Going to Grad School? Start Your Budget Now

Home Budgeting Going to Grad School? Start Your Budget Now

If you're planning on continuing on with your education and going to grad school, you probably have a lot on your mind such as your grad school budget.

If you’re planning on continuing on with your education and going to grad school, you probably have a lot on your mind—and not the least of which is your grad school budget.

I get it, this can be a stressful time for many as you tackle entrance exams, choosing the right school and course for you, and, then there is the financial aspect to consider.

Want free money?

Simply sign up for Aspiration, and the free banking app will give you cash for free, you just relax while it gives you $150 just for opening a new debit card. There’s no catch. This bank account is legit and only takes two minutes to sign up for an account.

Tuition and living expenses are not cheap and a student budget needs to be carefully planned out to ensure that you are living within your means.

Best Savings Accounts

Here, we are taking you through the different aspects that you will need to place on your budget, so you can start planning now and avoid stresses later.

6 Things to Consider in Your Grad School Budget

1. Tuition

The biggest cost that you will have in grad school is your tuition. Tuition costs all depend on the school and course that you choose and the more respected the school is, the higher the fees are. It is also common for tuition fees to rise year on year, so this is something that you will definitely need to budget for. Furthermore, there is also the cost of exams and this starts with exams such as the GRE which many will need to take before they head off to grad school. This test will cost you, so it is important that you are prepared by looking into GRE test prep beforehand so you only need to take it once!

2. Books and Supplies

Again, the amount you will need to spend on books all depends on the course that you decide to take, but books always end up being a lot costlier than you might initially have anticipated. You’ll also need to look at whether you need any other studying materials such as a new laptop where you can write up your notes and your work.

3. Housing

Another massive cost of grad school is the cost of rent. Before moving, take a look at the city you are moving to and work out how much you are likely to be in rent and what you will get for your money. Have a look at your school’s website as they will normally having housing resources on there.

4. Utilities

Have a new landlord yet? Check with them what utilities are included in your monthly rent and what are the extras that you will need to pay for. Remember, phone and internet bills can be expensive!

Want free money?

  • Robinhood is a free investing app for your phone. I really mean free all around – free to join and they don’t charge any fees to buy or sell the stock. You can get a share of stock like Apple, Ford, or Sprint for free when you join through this link (must complete application). The value of the free share may be anywhere between $2.50 and $200 and fluctuates based on market movements. You’ve got nothing to lose.

5. Transportation

How are you going to get to campus and around the city? Take a look at how much public transportation is and include this in your budget.

6. Groceries

This does not have to be a strict budget, but it is a good idea to know how much you are roughly going to be sending each week on groceries and also what you will spend eating out. This number should remain roughly the same and it is important to keep in mind that the busy life of a grad student can have a big impact on your wallet if you have less time for food prep and need to get a lot of fast food for convenience.

Did we miss anything in our grad school budget? Let us know what other expenses you accounted for below.

The Best Apps to Save You Real Money

We are on our phone a lot, right? Wouldn't it make sense to save money with the best money saving apps?

AppAt a glancedownload
aspirationAspiration
★★★★★
Get a $100 bonus at Aspiration when you open and fund an account with $10 or more. Then use your Aspiration debit card to make at least $1,000 worth of cumulative transactions within 60 days of account opening.
CLAIM $100 BONUS
robinhoodRobinhood
★★★★★
Open a new account in the next 24 hours and you could get up to $200 in free stock.
CLAIM FREE STOCK
Truebill reviewTruebill
★★★★★
This free app delivers on its promise to save you money effortlessly. You can use it to lower your bills, cancel unwanted subscriptions and bill negotiations.
SLASH YOUR BILLS
capital one shoppingBestow
★★★★★
Leave your family $1M. Who doesn’t want to be a millionaire? While we don’t all have trust funds waiting for us, there is still a way to provide protection for your loved ones with up to $1 million in term life insurance. You could do this for as little as $8 a month by getting a free quote from Bestow.
GET ESTIMATE

About the author

Brian Meiggs
Brian Meiggs
Brian Meiggs is a personal finance expert, and the founder of My Millennial Guide, a personal finance site helping you put more money in your pocket. He helps millennials follow the smart money in order to increase their earning potential and start building wealth for the the future. He regularly writes about side hustles, investing, and general personal finance topics aimed to help anyone earn more, pay off debt, and reach financial freedom. He has been quoted as a top personal finance blogger in major publications including Yahoo! Finance, NASDAQ, Discover, MSN Money and more.

On a similar note...

Explore More On

Do you want free money?

Simply sign up for Aspiration, and the free banking app will give you cash for free, you just relax while it gives you $150 just for opening a new debit card. There’s no catch. This bank account is legit and only takes two minutes to sign up for an account.

CLAIM BONUS

Our Favorite Apps

ImageDescriptionGo
personal capitalThe First and Only Interest Earning Crypto Account
  • Receive up to $250 Bitcoin bonus when you make qualifying deposits over the first 30 days
  • Receive up to 8.6% annually on your crypto
  • Join the most trusted financial services for crypto investors on the market
Learn More
aspirationThis Company Will Give You $150 for Opening a Free Account
  • Boost your savings and earn up to 1.00% APY interest on your savings
  • Get up to 10% cash back on your purchases
  • Get $150 bonus when you spend your first $1,000 with your new Aspiration Plus Card
Learn More
personal capitalGet Up $500 in Free Stock for Joining
  • Commission-free stock, ETF and options trades
  • Get a free stock worth up $500 when joining (must complete application)
  • Simple, easy to use investor platform with no account minimums
Learn More
sofiAll-In-One Investing That's Easy to Use
  • Invest in stocks, ETFs, crypto, or automated investing in all one app
  • No commissions for stocks and ETFs
  • Complimentary access to SoFi Financial Planners
Learn More
personal capitalThe Smart and Free Way to Manage Your Money
  • Take control of your finances with the perfect union of technology and highly personalized service
  • Get access to free online financial tools, including retirement planner, investment checkup, net worth calculator and more
  • Digital-first wealth management advisor with 24,000 clients in 50 states
Learn More
blooom401K and IRA Management
  • Start your free 401k and IRA management now
  • Find and reduce hidden fees
  • Improve your diversification
Learn More
citEnjoy the Benefits of a CIT Bank Money Market Account
  • A CIT Bank Money Market Account helps you get more from your savings with interest rates for maximum growth
  • Earn over 7x the national average with high-interest rates
  • It now pays to open a money market account with CIT Bank
Learn More
Do NOT follow this link or you will be banned from the site!