Five Budgeting Tips for Grads

Five Essential Budgeting Tips for Grads

Managing your finances effectively is crucial, especially as a graduate student with various expenses and funding sources. Here are five essential budgeting tips to help you make the most of your resources and stay on top of your financial game:

1. Apply for Funding On Time: One of the most important budgeting tips is to apply for funding early. Many graduate fellowships and grants have deadlines in the fall for the following academic year. If you wait until the spring or summer, most of the funding may have already been allocated. To ensure you’re in the running for financial support, start your applications in the fall. For on-campus funding, which is usually available in the winter or spring, be sure to plan ahead and apply on time. (Think one year ahead!)
   • Sample Databases to use when looking for funding:
     • UCSB Pivot Searchable funding database of 25,000 records representing over 400,000 individual funding opportunities from numerous sponsors across all disciplines. Learn how to use here!
     • UCLA GRAPES Extramural funding opportunities of interest to prospective and current graduate students and postdoctoral scholars.
     • National Science Foundation (STEAM) Funding database for research areas in Biological Sciences, Computer and Information Science and Engineering, Education and Human Resources, Engineering, Environmental Research and Education, Geosciences, Integrative Activities, International Science and Engineering, Mathematical and Physical Sciences, and Social, Behavioral, and Economic Sciences.
2. Plan for Funding Gaps: It’s crucial to plan for periods when funding might be insufficient, such as over the summer. Since funding often covers only the academic year, many students find themselves unprepared for summer expenses. Start looking for work opportunities early, ideally in the winter and spring, to fill these gaps. This proactive approach can help you secure the necessary income to support yourself during the summer months.
3. Understand Your Funding Options: A typical new grad may not fully grasp how funding works or what options are available. Be sure to familiarize yourself with the different types of funding at various stages of your academic career. From predoctoral grants to dissertation completion awards and postdoctoral funding, knowing your options can make a big difference. Additionally, take advantage of campus resources, such as your Graduate Program Assistants (GPAs), faculty advisors, and the Graduate Division Funding Peer, to learn about available opportunities. Don’t forget to explore funding databases like Pivot for more options!
4. Make Connections: Funding doesn’t usually come to you—you have to seek it out. Make an effort to connect with professors, departments, and potential employers. Express your interest in research positions, teaching roles, or grants. By making these connections, you increase your chances of being considered for opportunities that might otherwise pass you by.
5. Be Persistent: Persistence is key when it comes to securing funding. Don’t be disheartened if your initial applications don’t succeed. Keep applying for fellowships, grants, and positions. If you didn’t get the job or funding you wanted the first time, ask for feedback and use it to improve your future applications. Consistent effort can lead to the financial support you need.

By following these budgeting tips, you'll be better equipped to navigate the financial aspects of graduate school and focus on your academic and professional goals. Start planning and applying now to ensure a smooth financial journey ahead!

Image

Liliana Garcia, Graduate Funding Peer
About Liliana (she/her): She is a doctoral candidate in the Department of Education at UCSB, focusing on teacher candidates' identity development in the context of teaching diverse student populations. As the Funding Peer, she educates and advises graduate students on internal and external funding opportunities and personal finance basics. Lily leads workshops, collaborates with other campus resources, and provides one-on-one advising to help her peers navigate funding matters and enhance their financial skills.