* Source: Self
* Tool: Sankeymatic
* Location: Greater Chicago Area, IL. USA
* Currency: USD ($)
Figured I’d post this because I regularly talk to people that don’t know some PhD programs pay you a reasonable stipend.
Daaaamn, your stipend pays you well enough that you have $22K to put towards retirement and savings? I have been in academia for 10 years now, and I’ve never heard of that happening anywhere ever.
What’s your living situation like? Good area? Roommates? Far from workplace?
Can’t speak with certainty without knowing your age and field of study, but generally I’m pretty strongly opposed to saving money while still in school. Presumably your salary upon entering the workforce will be several times what it is currently and that is when you should start saving. Living an impoverished lifestyle just to save $20,000/yr simply isn’t worth it. You gotta enjoy life too. Especially while you’re still young.
I’m looking at groceries + eating out… that’s $12 per day. This is virtually impossible to live on in my country of Romania where prices are MUCH lower. So either someone is feeding you or this is fake. The idea that someone is eating on less than $12 per day in the US while putting away $60 is ridiculous.
Your program offers a retirement vehicle? I only every contributed to my Roth IRA during grad school but I made 10k less than you at best.
I made 1400/month as a STEM PhD student in Reno between 2006-2010. I’m so glad students are getting paid more, but I am shocked you are able to save/have a retirement account! (Like, good shocked)
It helps you go to school in Evanston instead of Chicago!
It’s admirable that you are saving for retirement but assuming you will get a job that pays well as a result of your PhD, you could easily enjoy some of that money now and make it up later.
10k seems like a lot now but it won’t when you are 35-40. Even if that money tripled in the next 10 years, it will likely be easier for you to set aside an EXTRA 30k 10yrs from now vs taking this much out of your total income now to save.
Why aren’t you paying taxes?
That’s extremely generous. The idea of having any money for retirement savings during a PhD is frankly mind-boggling to me.
My experience was defined by the hunt for events offering free food.
Rent is that low there? Come to CaliforniaÂ
The costs on a lot of this stuff suggest there’s other assistance going on, but good for you either way.
I did my doctorate in the 70s and Icould barely make ends meet, even with NSF, Pell Grant, working as a TA. This is amazing! My big treat going out to eat once a week was Taco Bell. There was nothing left over to save.
If I had the willpower to only eat out 700$ a year I’d be filthy rich. Bravo great discipline
I’m impressed you’re putting 22k towards retirement and savings.
I believe OP. I also am equally sure that OP is not including the fun and food they consider to be financed outside their income. Don’t fall for this people
What’s your gross income? before taxes?
As a fellow Ph D student, I am envious of your rent and your ability to save your money well.
Need more details on the retirement. Is it a plan you own like a 401k, or does it require you to stay with them for X years?
University of California’s pension system looks great on paper, but it only starts to pay if you stay for at least 7 years. Leave before that and you get squat.
You are saving more than half your income as a student. That is seriously amazing. Well done.
Have a beer once in a while, though.
Nice work man. You’re killing it. $450 a month for a phone? Do you have like 5 iPhones or what??
~$80 a week on food is solid. Good job.Â
Not to play a game of one-upsman ship. But I once lived off $26,000 for three years.
That’s not $26k per year…fuck Americorps.
wait a minute…. you are a PHD student, and you have retirement?
I feel like a boomer for saying my stipend didn’t creep above 13K in 2008, but I also remember rent being too damn high then too.
OP you are doing amazing!! Keep it up
Do you not have utilities or insurance costs?
Fun activities are only $16 per week, and $85 on food. That is very frugal. Good on you for having the will power to do that and track all of your expenses.
Stipend where I’m at is 25k, this seems amazing
Im just weeping, you are living in chicago and only paying 11k a year for rent? Christ Charlotte has gotten stupid for rent.
Holy shit this is lean, well done. I often spend your out to eat budget on a single weekend
How is your phone bill $456 per year???? I’m paying like $95 a month
Probably makes sense to keep more of the $ now, with anticipation of 2-3x salary increase after the degree. Putting half of 40k into retirement/savings is just forcing yourself to live an unnecessarily impoverished life. Future value of $X will be significantly lower to you in just a few years.
Medical residents have this effect to the most extreme. I once met a surgeon in his final years of training that was living with kids on 30k post-tax/post-retirement contribution, so he could aggressively save.
What the hell is the point of that austere lifestyle when his income was gonna be 500k+ starting 1.5 years later? Made no sense to me.
Damn, how much food are you eating???
How on Earth are you eating for less than $300/month???
no college payment is crazy, is this full scholarship or are your parents paying
Crying in Australia with the $32,000 AUD (~$20,000 US)
![My budget as a PhD student in Chicago [OC]](https://www.europesays.com/wp-content/uploads/2024/12/oqmdtlrc42ae1-1200x1024.png)
37 comments
* Source: Self
* Tool: Sankeymatic
* Location: Greater Chicago Area, IL. USA
* Currency: USD ($)
Figured I’d post this because I regularly talk to people that don’t know some PhD programs pay you a reasonable stipend.
Daaaamn, your stipend pays you well enough that you have $22K to put towards retirement and savings? I have been in academia for 10 years now, and I’ve never heard of that happening anywhere ever.
What’s your living situation like? Good area? Roommates? Far from workplace?
Can’t speak with certainty without knowing your age and field of study, but generally I’m pretty strongly opposed to saving money while still in school. Presumably your salary upon entering the workforce will be several times what it is currently and that is when you should start saving. Living an impoverished lifestyle just to save $20,000/yr simply isn’t worth it. You gotta enjoy life too. Especially while you’re still young.
I’m looking at groceries + eating out… that’s $12 per day. This is virtually impossible to live on in my country of Romania where prices are MUCH lower. So either someone is feeding you or this is fake. The idea that someone is eating on less than $12 per day in the US while putting away $60 is ridiculous.
Your program offers a retirement vehicle? I only every contributed to my Roth IRA during grad school but I made 10k less than you at best.
I made 1400/month as a STEM PhD student in Reno between 2006-2010. I’m so glad students are getting paid more, but I am shocked you are able to save/have a retirement account! (Like, good shocked)
It helps you go to school in Evanston instead of Chicago!
It’s admirable that you are saving for retirement but assuming you will get a job that pays well as a result of your PhD, you could easily enjoy some of that money now and make it up later.
10k seems like a lot now but it won’t when you are 35-40. Even if that money tripled in the next 10 years, it will likely be easier for you to set aside an EXTRA 30k 10yrs from now vs taking this much out of your total income now to save.
Why aren’t you paying taxes?
That’s extremely generous. The idea of having any money for retirement savings during a PhD is frankly mind-boggling to me.
My experience was defined by the hunt for events offering free food.
Rent is that low there? Come to CaliforniaÂ
The costs on a lot of this stuff suggest there’s other assistance going on, but good for you either way.
I did my doctorate in the 70s and Icould barely make ends meet, even with NSF, Pell Grant, working as a TA. This is amazing! My big treat going out to eat once a week was Taco Bell. There was nothing left over to save.
If I had the willpower to only eat out 700$ a year I’d be filthy rich. Bravo great discipline
I’m impressed you’re putting 22k towards retirement and savings.
I believe OP. I also am equally sure that OP is not including the fun and food they consider to be financed outside their income. Don’t fall for this people
What’s your gross income? before taxes?
As a fellow Ph D student, I am envious of your rent and your ability to save your money well.
Need more details on the retirement. Is it a plan you own like a 401k, or does it require you to stay with them for X years?
University of California’s pension system looks great on paper, but it only starts to pay if you stay for at least 7 years. Leave before that and you get squat.
You are saving more than half your income as a student. That is seriously amazing. Well done.
Have a beer once in a while, though.
Nice work man. You’re killing it. $450 a month for a phone? Do you have like 5 iPhones or what??
~$80 a week on food is solid. Good job.Â
Not to play a game of one-upsman ship. But I once lived off $26,000 for three years.
That’s not $26k per year…fuck Americorps.
wait a minute…. you are a PHD student, and you have retirement?
I feel like a boomer for saying my stipend didn’t creep above 13K in 2008, but I also remember rent being too damn high then too.
OP you are doing amazing!! Keep it up
Do you not have utilities or insurance costs?
Fun activities are only $16 per week, and $85 on food. That is very frugal. Good on you for having the will power to do that and track all of your expenses.
Stipend where I’m at is 25k, this seems amazing
Im just weeping, you are living in chicago and only paying 11k a year for rent? Christ Charlotte has gotten stupid for rent.
Holy shit this is lean, well done. I often spend your out to eat budget on a single weekend
How is your phone bill $456 per year???? I’m paying like $95 a month
Probably makes sense to keep more of the $ now, with anticipation of 2-3x salary increase after the degree. Putting half of 40k into retirement/savings is just forcing yourself to live an unnecessarily impoverished life. Future value of $X will be significantly lower to you in just a few years.
Medical residents have this effect to the most extreme. I once met a surgeon in his final years of training that was living with kids on 30k post-tax/post-retirement contribution, so he could aggressively save.
What the hell is the point of that austere lifestyle when his income was gonna be 500k+ starting 1.5 years later? Made no sense to me.
Damn, how much food are you eating???
How on Earth are you eating for less than $300/month???
no college payment is crazy, is this full scholarship or are your parents paying
Crying in Australia with the $32,000 AUD (~$20,000 US)
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