The Ph.D. is one of the world’s most demanding and prestigious academic degrees. Getting paid to research is one of the most attractive aspects of earning a Ph.D. Students working on a doctorate get a stipend each month to help with living costs, travel, and academic pursuits. A Ph.D. stipend’s cost-of-living allowance might differ from one institution to the next. That depends on three conditions: whether they are aiding in undergraduate teaching, assisting in research, or having acquired a Ph.D. with a stipend. Each of these three groups of students will get some financial support throughout their time in university, although the amounts will vary widely.

Stipends for Doctoral students are not uniform and are influenced by several variables, including the student’s institution, major, and employment responsibilities. Many stipends go beyond basic living expenses and pay for things like school fees, health insurance, and tuition. The bad news is that most stipends are relatively small. If you’re only allotted so much, there isn’t much wriggle space in the budget for budgeting mistakes or unanticipated costs.

In fact, what I will suggest is that living off of a Ph.D. stipend is really hard. So, in my opinion:

Don’t begin your doctoral studies with no savings

It’s correct that a Ph.D. stipend is awarded according to the demands of your selected course and duration but if you have no savings in your account, I will not suggest you go for a doctoral degree. You should keep in mind that the stipend awarded by the university is just for your academic and residential needs. You will have to spend on many other things, and you might face any unexpected circumstances, so you should have savings to deal with it.

Adopt a modest lifestyle with financial planning

Adopting a modest lifestyle will help you live off a limited Ph.D. stipend. Managing one’s finances wisely is essential for a Doctoral student’s low stipend; thus, cutting down on unnecessary habits is critical. Making a budget is the first step in responsible money management. The most essential component of managing a graduate student stipend is budgeting basic living expenses, including food, housing, utilities, and transportation. Keeping a monthly budget and keeping tabs on costs is much easier with the help of Excel spreadsheets.

Just live like a grad student.

If you are doing a Ph.D., you will live in a big city, which means having roommates and using public transportation. As per my thinking, the students coming for a doctoral degree belong to a professional class, maybe to a wealthy class who can help their classmates and roommates with supplemental funds for any extra expenditure.

Be focused on your goal.

You are doing a doctoral degree; it should be your primary goal in life. Be focused on it. You should leave any other hustles and bustles and focus on your plan. This focus will help you to live up to your stipend, even a limited stipend, and also will help you cut down your expenses and free you from the worries of money.

Go for a part-time job.

No doubt that a Ph.D. stipend is enough to do it, but you should decide first whether you want to live the life or merely spend it. If you want to live a life, you can’t rely on your Ph.D. stipend for all your necessities and desires. You will have to go for a part-time job as you may need some extra money in the case of illness, for any of your family members, and to deal with any other emergency. The salary from a part-time job will help accommodate all such unexpected conditions.

In short, living off of a Ph.D. stipend is really hard but not impossible. You should move on with proper planning, focused vision, and a border mindset. The whole scenario will be in your favor.