I'm Committed To An Industry That Underpays Me — Will I Ever Have Savings?

! Even though you’re still trying to find a way to break the paycheck-to-paycheck cycle, a bump in your income is certainly a step towards a healthier and more stable financial future. You’re taking fiscally responsible action, from keeping food costs down to having a second job and living in a low-cost city. Typically, besides food, housing and transportation are the categories where folks spend the most money. So if you’ve got that under control, you’re off to a great start.

In the long term, it’s essential to recognize that your financial stability relies on your earning ability. Being able to save, invest, and pay down debt is ultimately a function of your earnings, not just your ability to reduce your expenses. Take the time to look honestly at what’s on the other side of the doctoral program.

As you progress in your doctoral program, be strategic about your future earnings. Keep your possible future paths in mind as you choose which new skills you’d like to work on and meet folks that could expand your network and possibly be a source to tap forCommunity is a vital aspect of our overall health. It sounds silly of me to promote community and belonging as a contributing factor to one’s personal financial wellness, but not all problems can be solved by the individual.

A community can give us ways to find meaning outside of our careers, give us opportunities for personal growth, heal financial trauma, and play a role in our general sense of well being. We can build and maintain meaningful relationships through community, which can translate to mutual support. Having a community can expand your network of opportunities, knowledge, access, and various forms of support that can indirectly and directly impact your financial well-being.

Start where you are. Take small steps. Little, consistent actions add up over time and make a big difference, like waves eroding rock to create a cliffside. Even if you can onlywith each paycheck, like 1% of your income, it’s more important to start building the habit now. Then, as you earn more, you can slowly increase your investment and savings rate. With debt, take the same approach: start where you are and take small steps.

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