Money management
Undertaking a research degree will often have a financial impact. Studying full-time will sometimes mean foregoing income and / or depending on a scholarship which may be less than we are accustomed to living on. As it can be distracting to have money problems while studying, doing some kind of financial planning can help in maintaining focus.
Costs Associated with Living
Financial planning is important when living on a restricted budget. Using the information on the following websites might help in working out: how much money is spent on various items, the patterns of expenditure and whether there are areas in which money might be saved.
- Money Matters is a Learning Connection site for students – although designed for undergraduate students, some of the resources are still useful.
- The About Financial Planning site is on the ‘About Network’ and provides a range of strategies for personal financial planning.
- Most banks and financial institutions have budget planners that are relevant to students. This one is the Commonwealth Bank of Australia’s Student Budget Planner (they also have a general Household Budget Planner).
Scholarships
There are living allowance scholarships available that provide students with an income whilst undertaking a research degree:
- Information about scholarships is available on UniSA’s
Research
degrees web site.
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Costs Associated with Research
All research involves costs and these need to be budgeted for at all stages. Being as precise as possible, develop a projected budget for each year of your research and revisit it during your Annual Review of Progress or other suitable time.
Some of the common costs associated with research relate to:
- Equipment
- Software
- Travel
- Stationery / postage / office needs
- Phone / fax / email
- Photocopying
- Books / Library charges
- Conferences
In covering these costs it is useful to find out:
- What expenses are covered by the Division / Institute, School and Research Centre, and the reimbursement process for research related expenses (ask supervisors or Research Degree Coordinators
and see
Statement of minimum resources).
- Whether there are grants or bursaries available for particular aspects
or phases of the research (see
Scholarships information)
- Whether an industry partner might be interested in supporting the research (speak with supervisors)
- Whether there are opportunities for doing some tutoring or lecturing to supplement your income (speak with supervisors and course coordinators
and see
sessional
academic staff register). Please note that scholarship holders may be limited as to the number of hours per week they can work while receiving a scholarship.
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