When taking on your PhD, you’ll be entitled to a stipend, a living allowance offered by your chosen university as a benefit for committing to furthering your education with them. This stipend not only is an incentive, it’s also somewhat of a requirement. Studying for a doctorate is no easy feat, and you’ll likely experience long hours conducting research and possibly even traveling around the world. This payment is intended to assist you with your living expenses during this period of challenging work. Making the most of this stipend can seem like a daunting task, and you might even be hesitant to spend any of it.
Budgeting Your Stipend
No matter the form of your income, budgeting your money can be incredibly helpful and should always be a top consideration when looking into managing your funds. Of course, setting yourself budgets doesn’t increase the amount of money you have, but it sure can feel like it. Leaving all of your money in the same pot can quickly drain it if you’re not careful. If you were to separate your stipend into different spaces or accounts, however, and keep track of it using your bank’s digital saving services like those found in Monzo or Starling accounts, you can garner a much better understanding of what money you can spend without issue and even get a better idea of what you have left over after essential things like bills and rent are paid for.
Rent Or Buy A Home
Using your funds for your living arrangements is essential, no matter if you’re renting or living with family while you study for your PhD. It’s very important that you have that money set aside every month to ensure you’re not going to run into complications with your landlord for example. Interestingly, there are other options too. You can actually, with some lenders, get a mortgage using this money as salary evidence. Due to the nature of a stipend, there are many banks that aren’t keen on lending based on this income, but if you want help getting a stipend mortgage, speak to lenders such as those at Jamie Thompson Mortgages. As a stipend is limited to just your time during your PhD, some lenders are too nervous to accept a mortgage based on stipend income, as they may be concerned you won’t be able to afford repayments in the future.
Earn More With Part-Time Work
If you’re still concerned with the amount in your bank account, especially when it comes to purchasing the more luxurious items in life, you could consider a part-time job or some other way in which you can bring in some extra income during your time studying. If you do consider going down this route, you should be extremely careful not to take on a job that is too overwhelming. You don’t want to risk taking on a role that is time-consuming, stressful, or tiring, and there are even rules preventing you from working too many hours. Instead, choose something that could further your career such as lecturing, freelance writing, or even starting a podcast related to your studies. This will also be a more justifiable pursuit if questioned by your university.