The table you made is great! I’m going to print this out and lay everything out on the table so I can figure out how I can survive in grad school lol
You're welcome. I'm not going to lie it took 5 min to make in excel and then a long time to adjust for the forum. But now I have a sample budget to work off of whenever other posters have questions about budgeting...
Well worth the effort if it helps get you (and potentially others) on the right track. Can you think of other items I may have left out of the budget for future reference?
Anyway, I’ll be going to NYC to get a degree in psychology. I hope that with a post-doctoral fellowship I can make myself more marketable. However, the field itself is doing only fairly and changing quite a bit, so I don’t want to rely on my professional career as my only means of supporting myself.
This is interesting. Well I know several counselors who charge like $100-$300 an hour so if you can build up a clientele/practice or get on with an experienced counselor/shrink you can probably do well. Do have a particular area of interest yet? What was your undergrad in?
In fact my father in law is a counselor and has been for 25 years. Of course, just like in anything else it takes being at the right place at the right time, networking, and putting forth your best effort. You will be a small business owner and that means putting in long hours as a counselor/shrink.
The 25K a year is a high estimate, which I did on purpose to account for usual rent increases every year (since that will take up most of my loans), utilities, internet, cell phone, and other stuff. I am kind of hesitant to get a roommate because of all the potential drama and stress I might have to deal with (I don't want that to detract from my work), but I’m going to explore this option anyway. I appreciate your being so thorough – the questions you are asking are ones I have, too; the school should contact me soon with more information about those things. I think I’ll be getting the money at the beginning of the school year, so I’ll have to use that for the whole 12 months.
I hear you on the drama and stress of roommates. I had a roommate for 2 years who was a family friend. By the time we parted ways it was a very strained relationship. But craigslist combined with references might be worth a try. Perhaps a roommate or roommates not the first year but maybe after you've met some people from the university and made some friends? Or do you know anyone there now? Yes, having more information will be helpful in making a plan.
I kind of figured that it would be a lump sum. I divided out the 30,000 by 4 years and then divided again by twelve months to arrive at $625 allocated for every month. Or (($30,000/4)/12 = $625) Similar for the monthly living expenses except I used $24,000 for the sake of simpler math. Or ($24,000/12 = $2000)
When I was looking for a place, I was thinking about buying a house instead and not renting. I figured since I’ll be living in this place for a long time, it would make sense to get a house with multiple rooms - live in one room, and rent the others out. But I turned down the idea because I didn’t want to deal with the headache of being a landlord and dealing with more problems related to Murphy's Law (things breaking down, etc.).
Yes, there is the headache of being a landlord. Not to mention with no real income paying payments on a home and the possibility of getting bad renters might be a difficult combination.
I'm not trying to be a mercenary or anything but what is your social/marital status? Just trying to think outside the box. Having a significant other during this time would be very beneficial. My mother in law taught for 5 or 6 years while my father in law was in grad school.
Classes and related work might run for around 20 hours a week. I would also be required to work for the university a few days a week (2 – 3 days) for my fellowship. The program requires a master’s thesis and a dissertation, which will take up quite a bit of time. Either way, I think it would be a good idea to look into selling stuff on EBay and doing little things to help pay the bills.
This was DEFINITELY helpful. I’m going to sit down and explore the numbers now. Thank you!
Glad I could help. So the work at the university 2-3 days will that be paid or more a practicum (counseling, sessions, etc.)?
You are asking the right questions. I worked on my graduate degree for about 4 years so I can tell you it's not easy but you can do it. Of course, I had few scholarships and worked 50-60 hours per week. But afterwards I got a job in a different, fantastic industry (one I had dreamed of all my life) making time and a half what I was making before... Plus this job is a career. No matter what people tell you education gives you a greater chance of success in life. Have a great rest of the day!