How to Manage Your Finances as a PhD Student

#1 Understand the stipend

Whilst it may sound obvious, it’s impossible to budget if you don’t know when money is coming in or how much there is going to be. Each university allocates their stipends differently: I get paid quarterly, whereas friends at other universities get paid monthly. When your stipend comes in, knowing how long that money has to last is fundamental to any budgeting process. It also has a tendency to change around Christmas and summer holidays so ask an older student for a heads up on these anomalies.

Whilst the UK stipend is standardised across all universities (with a top-up for those in London), some students get paid more: your PhD may be sponsored by a company who have chosen to top up your stipend. Make sure you know how much you should be receiving and check that your stipend is as expected. People make errors and paperwork takes time to go through, so checking the amount when it comes in ensures that you aren’t missing out.

When you first start your PhD, it may take some time for your first payment to come through. Make sure to check in with other students to see if they’ve been paid so you can make sure you haven’t missed out!

#2 Track your spending and make a budget

I’m not bragging but most PhD students have good Excel skills. We know how to make a killer spreadsheet, using shortcuts and conditional formatting to make it look pretty. Putting these skills to use for budgeting can help you see where you are spending and where you can save. Nowadays there are also lots of apps, including Moneyhub, that can do this for you, allowing you to categorise your transactions and display your top spending areas. Whatever system works for you, find a way of tracking your spending so you are consciously aware of where money is going.

I used to find finances scary and intimidating. Talking about them with a friend or a colleague in the same situation can help it feel less overwhelming. Setting a savings goal for the year and tracking your progress helps you see your financial situation more clearly. Most universities and Students’ Unions also have a Finance Team who you can talk to for professional advice.

#3 Supplement your income at your university

If you are looking to top-up your stipend, universities have lots of opportunities for you to do some extra work. These are usually adhoc sessions ranging from knowledge-specific roles (lab demonstrations, coursework marking, exam invigilation) to transferrable skills (such as open day guides or acting as patients for clinical exams). This is a great way to add to your income without a long-term commitment as they are usually short notice sessions requiring minimal input outside the hours requested. Keep an eye on your emails for opportunities if you are interested in these roles.

It can also help to speak to your supervisor, or other lecturers in the department, and ask if they have any opportunities coming up: they may not want to ask you, in case you are too busy, so notifying them you are looking for work can help both parties! This can be a great way to develop some teaching skills and add to your CV, as well as your wallet. However, it’s important to remember you can always say no to extra work if you feel it will be detrimental to your research.

When taking on extra commitments, it’s important to check in with your supervisor: do you have time for this? Is it a good use of your time? Is there a more appropriate time in your PhD to do some additional work? Having these conversations ensures your finances stay healthy, without penalising your project.

#4 Part-time work

If you would like to add to your income in a more regular way, lots of PhD students have a part-time job. Within my department, this includes waitressing, bar staff, and fitness training. I am a swimming coach in the evenings and I find this is a great mental break from research, as well as a way to top-up my finances. However, it is a time commitment so checking-in with your supervisor and making them aware of the other plates you are spinning can help them support you.

Overall, whilst it is unlikely to be the most healthy your bank account has ever looked, if you manage your PhD stipend well, it is more than possible to enjoy hobbies, holidays, and drinks out whilst studying.

Learning to manage your stipend is an important life skill that will stand you in good stead for entering the world of work – when hopefully you will dealing with a bit more coming in!

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