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Independent Wealth Connections

Budgets for the new Graduate

As a new graduate school student, budgeting can be a stressful and daunting task. Managing student loan debt and allocating funds for different expenses can be overwhelming, but it doesnt have to be. With the right approach, dedication, and assistance from a financial planner, budgeting can be simplified and become a much less daunting task.


Savings is an important part of budgeting for any graduate school student. It is important to have a plan for both short-term cash savings and longer-term retirement planning. A good budgeting plan should include a separate account for saving that can be allocated towards short-term cash savings, intermediate (more than two years before spending), and retirement planning. A financial planner can help you create a budget that is tailored to your needs and advise you on the best ways to save and invest for each goal.


For short-term cash savings, it is important to have money set aside for emergency expenses or unexpected costs. This should be the priority when budgeting, as it can be a real lifesaver in times of financial hardship. A good rule of thumb is to save at least three to six months of your living expenses in a separate account. This can be done by setting up automatic payments each month to your savings account. A financial planner can help you set up automated transfers and recommend the best account for your short-term cash savings.


Intermediate savings goals should also be a priority when budgeting. This could include vacation funds, a down payment for a house, or even a nice dinner or outing with friends. These funds should be allocated accordingly, depending on when you plan to spend them. The goal is to save as much as possible and have access to the funds when needed. A financial planner can help you determine appropriate account types and investments for intermediate savings goals.


Retirement planning should also be part of a graduate school budget, even if retirement seems far off in the