Strategy #2: Follow a personal spending budget.
Begin managing your finances by recording them. Visit www.nelliemae.com/calculators and work out your budget.
If you receive excess financial aid as income to help pay personal living expenses, follow Strategy #1 and list only the monthly budgeted amount. Observe and record your expenses for a brief period, such as for two to four weeks, and you should get an accurate estimate of how and where you spend.
There are many ways you can reduce costs during graduate school, such as:
- Share living expenses with roommates.
- Use public transportation if you live on or near campus.
- If you commute, drive a used car.
- Use email and free cell phone minutes to communicate with friends and family.
- Do without "extras" like cable TV.
- Buy quality used clothing from consignment shops.
- Take advantage of free or student-discounted entertainment.
- Cut coupons, carry them in your purse or wallet, and use them when you shop.