I'm stressed about money
Make a realistic budget on a stipend, find support you may not know about, and keep money worries from taking over.
In short
Start here, today. List every source of income you'll receive this academic year and when each one arrives. Then list your fixed costs, such as rent, tuition, phone and transit, and when each is due. This takes about 30 minutes.
After that, work through these steps. Choose one to jump to it.
Step by step
Tick each step as you finish it. Open a step for the how.
0 of 6 steps done
Work out what you actually receive
Read your funding letter carefully. Separate the parts paid to you from the parts that cover tuition and fees, and check whether TA or RA pay depends on being assigned work each term. Note any months when nothing comes in, such as the summer. Ask your graduate administrator about anything unclear.
Build a monthly budget
Spread lump-sum payments, like a scholarship paid once a term, across the months they need to cover. List fixed costs, then regular costs like food and transit, then a small amount each month for irregular things like conference travel or replacing a laptop. A spreadsheet or a free budget calculator is enough.
Find the support you're eligible for
Check your university's financial aid and student awards office for bursaries, emergency funds and loans. Many universities also offer free money coaching or one-on-one budget reviews. If you're a Canadian citizen or permanent resident, government student loans and grants may also be open to you as a graduate student.
Use food and other supports without shame
Many campus food banks are confidential and only ask for a student card. Student associations often run health and dental plans, transit passes and emergency grants. These are part of what your fees pay for.
Plan for the gaps
Look ahead to when your funding ends, when summer pay stops or when a scholarship runs out. If a gap is coming, raise it with your supervisor and graduate coordinator months in advance, while there's still time to apply for something or find an assistantship. The guide on funding ending covers this in more detail.
Be careful with extra work and debt
Extra paid work can help, but it competes with your research time. Check your funding conditions and, if you're an international student, the work conditions on your study permit before taking more on. Be cautious with high-interest debt such as credit card balances, and talk to your financial aid office before borrowing.
Words you can use
Is this you? Signs to look for
- You check your bank balance before buying groceries.
- You're not sure how much of your funding package actually reaches your bank account.
- One unexpected cost, like a conference trip or a dental bill, throws everything off.
- Money worries keep surfacing when you're trying to work.
Why this happens
Graduate funding is often tight, and it rarely arrives as a simple monthly salary. Stipends, scholarships, TA or RA pay and tuition can come and go at different times, and tuition and fees may be taken out before you see anything. It's easy to lose track of what you really have.
Financial insecurity is one of the major sources of stress graduate students report, alongside uncertainty about careers. It also takes up mental space, because it's hard to think about your research while you're working out the rent. Getting a clear picture, even when the numbers aren't good, usually feels better than vague worry.
Asking for help with money can feel embarrassing, but universities expect it. Financial aid offices, emergency bursaries and campus food banks exist because many students need them at some point.
Worth a look (3)
- Money Smart, University of CalgaryAn example of free student money coaching, with workshops and one-on-one budget reviews. Many universities offer something similar.
- Campus Food Bank, University of Calgary Students' UnionAn example of a confidential campus food bank. Look up the one at your university.
- Financial preparedness, Council of Graduate SchoolsBackground on graduate student debt and how universities are building financial education programs.
When to bring someone in
Your financial aid or student awards office can talk through emergency funding, bursaries and loans. Your graduate administrator or coordinator can explain your funding package and any gaps ahead. Your student association may offer emergency grants, health coverage and food support. If money worries are affecting your sleep or mood, talk to your university's counselling service. If you're in crisis, call or text 988 in Canada or the United States.
Find the right person, or talk to Ify