It's no secret that pursuing a PhD is not exactly a lucrative choice — whilst in these kinds of programmes, you are going to have to be careful with your spending. But how bad are we talking exactly? How much money can you actually expect and what kind of expenses will you have to take into account?

When I was applying for PhDs, everything was a blur. Sure, I knew how much my stipend would amount to, and I knew roughly how much I tend to spend — but I would have appreciated a more in depth breakdown of what to expect.

Not only that, but I feel like I was blinded to a part of the reality of a PhD in the UK: you are more or less expected to fend off for yourself for at least a year, with no guaranteed income. But I'll get to that.

For those of you who are about to embark on a similar journey, and for those of you who are simply curious about what the financial situation of a PhD student in the UK looks like, you've come to the right place. I will give a detailed breakdown of my income and expenses, as well as explain some harsh facts about the available funding.

Note that everyone's situation is different. Personally, I cannot rely on my family, so all the money I am making is all I have. On the flip side, I do not have children or other caring responsibility, making things a bit lighter. My finances are merely an example, and others have significantly different situations. Nevertheless, I hope this will still be illustrative for those of you who need more clarity about the process.

What do you Mean I Need to Fund the Final Year Myself?

Typically, a PhD programme is framed as taking three years. Visit the webpage of any UK university, and you will likely read Ɖ years for full time'. So, if you receive funding, you are going to receive funding for exactly three years. So far, so good.

Only if you know anything about PhDs, it's that most people definitely take significantly more than three years. There are several reasons for that: first and foremost, PhDs are incredibly difficult and often unpredictable — you just don't know in advance exactly what work is needed to make your case. Secondly, the job market is a hellscape.

The job cycle starts in roughly August/September for positions due to start next September/October, so essentially you need to apply a year in advance. Let's say you start applying for jobs in August and aim to finish your PhD before your potential new position starts in (the next) September. Trouble is, you might not find any position. You may secure a couple of interviews, but it's very unlikely you'll get a job. So, come next academic year, you do not have a job lined up — but you may well be able to submit your dissertation as initially intended. Do you submit?

No. By all means, no.

Once you do that, you have to wait one year before you can potentially start an academic job. Why is this a problem? Because that gap on your CV — the year between submitting your thesis and potentially starting an academic job — can work against you. In such a competitive environment, where recruiters are often looking for any reason to eliminate candidates, a year in which you are not affiliated with any institution may just make you stand out in a negative way.

My supervisor did not mince words when they said that, even if my thesis is ready, it might be strategically better to not submit it right away. The reasoning? By keeping my status as a PhD researcher, I could avoid unnecessary penalties during my job search in the upcoming cycle.

Needless to say, this option, whilst strategically sound, is not appealing to me. Why? Because I'm only funded for three years. How am I supposed to pay rent during my fourth one, when I will primarily focus on the job search and getting publications (and likely finishing up the thesis)?

When I raised this question, I was informed that there are several funding pools that I may apply for. Some amount to full funding at the same rate I am currently receiving. Others are smaller pools of £3000 or £4000 that I could potentially apply for, hopefully raising a decent amount to sustain myself in that final year.

And, let's not forget, there is the teaching. So far, I have only been teaching one course per term (there are two teaching terms), bringing in a decent £4000-£5000 per year. If I decide to teach more, that could easily supplement potential gaps in funding.

But if you are like me, reading about these options might give you massive financial anxiety. Nothing is guaranteed. Writing applications is itself extremely draining and consuming of your research time, and all in all I have only been able to find 4–6 potential sources of funding. Given the fierce competition, the chances are slim (everybody is in the same boat, after all).

So, no, I do not want to spend my time anxiously wondering how to pay rent or supplementing with so much teaching that I don't get to write the thesis or papers that I was supposed to be writing. In light of that, here is what I asked my supervisor:

Given my progress so far, and given my abilities, do you think it is feasible for me to finish in three years? Is that something I should aim for in your point of view?

In general this is a good question to ask your supervisor, who is perhaps the most likely to answer accurately. Roughly, here is what mine said: In theory, yes, you could. You have a good work ethic and are making good progress. And still, I would not recommend it. At this stage, almost everyone takes at least four years for their PhD. I feel like it might even look a bit odd on your CV to have completed it in three years — it might seem like you rushed through it.

They are right. By all means, everything they said makes a lot of strategic sense. But this feels like a trap. Either I finish in three years, which is a potential disadvantage on the job market, or I extend, in which case I need to live in constant financial anxiety and have unsteady sources of income like teaching and tutoring. Neither option feels good.

Honestly, the more I considered the situation, the more I felt like I joined a cult. Everyone seems to know that the situation is financially more than precarious, and that there is no good solution. Everyone seems to just accept it and move on. What about me?

Well, yes, it seems like I also have no choice (since I do want to finish my PhD). But if I am to accept this situation, I refuse to end up with £0 in my account. I decided that, no matter what, I will be saving up enough to potentially support myself in a year without funding. How could I possibly achieve that, though, given the measly stipend I have and living in London?

Well, here are the promised finances:

Realistic Finances of a PhD in London

Income:

• Stipend: £1,718.50 per month (non-taxable)
• Teaching (depends on number of seminars taught and the difficulty of the classes): roughly £5,000 this academic year (October to August) (say, £416 per month)*
• Tutoring (depends on requests): roughly £150 per month (though last-minute cancellations make it extremely unreliable)
• Medium: around £430 this year (550$ — some months around 5$, others I may be lucky and have some boosted articles); let's say £35 per month

Total: £2,320 per month (roughly)

*Note that teaching availability will significantly depend on your university. Some universities do not allow PhDs to teach in their first year.

Expenses:

• Rent: £900 per month (sharing with one person, zone 3/4)
• Bills (internet, water, council tax, gas/electricity): minimum £120 per month (much more during winter months)
• Food: around £125 per month
• Gym: £19.50 per month
• Transport (depends on how often I need to go into uni): around £100 per month during term-time, around £50 outside of term time
• Seeing friends: £60–80 per month at most
• Misc (1) (medicine, home repairs/replacements, cleaning products, presents for birthdays, etc): £60 in a particularly tough month (e.g. January, I had an infection and bought antibiotics etc.)
• Misc (2) (going climbing, seeing plays or ballet, books): highly variable; I'd say 30–40 every other month, so let's say £20 per month
• Significant (or unexpected) expenses: this year my phone broke down, so that was an unexpected expense; I also applied for British citizenship, which was essentially £2,000. Together with the phone and other surprise expenses, let's say I spent roughly £3,000 this year in this category. If I divide that by 12, it would come down to £250 per month.
• Subscriptions (Audible, Spotify, phone): £20 per month

Total: £ 1,674.5 (roughly, and at a minimum)

Everything not used goes into savings (with a decent interest rate).

For several months now, I've been able to put a decent amount into savings. It is, of course, not enough. But at the very least, by the time I might potentially need to make use of this money, I will have enough to sustain myself for a couple of months.

And yes, I may be too frugal. I don't eat sweets or snacks (I don't like them), stick to almost entirely homemade meals, do not buy clothes, accessories, or anything unnecessary. When I teach, I bring in my home-made meals and coffee. I get most of my books from libraries, both the university one and my local one, though I do sometimes splurge on a couple of books.

Using Audible has been my way of at least paying less on more expensive books (each book costs one credit, and so most books cost the same — plus there are frequent discounts and 2 for 1 sales). I do occasionally buy a video game, although that is at most one or two per year during discounts. If possible, I cook for my friends at home, or go to their place to avoid eating out. London distances don't always make this feasible.

Personally, this lifestyle does suit me in certain ways; I do not enjoy consumerism and am very particular about what I buy. I enjoy cooking and can whip up meals that I absolutely love at really low costs. But this may not be for everyone. Before applying for and starting your PhD, you need to seriously consider your finances. The only reason that I can live fairly comfortably is because I teach and tutor a lot, and occasionally have an extra income from Medium — and yet am still often plagued by financial anxiety.

If you want to pursue a PhD, absolutely look into your options (note that recent government cuts means that there will be fewer funding options in the humanities). But also do seriously consider the finances and ask yourself if you can do it. Some may choose to get a job for a while to save enough for a smoother PhD ride. Whatever works for you.

Hope this was informative! If you are a PhD student in a different situation (perhaps in a different country or not in the humanities), please let me know what things are like in your case!

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