how to save money as a grad student

As a grad student, life is expensive. But a grad student in New York City is just pure insanity. Saving money is absolutely essential. Living here, things are way more expensive than they need to be. Just this weekend, I bought a small cup of Earl Grey tea for 4 dollars. 4 dollars! I could’ve made the same cup of tea for 50 cents. (That price is probably too high, but it does include the cost of sugar). 

My outrage is for your benefit! I’ve been thinking about ways to save money since I’ve started grad school, and even though it’s been a few months, I’ve found a few things that work for me. Essentially, this blog post is all the traditional things you’ve heard for years on saving money. All those things are true.

Don’t buy food out

I know part of city life is loving the food and the awesome restaurant experiences your city has to offer but if you spend money on food, it will go so quickly. I’ve found that most of the time, food is either more money that I want to spend or it’s not even good for its price. I really wouldn’t spend money on food without some incentive. If you didn’t bring food from home and you know you have a long day ahead, that’s one of the circumstances I’d buy food but it’s definitely a more rare occurrence.

Make your own drinks

While food can be hit or miss, I tend to love most of the chais and teas I’ve had at various coffee shops in the city. (Highly recommend Merriweather Coffee in the West Village!). At the beginning of the semester, I noticed I would buy Starbucks or Joe’s Coffee pretty frequently. And Joe’s is honestly even more expensive than Starbucks. A $6 almond croissant at Joe’s would cost $3 at a smaller coffee shop. 

After noticing this little habit, I decided to invest in a travel mug that I could bring with me. I also bought some tea and matcha in bulk. It’s way, way cheaper for me to make my tea and bring it to school than it is for me to buy Starbucks. My homemade pumpkin chai comes out to about 50 or 60 cents. Which is less than a dollar for a fun drink! Just make your own drink instead of spending $6 on a fancy coffee shop drink.

Spend money socially

I haven’t heard this tip used by other people but I use it for myself. It’s the same concept with drinking. Some people only drink socially, so I believe I’ll only buy a matcha or a sandwich with friends. It curbs my desire to spend money alone and it forces me to be more diligent about making social plans if I do want to try that new restaurant. It’s been a game changer for me! Every time I feel slightly tempted, I just remind myself that I will eat or drink with a friend!

Thrift

Through my high school and college years, I found myself wandering through thrift stores. At first it was for the book section, but as I got older, I realized that I could also find clothes I love. I don’t find that I’m tempted to shop in the area of clothes, but when I do, thrifting is my first way to counteract the cost. (I know there’s a lot of discourse around whether or not thrifting is right. Personally, it’s a better option financially and environmentally.) 

A good portion of my wardrobe is thrifted. It’s a fun activity to do with friends, but also you can browse and end up saving money because you didn’t find something you like. It curbs your spending because you’re either not spending or it costs less.

Also, you can always find little knicknacks for your home if you’re willing to put in the effort to thrift.

Buy in bulk

I mentioned this one earlier, but it’s true. Buy in bulk and keep it on hand. I do this for tea. I will buy a large portion of loose leaf tea and it lasts months. I buy the largest face wash and that also lasts for months. It may feel more expensive to buy in bulk, but if you break down the costs, you might find it to be much cheaper. It usually ends up being a question of when you do want to pay—up front (in bulk) or in the little ways things add up (individual cost). I recommend in bulk for things you use a lot or are always finding yourself buying.

Look at the group chat

For my fellow grad students, if you are ever hungry, you should check the group chat. I’m terrible at this and I usually find out about food from other people. But check the group chat. If there’s a big group chat with all the people in your program, that’s usually where someone will post free food or drinks leftover from an event or available from your university. At the very least, it never hurts to check.

I haven’t done one of these how-to blog posts in a while, but I do hope this was helpful to a fellow grad student trying to save money. As much as there is the stereotype of the broke college student, I honestly have felt more money-conscious in my grad school time than I ever did in undergrad. Wishing you all financial stability and please if you can, put some money in your retirement plans!

Signing off, 

Gigi