Graduate school is expensive. On top of tuition, students carry living expenses as well as the costs of attending conferences, and for some, the cost of applying for internships. But graduate school can also be an ideal time for creative cost-cutting strategies that can pare down your post-graduation debt. Here, graduate students share their advice for saving money in school.
Set your priorities
Jesse Matthews, PsyD, started graduate school with a wife and three sons. With children to feed, he focused on trimming his personal expenses — one of the first things to go was getting a haircut every two weeks. Other students opt for having roommates and eating fewer meals out. Before entering school, look at your priorities and figure out how you'll finance what is important, Matthews says.
Track your expenses
Natalie Troxel, a graduate student at the University of California, Davis, found that by recording every penny she spent in a spreadsheet, she was able to see what cuts she could make and draw up a budget for essential expenses. If the word "budget" scares you, make a "spending plan" instead, says Mary Gresham, PhD, a financial psychologist at Atlanta Financial Psychology, noting that people often associate "budget" with deprivation. Look at your plan each week to reflect on what you spent, she advises.
Put off a purchase
Really like that shirt? Love that guitar? No need to rush in to buy them just yet. Write down any items you're hankering for in a notebook and wait a week to see if you still want them, advises Gresham. After a week, you may decide that guitar isn't a great fit for you or your long-term goals. Still thinking about it? Go back and splurge and cut back on something else for the month.
Replace — don't eliminate
Saving money doesn't always mean something has to go. Graduate students should take advantage of the arts and recreation perks their school offers, such as using the university gym instead of purchasing a membership elsewhere, Matthews says. Troxel brings her lunch to campus and makes coffee at home. She also recommends leaving a small coffee maker or water heater at school to quench an afternoon caffeine craving instead of running to the expensive café down the street. If you still crave the latte from Starbucks, consider buying it only once a week, says Nabil El-Ghoroury, PhD, APAGS associate executive director. Cutting down on how often you buy that $5 latte can save you around $1,000 a year.
Shop smart
Clothes and food are necessities, but top-of-the-line apparel and gourmet meals might not be worth their cost while you are in graduate school. Try shopping for garments that can be worn in multiple seasons and paired multiple ways to maximize what you have, says Troxel, who hems her own skirts to cut costs. Students can also search consignment or thrift stores and yard sales for great bargains on both clothes and furniture, Gresham suggests. When grocery shopping, stick to your list and buy in bulk, Matthews recommends. If you can't stomach all of the chicken breasts in one Costco package, find another student to split it with. Perhaps the best advice: Cook and eat with fellow classmates, which offers an added social benefit.
Get into the right mindset
Graduate school is an investment, Matthews says, which means students have to embrace the idea of sacrificing instant rewards for the later payoff. The expected median salary in 2013-2014 for someone who just received his or her doctorate was $64,000, according to the APA Center for Workforce Studies — a number that is also important to keep in mind so that you don't take on more debt than you can eventually pay off.
Heather Mongilio is a writer in Washington, D.C.