Money diary: a year 3 international PhD researcher

From working as a teaching assistant to funding monthly trips away, discover how a third year PhD researcher from overseas earns and spends their money while living in private accommodation.

I am a third year international PhD researcher in Earth Sciences (Volcanology) at The University of Manchester. I live in private student accommodation, about a 10-minute walk from the university. I have an ensuite room, and I share a kitchen and common area with three others. My typical week consists of three to four days working from the office and one to two days working from home. I also teach for about four hours each week. Every other week, I have a supervisory meeting, a group seminar, a department seminar, and a journal club. While I do work late sometimes, most evenings are usually reserved for dinner with friends, watching movies with my flatmates, or occasionally cooking in bulk. I also spend most Thursday evenings playing badminton with colleagues. On alternate weekends, I like to go for walks, but generally they are dedicated to rest and domestic chores such as cleaning and laundry. I mostly cook my own meals but enjoy trying out new places every now and then. I have a balanced approach to money, prioritising both savings and meaningful experiences like travel. I aim to strike a healthy financial balance between being responsible and making the most of opportunities that bring me joy.

What are your monthly expenses?

• A weekly rent of £167 amounting to approx. £716 a month, inclusive of all bills.
• £6.95 per month for my phone contract.
• £20-£25 per month on laundry, barber and other expenses.
• £15-20 per month on public transport and cab.
• £75-£100 on groceries.
• £75-£100 on eating out.
• ~£50 on recreational activities

Do you budget your money? If not, what do you do instead?

I do budget my money to some extent and keep track of my expenses and savings in a spreadsheet. I primarily use my Monzo account for my GBP transactions and my Revolut account for non-GBP transactions. As I pay my rent in quarterly instalments, I add the money to a ‘Rent Pot’ in my account to prevent spending accidentally. I usually allocate £350 which I again store in my ‘Expense pot’ from where I withdraw as I need. I typically spend about £1250 a month (including my monthly weekend trips), so I save about £350 a month, which then gets partly used up as I plan big trips during breaks or a trip home (£700-£800 easily).

Where does your money come from?

My primary source of income is my PhD stipend, which is £1603.08 for the 2024-25 Academic Year, and I am paid this in advance monthly instalments. I also get paid about £175-£350 (subject to my contract hours) a month from October to May as a Graduate Teaching Assistant. From my casual contract part-time roles at the University, I get about £200 a semester, amounting to £50 a month.

What I spent last week:

I spent £71.77 – quite an eventful week.

Tap a card to see what was spent each day!

How does your lifestyle fit in with your money management?

Some days, especially when I go out with friends, I spend more than usual, but on many weekdays, my only expense is a small grocery top-up. The money I spend on experiences that bring me joy is offset by quieter days when I simply go to work and come home.

Were there any costs that surprised you when you began your research?

Were there any costs that surprised you when you began your research?

There weren’t any unexpected costs related to my research when I began. However, since my research funding includes only £3,500 for 3.5 years, it has significantly limited the number of conferences, training sessions, and workshops I can attend, as well as my access to research facilities outside the university. Finding supplementary funding has been a constant challenge. On a broader level, Manchester is an expensive city, and inflation has only made things more difficult. Despite these challenges, I’ve managed to find a balance that works for me over time.

How do you feel about your relationship with money? Does it ever worry you? Does it affect your day-to-day life?

I have a good relationship with money, so it doesn’t really worry me or affect my day-to-day life. I manage my finances well and maintain a balance between saving and spending, which allows me to cover my essentials while enjoying experiences that matter to me.

Have you ever accessed University-provided support to help with your finances? Did you find it helpful?

No, I have not.

If you were to start your research for the first time again tomorrow, what piece of money advice would you give yourself?

I’d advise myself to stick to a well-structured budget, as living in an expensive city like Manchester, especially with rising inflation, means that costs can add up quickly. Being mindful of spending patterns—balancing essential expenses with occasional treats—has helped me manage my finances without feeling restricted. I’d also reinforce the importance of setting aside some money for unexpected costs while making the most of available student discounts.