How Much Do I Earn and Spend as a PhD Student?

TL;DR

A 25-year-old PhD student in Dublin reports monthly earnings of €4,508.16 and expenses totalling €2,198.59. They highlight the significance of tracking spending to identify savings, focusing on areas like takeaways and subscription services to improve financial management.

Transcript

hi everyone and welcome back to my channel today's video i'm going to be sharing with you everything that i spent in a month and everything that i earned in a month as a 25 year old phd student living at home in dublin ireland just a quick disclaimer for this video i am not trying to brag i am simply telling you what is going on for me what my spen... Read More

Key Insights

• 🆘 Conducting monthly financial reviews helps individuals be more aware of their spending habits and identify areas for improvement.
• 👪 Living at home with family is common in Dublin due to high rental costs.
• 🥺 Recognizing areas of potential savings, such as reducing takeaways and optimizing phone plans and entertainment subscriptions, can lead to improved financial management.
• ⌛ One-time expenses for necessary purchases can significantly impact monthly budgets.
• 🈷️ The content creator's total expenses for the month amounted to €2,198.59, while their earnings totaled €4,508.16 after tax.
• ❓ The remaining earnings were allocated to savings, highlighting the importance of financial planning and considering investment options.
• 😑 The content creator expressed a desire to learn more about investing and setting up a pension account for future financial security.

Questions & Answers

Q: Why is it important to conduct monthly financial reviews?

Monthly financial reviews allow individuals to be aware of their spending habits and identify areas where they can potentially cut back and save money. This helps in better managing personal finances and avoiding unnecessary expenses.

Q: How common is it for 20-something-year-olds to live with their parents in Dublin?

Living at home with family is quite common among young adults in Dublin due to the high cost of rent. Many individuals choose to live at home until they are financially ready to afford independent living.

Q: What are some areas where the content creator identified potential savings?

The content creator realized that they were spending a significant amount on takeaways and eating out. They also identified unnecessary expenses in their phone plan and entertainment subscriptions, which they planned to cut back on.

Q: Did the content creator have any one-time expenses during the month?

Yes, the content creator invested in a work-from-home setup, purchased bedroom furniture, and bought YouTube equipment. These were considered one-time expenses that may not occur every month.

Summary & Key Takeaways

• The content creator provides an overview of their monthly spending and earnings as a 25-year-old PhD student living in Dublin.

• They emphasize the importance of being aware of where money is going by conducting monthly financial reviews.

• The creator breaks down their expenses into categories such as rent, toiletries, groceries, takeaways, entertainment, phone, books/music, working from home, bedroom furniture, and YouTube equipment.