs in other areas.
Ways to Save Money in Grad School
Below you can find several ideas to save money in grad school. Some of them are very easy to implement. Others will need some effort and sacrifice from your side. Here we go:
- Most supermarkets put different products on sale every day. So, take advantage of these sales to purchase groceries at reduced prices. Plan your meals around these products so you can see the economic benefit of this strategy;
- Do not own a car. If possible, walk or bike to campus. A car demands a lot of money in fuel, maintenance, insurance, and other expenses. If you need to go to further places, use public transport. Walking or biking has the additional benefit of contributing to your good health;
- Another healthy tip, do not eat meat every day. It does not mean that you should become a vegan. Simply, you can skip eating meat now and then. It will be good for your health, and you will be saving some money;
- When you are at home, you do not need to have the lights on in all the rooms. You need light just in the room you are at a given moment. This way, you will notice big savings on your next electricity bill;
- Do not buy new furniture or decoration for home. Second-hand items are much cheaper and you will contribute to saving our planet. It is a win-win decision;
- Housing is one of the biggest expenditures in grad school, especially if you do not live on campus. You can reduce this cost if you rent a house with roommates. However, try to share the house with other graduate students. Most graduate students are in their mid-twenties or even early-thirties. At this age, your lifestyle is not compatible with undergraduates in their teens or early-twenties;
- Do not buy food or snacks at cafeterias or the food court. Instead, prepare your meals at home and bring them to campus. This way you save money and ensure you eat healthy food;
- All the home items like toothpaste are cheaper if you buy them in bulk. Many things can be stored without getting spoiled (shampoo, toothpaste, etc.);
- If you like reading, you can save money by getting a library card to borrow books. You can buy only the books that you consider worthwhile of keeping in your library at home;
- Be a handyman. Do all repairs at home yourself. You can find many reliable tutorials online on how to repair anything at home;
- Do not buy low-quality things, even if they are cheap. You will save much more money if you buy durable clothes, appliances, etc. Otherwise, you will spend a lot of money on repairs or frequent purchases of the same item. Even though the initial cost of high-quality products may be higher, you save money in the long run;
- Do not buy unnecessary things out of an impulse. When you have cash in your hands, you may be often tempted to buy gadgets or beautiful products you see advertised. Stop and ask yourself whether you need this or that product. If you can live without it, do not buy it. There will be better times to buy things to satisfy your shopping impulses;
- Open a bank account to keep your savings. Learn how to manage your assets smartly. When you have enough savings, start investing in low-risk operations first. Talk to a personal financial advisor to create a custom investment portfolio.
These ideas and others that you may devise will help you to save money during your time as a graduate student. Good luck with it!
This article was written by Lauren Bradshaw, a senior paper writer at CustomWritings who also provides graduate school essay writing service. She often writes articles aimed at helping students to improve their academic performance. Her informal but informative style attracts the attention of many young audiences.