If you are looking for ways to save money, you are in the right place. Being a student does not exempt you from money problems. Real-world problems include managing your money and looking for ways to be financially responsible. In many ways and for various reasons, graduate students are likely to need practical tips to save money. Graduate school is an exciting journey, but at the same time, the financial standing is quite shaky. Here is a public survey of PhD Stipends from different Universities for context.
Here, we compiled 20 How to save money as a grad student.
1. Look for assistantships or fellowships that cover tuition and provide a stipend
Graduate school is expensive, so it is wise to apply for as much financial support as possible. This process begins by applying for research assistantships (RA) or teaching assistantships (TA) concurrently with your graduate school application. This might depend on different fields and access to grants. For example, STEM fields are supported by federal grants and funds. A way to avoid racking up more school debt is to find an assistantship or fellowship that would cover for all your tuition (in some cases) and provide stipends. If you can secure that, my friend, you will have saved yourself a lot of money!
2. Create a Budget
Outline your income and expenses to identify areas where you can save. Budget your stipend to ensure that your payments are manageable and that you can cover your essential costs without running into financial difficulties. Tools like Rocket Money, Budget Calculator, EveryDollar are free and very useful resources for tracking your spending. Usually, 50/30/20 rule is recommended for 50% for necessities, 30% for wants and 20% for savings but I will leave room for your specific situation if that applies.
3. Maximize wholesale stores
Yes! Get a card into wholesale stores. Usually, students miss out on great deals by not using wholesale stores like BJ’s, Sam’s, and other local wholesale stores. The fees of getting the cards can come off as high initially, but, when you calculate your total annual discount and the wholesale price point, you will get your money’s worth.
4. use coupons
Use coupons in stores to maximize your savings on purchases while enjoying various discounts and special offers available exclusively to coupon users, ultimately leading to significant cost reductions in your overall shopping experience and allowing for more informed budgeting. Download your local store app to clip coupons or pick up the hard copies at the entrance of stores before you start your shopping.
5. Pay yourself first
Once you receive your paycheck, save a portion of your money for yourself. What you save might depend on the ratio of your expenses to the income. Regardless of the bills, plan some personal savings from your income with every paycheck. Savings are essential for emergency situations. Set a goal for at least 6 months’ worth of living expenses, and that builds your financial safety net.
6. Invest your money
One of the ways you can show up for yourself, and financially is to invest your money no matter how little. This step may be small but has a significant impact on your financial standing in the long run. Investing can be as simple as ABC, just find an app you are confident in and understand how to navigate, connect to your bank for direct deposits and find ETFs to invest in. If possible, some can start investing in a Roth IRA and other retirement accounts with low-risk investment strategy.
7. Save on rent
Live in a shared apartment with other students or friends if you have to. How to find cheap housing for students in 2025 gives more practical ideas to consider. This reduces rent and other household expenses. You can share your bills, such as electricity, water, gas, and internet bills. Did we talk about so much fun you have to be sharing the same space with people of like minds, while cutting costs too.
8. Fun can be cheap
Being frugal is not the end of fun and your hobbies don’t need to be expensive. Finding healthy ways to relax and destress is essential for graduate students because of the pressure they are exposed to and the amount of work they have. Money-saving activities that are great for weekends outlines some simple, frugal ways to have fun outside of school. Taking a road trip within miles of where you live, hiking on weekends, visiting the farmers’ markets or the local library is a great start.
9. Patronize your local business
Visit local farmers or the farmers’ market to get fresh farm produce at discounted prices. You will be patronizing your local farmers and helping their business as you also get a good value for your money too.
10. Extra income
If you are allowed and have some extra time to earn extra money, consider finding a weekend or part-time job to help bring in additional income. Making extra income helps to relieve pressure on your income, and when you get a side job to boost what you earn, you will thank yourself for this.
11. Save in high yield savings account.
For years I ignorantly saved in the usual bank savings account that has relatively no interest. Find a high-interest savings account with an interest rate as high as >3% to save your money. This is a practical way to save your money and passively grow it, also.
12. Eat out less
Food is becoming expensive, but it is a necessity of life. Careful planning of groceries and meal preparation will save you a significant amount. First, you need to cut out how much you spend on eating out. I get it; sometimes, you have to work late hours monitoring experiments or write for long hours, which makes a good excuse to order food or eat out. However, when you calculate how much goes for food, you will realize you have been on the short end of the stick. Track your expenses, budget for groceries, and plan your meals for the week.
13. Live within your means. Do not live for instagram
Well, someone needs to say it right? The crux of saving your money is to live within your means. There are distractions around, including unnecessary pressure from social media, such as Instagram posts, and you sometimes feel scared of FOMO (fear of missing out), but something’s gotta give. Grad school is a temporary phase of life, one that is totally worth it (I hope), so why not just stay within what you can handle financially? Buying a designer bag is not impossible, but is it necessary for the purpose of saving money and living a debt-free life? It may be cheaper to buy store brands or generic versions of certain household items after considering the quality and value.
14. Thrifting items
Frugal ways to save money include thrifting. Buying every piece of furniture from Amazon can be expensive; Facebook marketplaces and thrift stores provide good options. Frugal ways I set up my apartment on budget in the case of a move. If you are wary of purchasing certain electronics from thrifts, consider open-box items at Best Buy. Ask graduating students moving out if they have any items they might be getting rid of. Thrifting clothing items and shoes might save you some money, ever tried Plato’s Closet?
15. Avoid buying textbooks use Local libraries and school libraries
Textbooks are expensive but are essential for grad school. Sometimes, you may need to read only a couple of chapters relevant to what you are researching, and you don’t need the whole book. Maximize the school library; it is a great resource to find all sorts of books, publications, and dissertations. You can visit your local library to explore other types of books and literature and participate in educational activities that may interest you. Check your local library schedules, you’ll be surprised.
16. Use the school gym
Physical fitness is great and taking care of our physical health is essential, grad student or not. For the gym enthusiast, you don’t need a monthly subscription at gyms to acheive your goals. Check on campus resources, gyms are usually free for students. What about monthly subscriptiosn that don’t get used? Save your money by using free gyms in your schopol or apartmnet complex. Working moms or moms in grad school may not have sufficient time for gym but a simple yoga mat and weights in the house and YouTube will do the trick, trust me on this one.
17. Go minimalist
Minimalism is an art and a far-enriching lifestyle. Stuffs are just stuffs. Avoid stuff to save your money a whole lot. Do I need to say more?
18. Reconsider your means of transportation
Transportation costs are another area that can be subtly expensive, and if not carefully managed, they can account for a significant portion of your expenses. If it is absolutely unnecessary, don’t buy a car. Avoid car payments, car insurance, maintenance fees, and other unforeseen costs that come with vehicles. If you can, avoid it. Use public transportation to your advantage. If you must, save up to buy a good used car, all cash, to avoid paying outrageous monthly car payments. Your pockets will thank you.
19. Avoid consumer debt
Consumer debt has been climbing in the United States to unprecedented levels. Different situations lead people to rack up consumer debt, unfortunately. As graduate students, for the factors within your control, avoid consumer debt. The monthly payment on credit cards steals your resources. The high interest rate is diabolical, too. Avoid extreme consumerism, which may lead to high credit card debts, by creating and spending within a budget and living within your means
20. Practise delay gratification
Consider your time in graduate school and some of the financial limitations that may accompany it, as a season that will soon pass, much like being a graduate student. Graduate school is a far-reaching time of investing in your future, both professionally and personally. Your career will thank you for it. Why not skip certain luxuries that can pull down your finances to stay debt-free?
I shared some practical tips that can help to save money as graduate students, I hope it helps. This is not an exhaustive list; what am I missing?