Personal Finance for PhDs

In this episode, Emily interviews Dr. Sophie Lewis, who recently completed her DMA in Music Education at Boston University. Sophie served on the bargaining committee for the BU grad student union through their first contract negotiation, which included a nearly 7-month-long strike. She shares the incredible accomplishments of the union over that period as well as what didn't make it into the contract and how the strike finally ended. Sophie's own pay rate and personal finances radically changed for the better through that same period, both because of the union's efforts and her personal actions.

In this episode, Emily interviews Elle Rathbun, a rising 7th-year PhD candidate in neuroscience at UCLA and repeat podcast guest. Elle explains the budgeting principles of giving every dollar a job, getting a month ahead, and sinking funds, which are bundled together in the software You Need a Budget or YNAB. She shares how she has used YNAB since she started graduate school and how it has benefited both her net worth and anxiety about money. Elle is now planning on a career transition into an MBA program and career in venture capital, a pivot that would not be possible without the nest egg she built during grad school.

In this episode, Emily interviews Dr. Emily Garbinsky, an associate professor of marketing at Cornell who studies how couples behave with their money. Emily first reviews the common models for structuring money within couples and the surprising effect the choice has on relationship satisfaction. Emily and Emily then discuss income disparities, such as those between a PhD trainee and a higher-earning partner, and how power dynamics can affect how couples choose to split expenses. Finally, Emily shares her thoughts about how to adapt when an income disparity shrinks or even flips and the unique career challenge facing academics and their partners.

In this episode, Emily interviews Madeline Hebert, a 5th-year PhD candidate at the University of Connecticut and married mother of a toddler and newborn. Madeline shares how her money mindset has changed over the last several years, from poring over every last expense in her budget to investing in frugal strategies and increasing her income through fellowships and paid projects. She also details the systems from which she has drawn financial support, chiefly through state childcare benefits and her grad student union. The total value of these benefits is so high that Madeline chose not to pursue a $100k one-year fellowship because it would have negatively impacted her family's bottom line.

In this episode, Emily interviews Quinn Nguyen, a 4th-year PhD student in chemistry at UC Irvine. Quinn has been highly intentional with her finances during graduate school. She maintains a zero-based budget, uses targeted savings accounts for her cat and annual trips to Vietnam, keeps emergency savings, and pays herself first into a Roth IRA. She also lives in subsidized graduate student housing and drives an electric bike in addition to a car. Quinn and Emily discuss the advantages of these practices, specifically the Roth IRA, and how Quinn has developed confidence that she can make her finances work no matter what life throws at her post-graduate school.

In this episode, Emily shares the microinterviews she recorded at two conferences this year and solicited from subscribers to her mailing list. The prompt she gave to everyone was "What is your best financial advice for a funded graduate student matriculating in fall 2026?" Emily was curious whether the advice would be timeless or unique to 2026, and you can listen for how the respondents interpreted it. You'll hear first the responses from the conference attendees at the Graduate Career Consortium Annual Meeting in June 2026 and the Higher Education Financial Wellness Summit in July 2026. Virtually all of these respondents work at universities, and most have PhDs themselves. Second, you'll hear the responses submitted by Emily's mailing list subscribers. Some of them came in audio form and some in written form, and Emily voices the written submissions. She also make a few comments in between some of the submissions if there are podcast episodes that relate to the given advice.

In this episode, Emily interviews Janna McKay, a Certified Student Loan Professional (CSLP) who works as a consultant for Student Loan Planner. They discuss the changes to the federal student loan program brought about by the One Big Beautiful Bill Act of 2025 that were implemented on July 1, 2026. For both continuing and new PhD students, Janna shares the federal student loan borrowing limits in play and the available repayment plans, emphasizing caution for graduate students who hold significant student loan debt taken out prior to July 1, 2026 who are weighing taking out another federal student loan with closing a funding gap in a different manner. Janna and Emily also discuss the updates on the Saving on a Valuable Education (SAVE) plan, how all the income-driven repayment plans intersect with Public Service Loan Forgiveness (PSLF), and the possible advantage to waiving deferment in favor of enrolling early in the Repayment Assistance Plan (RAP). This episode is a must-listen for any graduate student who is considering or will consider taking out a federal student loan going forward and any PhD or PhD-to-be who is currently holding federal student loan debt.

In this episode, Emily interviews Richard Coca, a 3rd-year PhD student at Boston University. Richard breaks down his budget, detailing his top five largest expenses: rent, groceries, eating out, hobbies, and social spending. He rents a bedroom and private bathroom in a shared home convenient to public transit in East Cambridge, and the higher rent is offset because he does not own a car. Richard has developed two intensive hobbies since starting grad school: running and stand-up comedy. To participate in those hobbies, he spends on race entry fees, shoes, and drinks and meals at venues. Richard used to overwork and be much more frugal; he now spends more on his hobbies, eating out, and friends, but he's still reaching his goal of maxing out his Roth IRA every year. He feels mentally and physically healthy and is happy with his work-life balance.

In this episode, Emily explores how to save money as a funded graduate student so that you aren't in a constant state of financial stress. The first step is to open a savings account and establish a regular savings rate, even if it's only $5 per month. Second, you must either increase your income or decrease your expenses. Both may seem impossible in your current circumstances, but Emily introduces numerous accessible options that grad students have used in the past for each approach, including the unique opportunities available to you as a graduate student.

In this episode, Emily interviews Dr. Leslie Wang, the professor-turned-solopreneur behind Your Words Unleashed and repeat podcast guest. Leslie works as a developmental editor and career coach primarily for academics. Leslie and Emily discuss in detail how Leslie manages her time and money, balancing the appointments and payment schedules of approximately three dozen clients throughout the year. Leslie has molded her business to fit the life she wants to live, including frequent travel and personal and familial pursuits.