Personal Finance for PhDs

Epizode

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  This PhD Candidate-Parent Draws Financial Support from Her State, Her Union, and More 14.09.2026 43min

  In this episode, Emily interviews Madeline Hebert, a 5th-year PhD candidate at the University of Connecticut and married mother of a toddler and newborn. Madeline shares how her money mindset has changed over the last several years, from poring over every last expense in her budget to investing in frugal strategies and increasing her income through fellowships and paid projects. She also details the systems from which she has drawn financial support, chiefly through state childcare benefits and her grad student union. The total value of these benefits is so high that Madeline chose not to pursue a $100k one-year fellowship because it would have negatively impacted her family's bottom line.
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  This Graduate Student Keeps a Zero-Based Budget in a High Cost-of-Living Area 31.08.2026 36min

  In this episode, Emily interviews Quinn Nguyen, a 4th-year PhD student in chemistry at UC Irvine. Quinn has been highly intentional with her finances during graduate school. She maintains a zero-based budget, uses targeted savings accounts for her cat and annual trips to Vietnam, keeps emergency savings, and pays herself first into a Roth IRA. She also lives in subsidized graduate student housing and drives an electric bike in addition to a car. Quinn and Emily discuss the advantages of these practices, specifically the Roth IRA, and how Quinn has developed confidence that she can make her finances work no matter what life throws at her post-graduate school.
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  The Best Financial Advice for First-Year Funded Graduate Students 10.08.2026 34min

  In this episode, Emily shares the microinterviews she recorded at two conferences this year and solicited from subscribers to her mailing list. The prompt she gave to everyone was "What is your best financial advice for a funded graduate student matriculating in fall 2026?" Emily was curious whether the advice would be timeless or unique to 2026, and you can listen for how the respondents interpreted it. You'll hear first the responses from the conference attendees at the Graduate Career Consortium Annual Meeting in June 2026 and the Higher Education Financial Wellness Summit in July 2026. Virtually all of these respondents work at universities, and most have PhDs themselves. Second, you'll hear the responses submitted by Emily's mailing list subscribers. Some of them came in audio form and some in written form, and Emily voices the written submissions. She also make a few comments in between some of the submissions if there are podcast episodes that relate to the given advice.
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  Even More Reasons Not to Fund Your PhD with Federal Student Loans 27.07.2026 40min

  In this episode, Emily interviews Janna McKay, a Certified Student Loan Professional (CSLP) who works as a consultant for Student Loan Planner. They discuss the changes to the federal student loan program brought about by the One Big Beautiful Bill Act of 2025 that were implemented on July 1, 2026. For both continuing and new PhD students, Janna shares the federal student loan borrowing limits in play and the available repayment plans, emphasizing caution for graduate students who hold significant student loan debt taken out prior to July 1, 2026 who are weighing taking out another federal student loan with closing a funding gap in a different manner. Janna and Emily also discuss the updates on the Saving on a Valuable Education (SAVE) plan, how all the income-driven repayment plans intersect with Public Service Loan Forgiveness (PSLF), and the possible advantage to waiving deferment in favor of enrolling early in the Repayment Assistance Plan (RAP). This episode is a must-listen for any graduate student who is considering or will consider taking out a federal student loan going forward and any PhD or PhD-to-be who is currently holding federal student loan debt.
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  This Grad Student's Social Spending in Boston Pays Dividends 13.07.2026 38min

  In this episode, Emily interviews Richard Coca, a 3rd-year PhD student at Boston University. Richard breaks down his budget, detailing his top five largest expenses: rent, groceries, eating out, hobbies, and social spending. He rents a bedroom and private bathroom in a shared home convenient to public transit in East Cambridge, and the higher rent is offset because he does not own a car. Richard has developed two intensive hobbies since starting grad school: running and stand-up comedy. To participate in those hobbies, he spends on race entry fees, shoes, and drinks and meals at venues. Richard used to overwork and be much more frugal; he now spends more on his hobbies, eating out, and friends, but he's still reaching his goal of maxing out his Roth IRA every year. He feels mentally and physically healthy and is happy with his work-life balance.
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  This Grad Student Fellow's Frugal Lifestyle Enables a High Savings Rate 29.06.2026

  In this episode, Emily interviews Michele Remer, a 4th-year PhD candidate at Michigan State University and repeat podcast guest. Michele breaks down her budget, detailing her top five largest expenses: rent, groceries, utilities, restaurants and social events, and transportation. During grad school, she has found ways to decrease her spending on some necessary expenses, which has allowed her to intentionally increase her spending in other areas of higher value. Due to her frugality and her National Science Foundation graduate research fellowship award, Michele has maintained a very high savings rate, which she puts toward her Roth IRA, taxable brokerage account, and student loans.
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  How to Save Money as a Funded Graduate Student 16.06.2026 38min

  In this episode, Emily explores how to save money as a funded graduate student so that you aren't in a constant state of financial stress. The first step is to open a savings account and establish a regular savings rate, even if it's only $5 per month. Second, you must either increase your income or decrease your expenses. Both may seem impossible in your current circumstances, but Emily introduces numerous accessible options that grad students have used in the past for each approach, including the unique opportunities available to you as a graduate student.
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  How This PhD Solopreneur Manages Her Time and Money 18.05.2026 43min

  In this episode, Emily interviews Dr. Leslie Wang, the professor-turned-solopreneur behind Your Words Unleashed and repeat podcast guest. Leslie works as a developmental editor and career coach primarily for academics. Leslie and Emily discuss in detail how Leslie manages her time and money, balancing the appointments and payment schedules of approximately three dozen clients throughout the year. Leslie has molded her business to fit the life she wants to live, including frequent travel and personal and familial pursuits.
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  Sacrificing for a Lofty Financial Goal on a Grad Student Stipend 04.05.2026 39min

  In this episode, Emily interviews Dr. Jed Kim, a recent PhD graduate in chemistry from the University of Wisconsin at Madison. Jed built a $35,000 Roth IRA by the time he finished his PhD due to consistent $500 per month contributions. Jed and Emily discuss what it took financially to maintain that savings rate, from applying for fellowships and bank bonuses to sharing food with multiple roommates to engaging in free and low-cost activities. Jed speaks openly about how spending too little at times hampered his mental health and how a family emergency caused him to rethink his approach. This interview illustrates the trade-offs graduate students have to navigate when striving to make the PhD less of a financial liability.
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  Holding a Financial Standard While on the Faculty Job Market 20.04.2026 39min

  In this episode, Emily interviews Dr. Dillon Pruett, an assistant professor in the School of Communication Science and Disorders at Florida State University. This is the second part of a two-part interview in which we discuss Dillon's turbulent faculty job search and transition to a faculty position. A higher income doesn't completely ameliorate all financial challenges, but the future is looking bright. Dillon's candor during this conversation is laudable, and his experiences are likely to be both relatable and a cautionary tale for prospective and new faculty members.
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  Financial Chaos Exacerbates a Low Graduate Student Stipend 06.04.2026 49min

  In this episode, Emily interviews Dr. Dillon Pruett, an assistant professor in the School of Communication Science and Disorders at Florida State University. This is the first part of a two-part interview in which we discuss Dillon's financial journey through his PhD and postdoc at Vanderbilt University. Dillon tried to keep his eyes on his own financial paper, but the pay disparity between himself and other graduate students and postdocs was repeatedly brought to his attention. Still, he managed to make it through without accumulating debt and even building modest assets, despite financial setbacks. Dillon's candor during this conversation is laudable, and his experiences are likely to be both relatable and a cautionary tale for prospective and early graduate students.
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  Teaching Personal Finance Illuminates the Opportunity Cost of a PhD 23.03.2026 49min

  In this episode, Emily interviews Dr. Trevor Hedberg, an assistant professor of practice at the University of Arizona who teaches a seminar on personal finance to undergrad students based on Morgan Housel's The Psychology of Money. Trevor is a repeat podcast guest, and he shares how teaching the course has made him think differently about finances during his PhD and postdoc, including the financial opportunity cost of grad school and lifetime wealth killers.
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  This International Grad Student's Low Fixed Expenses Enable Her to Invest and Travel 09.03.2026 45min

  In this episode, Emily interviews Mrunal Zambre, a 4th-year international PhD student at the University of Pittsburgh. Mrunal details her money management system, from her checking and savings accounts to credit cards, and how she and her grad student partner split expenses. She focuses on travel credit cards and the Bilt card to reduce the cost of international travel. Thanks to her stipend—recently increased to over $40k—and low fixed expenses, Mrunal maxes out her Roth IRA annually and invests in a taxable brokerage account, even though she's not sure if she'll live in the US long-term.
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  Tax-Advantaged Retirement Account Options in Higher Ed and K-12 23.02.2026 39min

  In this episode, Emily interviews Dr. Daren Card, a computational biochemist working in industry. Daren and his wife moved to Arlington, TX for his PhD and then Boston, MA for his postdoc, and she held K-12 teaching positions in both cities. He shares their financial journey, from managing their student loan debt through opening and funding IRAs. Daren and Emily discuss the tax-advantaged retirement account options available, such as 403(b)s, 457s, and 401(k)s, and how to spot red flags in your employer-sponsored plans.
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  This Grad Student Bought a Home at the Start of His Doctoral Program 09.02.2026 36min

  In this episode, Emily interviews Ethan Muller, a first-year doctoral student in theology at Villanova University. Ethan and his wife purchased their first home outside of Philadelphia at the start of his six-year program. Ethan shares the details of his and his wife's financial profile, their emotional readiness to become homeowners, and their plans for the home once he finishes his program. After local mortgage lenders were unable to work with him due to his student status and 9-month stipend, Ethan connected with Sam Hogan, who knew exactly how to make the lending process much faster and easier. Ethan and Emily close the conversation by discussing which other PhD students should consider home ownership.
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  This Grad Student Experiences Financial Ease Thanks to Her Side Hustles 26.01.2026 33min

  In this episode, Emily interviews Nashae Prout, a 5th-year PhD candidate in toxicology at the University of Rochester. Nashae's first year of graduate school on a $28,000 stipend was financially challenging, so she now maintains two side hustles. She serves as a graduate community assistant for graduate housing, an up to 10 hour per week position that gives her a 55% reduction in rent. She also adjuncts for a nearby university with the support of her PI. Between these two side hustles and her disposition toward frugality, Nashae can comfortably max out her Roth IRA and spend in areas that matter to her, experiencing financial ease. She concludes the interview with excellent advice on time management and prioritization.
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  Resources for PhD Job Seekers from the Hosts of Propelling Careers 12.01.2026 47min

  In this episode, Emily interviews Dr. Jim Gould and Lauren Celano, the co-hosts of Propelling Careers, about strategies for PhD job seekers, starting with an update on the PhD job market. They discuss how PhDs can figure out the salaries of various careers and particular jobs, including where they might fall within a posted salary range, and what benefits are offered at a company. They review where job seekers can go for both free and paid assistance. Finally, both Jim and Lauren give excellent financial advice related to job transitions.
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  Catching Up with Prior Guests: 2025 Edition 15.12.2025 25min

  Emily published the first episode of this podcast in July 2018. This is the 246rd episode, and over the last six and a half years, the podcast has featured over 300 unique voices in addition to her own. For our last episode in 2025, we are catching up with the guests from Seasons 15 through 17, and a few from earlier seasons as well. The guests were invited to submit short audio clips to update us on how their lives and careers have evolved since the time of their interview, as well as to provide their best financial advice if that has changed since that initial interview.
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  How Financial Policies Impact Graduate Student Attrition 26.11.2025 44min

  In this episode, Emily interviews Dr. Connor Ferguson, a postdoc at the University at Buffalo studying how professional development and student success initiatives influence the graduate training environment. While pursuing her PhD in higher education at West Virginia University, Connor worked full-time as a student affairs professional supporting health sciences graduate students, which has given her multiple perspectives on how to support graduate students. Connor and Emily discuss the best practices that universities and programs can implement to reduce graduate student attrition and strengthen the workforce development pipeline, including how to raise stipends and provide for basic needs.
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  Financially Thriving as an International Scientist in the US 17.11.2025 54min

  In this episode, Emily interviews Dr. Sonali Majumdar, the assistant dean for professional development in the graduate school at Princeton University. Sonali is the author of the recently published book Thriving as an International Scientist: Professional Development for Global STEM Citizens. Sonali and Emily discuss the various financial challenges that international graduate students, postdocs, and researchers face when coming to the US, including the start-up expenses and relative financial dependence on their advisor's grants. They also touch on the learning curve that international scientists experience in the areas of immigration, taxes, and investing.