Financial Stress in Grad School

I wanted to write about something that is hitting hard for quite a few of us lately, financial stress. That is the stress of being poor in grad school. I have written about dealing with finances in grad school before and how to reduce spending (link here)(here‘s another great resource). This blog is about dealing with the stress that comes from grad school finances. Being poor for many years is part of the process, unfortunately, and I am here to tell you that your concerns are justified. It may be tough now, but I promise you that it will be worth it.

Couple Sitting on the Couch

One of the biggest anxiety triggers that I have are my finances. Even something as small as taking my cat to the vet caused me to have a panic attack at 2 am. Luckily, I am skilled in coping mechanisms so I was able to reduce anxiety enough to get back to sleep. I am not in the worst financial situation by any means, but I know many people in grad school that are. Financial stress can really lead to many problems and ultimately cause an individual to leave the program altogether. Something that none of us want to happen.

Macbook Pro Beside Papers

The graduate union on campus recently posted a survey about the financial struggles that graduates face. The results were extremely alarming and extremely sad. People were taking multiple part-time jobs on top of working full time just to pay fore housing. Many people couldn’t even afford groceries because they had to pay for other expenses first.

U.s. Dollar Banknote Lot

Grad school stipends are extremely low. I remember receiving my appointment letter and freaking out because I was going to make about 40% less money by going to grad school than staying at my job. I told myself that 1) receiving a PhD will be worth it and 2) this will be quite a great adventure. Man, was I right about both. I think a huge stressor is seeing people that we graduated undergrad with getting senior positions and making six figures while we eat leftover pizza and ramen. It is a struggle.

For those that are reading this and struggling to make ends meet in grad school, you are not alone. It is something that we are all facing and will probably continue to face. I promise you that this will pass and you will get a career that pays you fairly. This is a learning experience and will be beneficial, I am sure of it. There are many resources that I am sure your college provides. I suggest taking a look to see what resources there are and taking full advantage of them.

One benefit is you will know how to manage money really well, a skill many people do not have. You will also know how to shop bargains, have fun without spending money, and I believe you will find happiness in small things, rather than large, fancy, things. This is something that I found to be 100% true. I have started to really appreciate all of the free things in my life such as long walks, trail hiking, and spending time at my pool (I know it’s not free but you aren’t spending any extra money).

This chapter of your life is quite hard. Will it be the hardest part? I don’t know, but it will be difficult in many ways. I hope that financial problems do not cause any extra stress in your life, like it has with me. One day, we will all be OK.

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