Working on a PhD is tremendously rewarding when it comes to fulfilling your interests and working on a project that could push our understanding of a topic forward. It is not especially rewarding when it comes to your bank account.
When you’re an undergraduate student, it’s a little easier to get by. When you’re a post-graduate student, you have many more adult responsibilities to take care of. That means that it is very important that you take full advantage of every financial incentive and make the most of every penny. Here are a few tips to help you save while you study.
Look For Ways To Use Your Student Discount
When most people think of student discounts, they think of movie tickets or reduced museum entry fees. However, there are a wealth of different discounts out there from a wide range of different brands.
From shoes to computers, there are a lot of companies out there who are willing to give you a bit of a break. You could also think about opening or continuing a student bank account. Every little helps at this point, so read the fine print and don’t be afraid to ask if you’re not sure.
Look For The Right Loans
The pandemic has hit everyone hard, and a lot of people out there have been looking for loans in order to keep themselves afloat. One of the most important things to remember is that you need to look at the fine print. Double check the interest rate and the terms of the repayment to make sure that you are not setting yourself up for a bigger issue further down the line.
Take mortgages, for example. Many people assume that getting a mortgage while doing a PhD simply is not an option, but there are providers who will offer you a stipend mortgage.
The priority for banks and providers is knowing that the borrower will be able to pay the money back, and borrowers with stipends can make them a bit anxious. However, PhD students can be a special case as there is the understanding that your financial situation will become more stable once your studies have been completed. If you want to learn more about how you can apply for a stipend mortgage, read the detailed advice here: https://jtmortgages.co.uk/stipend-mortgage/.
Make A Budget
One of the best ways to make sure that you are managing your finances properly is to create a detailed budget. Now that things are starting to reopen in the UK and we are tempted to spend more money going on holiday, for example, you don’t want to suddenly discover that you’ve got nothing left to work with until the next payment comes in.
Sit down and make a list of where every penny is going each month. You can start with the big cost items, but make sure that you include the little things to. Everything from your Netflix subscription to your treat coffee should be on the list. Once you have a number to work with, you can start shaving things off the list. Try to work towards a point where you have a cushion that you can fall back on in case of an emergency.