The lab is getting bigger! Andrew Hunter {Chopper} and Ami Fadhillah Amir have just joined the lab to do their PhDs - Chopper on performance and Ami on conservation. Ami acquired a prestigious Malaysian scholarship for her work, so we don't know for sure if the following is applicable for her ... but for Chopper, at least, post-doc Sean Fitzgibbon put together a financial plan for his upcoming years of servitude: "Chop, I have just looked at the conditions of your award and spoken with your accountant. We offer the following:
Stipend $23,728 per annum (Tax-free) = $461/wk
Committed expenditure:
Mortgage $380/wk remainder $81
Utilities $28/wk remainder $53
Football subs $17/wk remainder $36
Groceries $23/wk remainder $13
Home brew $8/wk remainder $5
We suggest that you set-up a trust savings account to invest your weekly surplus income of $5. Based on my calculations, after your PhD you should be able to live off your savings (and interest - based conservatively on 6.2%) for approx. 2.1 days. This should really take the heat off when you are searching for a job post-hand-in
Welcome to the familia! Let me know if we can be of further assistance*." - S.F.
*this post is not meant to replace real financial planning and new PhD students should always consult a bona fide accountant for advice on saving vs. spending their income. If they can afford one.