The image shows several stacks of coins placed on a white surface, increasing in height from right to left. A black graduation cap with an orange tassel sits on top of the tallest stack of coins, visually linking education with financial investment. In front of the stacks lies a rolled diploma tied with a piece of string. Additional loose coins are scattered in the background, slightly out of focus. The overall composition conveys themes of education, academic achievement, and the monetary costs or returns associated with higher education.
As you already know, my fellow grad student, we are not among the best-paid occupations. Hopefully, you plan, stick to a budget, avoid accumulating too much debt, and regularly check your bank statements to take control of your finances. In this post, I want to go a step further and provide you with some financial tips and tricks to save (and earn) more that may better serve our context. Putting them in practice has saved/earned me +$4k last year, which is pretty significant. You should also check out the posts from our ongoing “How to survive grad school” series (like this or this) and many more Gradifying blogs for free resources and activities that will lessen your spending.
A few disclaimers: I’m married, and both my husband and I are international PhD students in engineering at Queen’s. We do not have children. I have personally done or tested everything on this list over the past 2 years. Gains are yearly estimates based on personal experience.
1. Taking advantage of promotional accounts and referrals (Gains: up to $1k)
Most banks offer new-client bonuses that give you cash back for opening and funding an account. If you combine that with a referral code or link, you can further boost your free-money earnings! There are, of course, conditions. A common one is depositing your payroll for a set period of time. So, you need to time your account-opening activity accordingly and read the terms and conditions thoroughly.
In addition, especially if you are an international student like me, you know how hard it is to save or set money apart for investing while on a grad student stipend. For whatever reserve I can build, I use a high-yielding savings account. Many have a promotional period when the rate increases; if you can juggle two or three of these yearly, you can always take advantage of the increased rates by transferring your money between accounts. I have currently been using mainly Tangerine and Simplii for these purposes.
2. Using providers on the SGPS Health & Dental Plan’s Network (Gains: up to $1.7k)
I’m confident that most students know and make use of . Our supplemental insurance through the Society of Graduate & Professional Students covers A LOT of our health-related needs. You should see providers in the network to take full advantage of the benefits and have up to 100% of your expenses covered. The current preferred pharmacy is Rexall. Over the years, in addition to discounted expenses, I have received “free” prescription glasses and drugs, dental procedures, blood tests, eye and health exams (including gynecological), vaccines, and a bruxism device.
3. Applying to the SGPS Financial Assistance Program (Gains: up to $800)
consists of various subsidies that target unavoidable expenses students may incur (health costs, gender-affirming care, academic conferences/mandatory equipment, and urgent technology needs) and support members’ academic pursuits. The application is online and easy to complete, but you need to provide proof of expenses. An applicant may only receive the maximum amount from each Financial Assistance subsidy once per year. If the applicant does not reach the maximum amount with their first application, they may reapply under the same category until the maximum is reached.
4. Participating in Queen’s surveys, studies, and activities (Gains: up to $600)
If you automatically delete any newsletters and informative emails the university sends, you may be missing out on potential extra income. There’s always advertising for a study seeking volunteers or a survey to be filled out. Many studies offer financial compensation, which varies widely ($10- $500), usually depending on how long you need to commit. Surveys are way less time and energy consuming, but compensation comes in the form of a draw for gift cards or small prizes – so you need some luck here. Sometimes there are also activities, like the Environmental Health & Safety’s scavenger hunt. Last year, I got some treats, a gift card, Queen’s merch, and a jar of honey from the West Campus Apiary.