AppliedEcon Posted May 18, 2010 Share Posted May 18, 2010 In college, I lived in a dorm and had a meal plan, so I didn't have to worry too much about money. Now, I'll be paying rent, buying groceries, etc. Does anyone have any advice/tips on budgeting? My stipend is $21,309, but I will be living in a fairly expensive area. Thank you in advance. Quote Link to comment Share on other sites More sharing options...
wuwo Posted May 18, 2010 Share Posted May 18, 2010 $21,309 for 9 or 12 months? Quote Link to comment Share on other sites More sharing options...
AppliedEcon Posted May 18, 2010 Author Share Posted May 18, 2010 For 12 months. Quote Link to comment Share on other sites More sharing options...
Gecko Posted May 18, 2010 Share Posted May 18, 2010 How about sharing apartments? I think the bulk of expenses could be due to rental :) Quote Link to comment Share on other sites More sharing options...
AppliedEcon Posted May 18, 2010 Author Share Posted May 18, 2010 I will be living with a roommate, so I will be spending around $600 per month on rent and utilities. I have heard that utilties+cable+internet will be around $200 per month. I am hoping to have some money left over to go into savings. Quote Link to comment Share on other sites More sharing options...
Gecko Posted May 18, 2010 Share Posted May 18, 2010 Cooking rather than eating out also saves a big chunk, I heard :) Quote Link to comment Share on other sites More sharing options...
AppliedEcon Posted May 18, 2010 Author Share Posted May 18, 2010 Great! I love to cook! Thanks for your help. :) Quote Link to comment Share on other sites More sharing options...
nat_resource Posted May 18, 2010 Share Posted May 18, 2010 Should be fairly easy to live on that stipend: $600/month on rent + cable + utilities $300/month on groceries $200/month on cell phone, car insurance, etc $100/ month on bars, entertainment $100/month on gas, travel expenses, metro passes Just a loose approximation, but you should be okay in my opinion. Quote Link to comment Share on other sites More sharing options...
AREStudentHopeful Posted May 18, 2010 Share Posted May 18, 2010 Along with the cooking thing, buying in bulk usually helps. Going to Costco/Sams with your roommate could be beneficial to the budget situation. Quote Link to comment Share on other sites More sharing options...
thehurricane Posted May 18, 2010 Share Posted May 18, 2010 Careful grocery shopping and meal planning helps a great deal. I have found it possible to feed myself healthily (fresh produce, meat, etc; minimally processed food) for $25-$30/week in a high cost of living area by being mindful of sales, using coupons, and cutting out luxury goods. Meat, dairy, ready made food, and exotic produce tend to be the most expensive and should be dealt with carefully. The freezer is your friend! With your stipend you have the leeway to spend significantly more than $25-30 a week on food, but you will have more money for miscellaneous expenses/rainy day fund if you keep food expense reasonable. Quote Link to comment Share on other sites More sharing options...
Thesus Posted May 18, 2010 Share Posted May 18, 2010 Many graduate students decide not to get cable. Quote Link to comment Share on other sites More sharing options...
AppliedEcon Posted May 18, 2010 Author Share Posted May 18, 2010 Thanks for all the advice! Thesus, I'm not sure if I could like without cable for the next 5 years. :p nat_resource, the budget I had sketched out is similar to the one you provided, so I feel much better. Luckily, the UM shuttle is free, so I may not need to spend as much on gas and the metro. Quote Link to comment Share on other sites More sharing options...
SlowLearner38 Posted May 18, 2010 Share Posted May 18, 2010 Here is an important question: Is the stipend size you listed net or gross? If it is gross, either browse the web and figure out how much all your taxes will be in MD or ask current graduate students at Maryland what their net paychecks ended up being, assuming they had similar stipends to you. Quote Link to comment Share on other sites More sharing options...
tm_member Posted May 18, 2010 Share Posted May 18, 2010 I always wondered why this topic didn't come up more, but from all the current students I've spoken to, it appears that they simply do not have time to spend the stipend they do get... Quote Link to comment Share on other sites More sharing options...
AppliedEcon Posted May 18, 2010 Author Share Posted May 18, 2010 It is before taxes, so I'm estimating I'll end up with around $1,400 a month. Quote Link to comment Share on other sites More sharing options...
The MAN Posted May 18, 2010 Share Posted May 18, 2010 There is no need for cable if you have high speed internet (and maybe a netflix subscription). You can get all the network shows over the air (some apartments will give basic cable for free), Hulu has a ton of good stuff, Comedy Central is available online, there are other less legal options to view shows online, and if you get a netflix subscription (about $15/mo) you have access to a lot of movies and tv shows online. I'm closing in on the one year mark without cable and I don't know if I'm going to go back. Quote Link to comment Share on other sites More sharing options...
AppliedEcon Posted May 19, 2010 Author Share Posted May 19, 2010 I would get Verizon at the apartment I am looking at. It would be $69.99/month for internet or $79.99/month for the internet and cable (I would need the more expensive internet option to watch movies). That's only a $10 difference, so I would rather just get cable, as well. Verizon | Residential & Business High Speed Internet/Broadband (DSL), Fiber-Optic and Satellite TV (FiOS and DIRECTV), Phone Plans, Bundles and Wireless Verizon | Residential & Business High Speed Internet/Broadband (DSL), Fiber-Optic and Satellite TV (FiOS and DIRECTV), Phone Plans, Bundles and Wireless Quote Link to comment Share on other sites More sharing options...
AppliedEcon Posted May 19, 2010 Author Share Posted May 19, 2010 *$64.99/month for internet, but $15 is still a small enough difference. Quote Link to comment Share on other sites More sharing options...
hotfuss Posted May 19, 2010 Share Posted May 19, 2010 Should be fairly easy to live on that stipend: $600/month on rent + cable + utilities $300/month on groceries $200/month on cell phone, car insurance, etc $100/ month on bars, entertainment $100/month on gas, travel expenses, metro passes Just a loose approximation, but you should be okay in my opinion. Is $200 a month a lot to spend of cell phones etc? How much is it a month if you wanted to get an iPhone on a contract? Quote Link to comment Share on other sites More sharing options...
nat_resource Posted May 19, 2010 Share Posted May 19, 2010 Is $200 a month a lot to spend of cell phones etc? How much is it a month if you wanted to get an iPhone on a contract? Well I was aggregating car insurance in there too, so $200 is plausible. Quote Link to comment Share on other sites More sharing options...
lycinsg Posted May 19, 2010 Share Posted May 19, 2010 are we allowed to get food stamps? Quote Link to comment Share on other sites More sharing options...
GradGRE Posted May 19, 2010 Share Posted May 19, 2010 You won't starve, but you won't be saving much either. Little things come up that are tough to budget: you meet a nice girl/boy and start dating; your friends convince you to go out for sushi; you finally break down a go on vacation. Sometimes these little outings are all that separate us from insanity. 1 Quote Link to comment Share on other sites More sharing options...
AppliedEcon Posted May 19, 2010 Author Share Posted May 19, 2010 I have some money saved from working during college, so I hope that will help cover a cheap vacation here and there. :) Quote Link to comment Share on other sites More sharing options...
kimbanator Posted May 19, 2010 Share Posted May 19, 2010 There is no need for cable if you have high speed internet (and maybe a netflix subscription). You can get all the network shows over the air (some apartments will give basic cable for free), Hulu has a ton of good stuff, Comedy Central is available online, there are other less legal options to view shows online, and if you get a netflix subscription (about $15/mo) you have access to a lot of movies and tv shows online. I'm closing in on the one year mark without cable and I don't know if I'm going to go back. I haven't had cable in three years for the reasons you mention, but I do miss ready access to sports broadcasts and ESPN... :( Quote Link to comment Share on other sites More sharing options...
thehurricane Posted May 19, 2010 Share Posted May 19, 2010 are we allowed to get food stamps? For a single individual on a graduate student's stipend it would be near impossible to qualify for food stamps. The process is very complicated and varies by state but you would need near zero assets and very high rent payments to qualify. It might be possible for a grad student to qualify if they are the sole earner in a large family and/or have an unfunded offer, but I don't know for certain. Quote Link to comment Share on other sites More sharing options...
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