After surviving the times of eating ramen at the undergraduate school, you know the importance of saving money. But, suddenly, you find yourself vacationing in Cabo over the weekends, buying $18 cocktails without even hesitating. It is a specific kind of hell when you see how your bank balance depletes, while you are not able to say no. Indeed, it is tiring and dangerous to follow everybody.
The graduate school environment gives the perfect setup to financial ruin. There are plenty of smart people around you; nevertheless, they make quite foolish decisions when it comes to finances. Moreover, the period of tenure track makes you change the “publish or perish” motto into “party or perish”. Suddenly, it becomes impossible to refuse dinner as a $100 test of your loyalty.
Comparative Inadequacy Exists
You look at that kid with his cool computer and expensive Patagonia jacket and start believing that he is doing everything right. In reality, he is just as much in debt as you are. We always show the best side of ourselves in our Instagram and hide all overdraft messages from our cell phones. Stop comparing your ability to pay your expenses to somebody else’s fake life.
Make No a Yes
It is really difficult to say no in the conditions of the closed cohort. Instead of refusing something, propose an alternative solution that will allow you to save your face and not to pay the rent from your wallet. “Can’t go to Nobu today, but let’s grab some tacos from the food truck on 4th Street!” In one phrase, you save your face and money.
Pre-Party Is Your Best Buddy
If you go to the bars, try not to buy your drinks there. Buy a pack of Modelo instead and spend an hour drinking at home before going to the bar. Once you get there, all you will need is one more drink to continue the party. Simple math, really.
Choose Your Battles Wisely
You do not have to attend every happy hour and department mixer. Go to those selected few events and ignore the rest without any regrets. Your true friends will understand that you are not able to join them because of some deadlines or simply because you are broke. Anyway, if they will judge you for not going there, you do not need such friends anyway.
Celebrate Your Budget Proudly
There is no shame whatsoever to be a broke grad student, since statistics speak about it. Therefore, make it your personal trait. Every time somebody will invite you to ski over the weekend, just laugh and say: “Sorry, my stipend says no way”. Honesty will be appreciated much more than some faked wealth. Protect your future self by being tough now.