The tldr version is this
I only have a couple hundred dollars a month to spare. This is unlikely to change for at least 4 years. What should I do with such limited resources and not much currently saved? I have included details below for those with an interest or who may offer advice on how to improve my budget. I am not super financially savvy, but am trying to learn.
Life situation
I am a 25 year old graduate student in Collegetown, USA. My relationship status is single af (much to my mother's dismay), and I have 1 cat (who else would I tell my secrets to?). I lead a pretty modest lifestyle and don't mind cultivating mustachian habits like trimming my own hair, biking, living with a roommate, and cooking at home. My primary indulgences are the gym & other fitness-related hobbies, but as a (mostly bored) single lady, I also go out on the town once a month or so (with limited success).
I do not have any debt, but I also don't have much saved. This was a conscious decision- albeit not a very smart one. For the last couple of years, I toiled away at a MS while working part time in a job I could pursue full time upon completion of that degree. I focused on staying out of debt while I was a student, with the assumption that I would soon start working and could put my low wage days behind me. Then, I decided to pursue a PhD instead of getting a "real" job, and learning to save and live comfortably on a very modest salary became a serious concern. I have about 3.5 years left before I complete a PhD.
Gross salary/wages/grad school machinations
For me, income varies a lot. My take home salary is $18,200/year after taxes, or about $22,000/year pre-taxes. It is almost routine for me to get bumps to that in the form of no-strings-attached scholarships, grading fellowships, and the occasional side hustle. In the last 6 months, I've made about $3,000 extra through such means. I usually save all extra sources of money, but I do not count on making anything beyond my normal pay. Obviously my salary isn't great right now, but outside work is frowned upon because it distracts from research (prolonging time spent in grad school) & endangers the likelihood of finishing a PhD. I know I could make more with a real job than as a graduate student, but I enjoy what I do and don't see it as work.
Also, tuition is free for me (and has been throughout grad school).
Pre-tax & other deductions
Pre-tax & other deductions are pretty much non-existent. There is no 401k option offered to grad students, health coverage is basically free (s/o to the student employee union), and student fees are covered by my program or minimal (aka you can opt out of the ~$10/year contribution to student radio).
Note to other potential grad students: LOOK INTO THIS. At the university where I got a masters, there were semester fees for graduate students. In the fall and spring they were anywhere from $650-$800 each, so up to $1600/year. Ouch. Health coverage was less than $200 a year, but still resulted in a fee that had to be paid by students.
Current monthly expenses
rent: I pay $440/month
I share a 2 br 2 bath apartment with a roommate.
auto & transport: $100/month that rolls over (currently at negative $194 for the month)
This encompasses all car & bike travel & repair. This far overshoots my normal monthly spending (about $50), but takes into account those times when I need repairs.
I bike to & from work everyday; it is 5 miles roundtrip. I run all errands within my city via bike. That said, I have family that live an hour & a half away, and family about 3 hours from where I live. About once a month, I travel to one of those places. I have a 10-year old car that is paid off and gets a bit over 30 mpg on the highway. If it breaks down, I will not replace it.
bills & utilities: $75/month
This includes phone, internet, electric, insurance. Everything. Heat is included in my rent. Internet is $10/month, after the cost is split with my roommate. Health insurance is free through my university. Electric usually costs $15/month or less. Car & phone are covered by family members, who I then reimburse (this party of one doesn't need a family plan).
gym, etc.: about $100/month.
This includes an $80/month gym membership with unlimited classes. I could use the university gym for $35/semester, but I like being able to workout in a class setting whenever I feel like it and without being surrounded by gazelle-like 18 year olds (no shade if you are one though). My university also has a notoriously horrible gym, too small to serve the many people who use it.
Other than the gym, I go climbing. This hobby could get expensive, but I use the same harness & shoes I bought in 2008 (the shoes have been resoled twice - I will need to upgrade them next time there is a hole). I have a top rope/set up & a few draws. When I go sport or trad climbing it's with people who have the rest of the tools necessary. I rely on their gear & goodwill.
In the winter I cross country ski at local parks. I use a set of skis that were purchased by my parents sometime in the early 80s that they kindly bequeathed to me.
I buy running shoes every few months. I want to do another marathon, but the race entry fees can get expensive (think > $100). I also participate in a turkey trot on Thanksgiving every year with friends & family ($35). I mostly use a free app (Gipis) to make training plans but will spend a few dollars here & there on others.
I guess my $100/month estimate might be low, but on Mint my average for the last 6 months is $97. Some of the cost of gear gets absorbed into other categories. I don't feel bad about spending money on these hobbies, but maybe I deserve to be punched in the face? This is my spendiest weak spot.
Everything else: ~ $685/month
... but I aim for $555/month
I take $125/week from an ATM and use this to cover groceries and extra curriculars (the bar, a new carabiner, clothes, whatever). So, I don't know exactly how much I spend on various categories. That said, I closely monitor my weekly budget - when I only have $30 in my wallet on a Wednesday, spending basically stops. Some weeks I run out of cash & end up charging purchases to my card. Guilt sets in pretty quickly so this is minimal, with a few exceptions.
TOTAL SPENDING should be $1,270/month
My average spending for the last 5 months is $1,400/month. All of the extra amount spent is in the "everything else" category, when I couldn't stick to my guns on the $125/week limit. Amounts spent/month range from $1,100 to $1,500 at either extreme. Seemingly small things like a $100 vet visit or clothes shopping for a conference throw off my monthly spending in a big way.
Assets
$2500 in a roth IRA
$3200 in checking/savings
paid off car
Debt
$0
If something serious happened (like a life threatening medical emergency) & I needed a big chunk of change, I have 2 credit cards. Because I use them responsibly & pay them off diligently, one of the two has a limit over $10,000. I have a hard time imagining how I would get in more trouble than that, but clearly need to work on building a cushion so I can feel secure. I also want to invest in stocks and put more into the IRA.
Questions
In consideration of my remaining 3.5 year sentence in academia, how should I allocate the money I can save? Do I build my savings until I have 6 months of living expenses there and then dedicate the rest to Vanguard funds? Which options should I invest in?
If I had $100 to save, what percentages would you dedicate to the various avenues available?