I'm doing some financial planning. I'm not sure where I'll be going to medical school yet. Just wanted to plan early. I'll be downgrading my lifestyle.
Please critique my in-progress medical student budget below. Did I forget anything? Is the price significantly wrong? etc.
-Tuition and student fees (private school median): $40k est. (MSAR 2007) - needs update
-Books and school supplies $500 x 2 semesters (Do most medical students attend 2 semesters in a year?) (School supplies list calculator, computer, paper, printer, ink cartridges, pens/pencils, notebooks, earplugs, lab coats, etc. - I didn't count stuff I already have. It can still break.)
-Rent in Boston $1000 for a cheap studio apartment (probably in Allston/Brighton) [Update: Today's rate is $1300+ for a studio, $750 est. with roommates]
-Internet and phone $70 a month est.
-Cable $0 (I'll watch shows on my computer.)
-Utilities $75 a month est.
-Food $350 a month (includes coffee, restaurants, everything) [Low, esp. if eating out.]
-Casual Clothes $500 a year (sales)
-Nice Clothes $0 (I'll just wear my old suits.)
-Toiletries $30 a month (Soaps, lotion, eye drops, alcohol, vitamins, toothpaste, floss, mouthwash, laundry detergent, laundromat, deodorant, cold/flu medicines, paper towels, toilet paper, etc.)
-Furniture $150 (Something always breaks)
-Hardware/Supplies $10 a month (Duct tape, painters tape, paint, tools, step stool, drain snakes, fans, etc.)
-Cleaning or cleaning supplies $5 a month (tile cleaner, windex, vacuum bags, dusting, dish detergent, sponges, brushes, etc.)
-Gym: $20 a month
-Transportation: $60 a month est. for subway or bus pass (I don't drive yet.)
-Dry cleaning $100 a year (I'm guessing I won't need that much in med. school)
-Hair cuts $25 a month
-Retirement $0 (postponing contributions while in med school except to drop to a lower tax bracket if I'm barely over the limit - wise or not? If working, I'll contribute to a roth unless employer matches for another kind of account. I hear it's not advisable to work during med school.)
-Gifts $0 (I'll write letters instead.)
-Emergency fund $0 - is the amount I plan to contribute while in med school (as long as I have a savings)
-Misc./Entertainment: $75
-Medical $2000 a year (includes emergencies, glasses, health insurance copays and deductibles, prescription medications if any, dental, etc.)
(I'm going to start monitoring my spending on the supplies I am currently using to make sure I can get by on this budget, and to see if I can cut back.)
I plan to make this into an Excel budget like the one here: http://www.fatwallet.com/forums/finance/1248359/
Edit: Updates are in red.
Please critique my in-progress medical student budget below. Did I forget anything? Is the price significantly wrong? etc.
-Tuition and student fees (private school median): $40k est. (MSAR 2007) - needs update
-Books and school supplies $500 x 2 semesters (Do most medical students attend 2 semesters in a year?) (School supplies list calculator, computer, paper, printer, ink cartridges, pens/pencils, notebooks, earplugs, lab coats, etc. - I didn't count stuff I already have. It can still break.)
-Rent in Boston $1000 for a cheap studio apartment (probably in Allston/Brighton) [Update: Today's rate is $1300+ for a studio, $750 est. with roommates]
-Internet and phone $70 a month est.
-Cable $0 (I'll watch shows on my computer.)
-Utilities $75 a month est.
-Food $350 a month (includes coffee, restaurants, everything) [Low, esp. if eating out.]
-Casual Clothes $500 a year (sales)
-Nice Clothes $0 (I'll just wear my old suits.)
-Toiletries $30 a month (Soaps, lotion, eye drops, alcohol, vitamins, toothpaste, floss, mouthwash, laundry detergent, laundromat, deodorant, cold/flu medicines, paper towels, toilet paper, etc.)
-Furniture $150 (Something always breaks)
-Hardware/Supplies $10 a month (Duct tape, painters tape, paint, tools, step stool, drain snakes, fans, etc.)
-Cleaning or cleaning supplies $5 a month (tile cleaner, windex, vacuum bags, dusting, dish detergent, sponges, brushes, etc.)
-Gym: $20 a month
-Transportation: $60 a month est. for subway or bus pass (I don't drive yet.)
-Dry cleaning $100 a year (I'm guessing I won't need that much in med. school)
-Hair cuts $25 a month
-Retirement $0 (postponing contributions while in med school except to drop to a lower tax bracket if I'm barely over the limit - wise or not? If working, I'll contribute to a roth unless employer matches for another kind of account. I hear it's not advisable to work during med school.)
-Gifts $0 (I'll write letters instead.)
-Emergency fund $0 - is the amount I plan to contribute while in med school (as long as I have a savings)
-Misc./Entertainment: $75
-Medical $2000 a year (includes emergencies, glasses, health insurance copays and deductibles, prescription medications if any, dental, etc.)
(I'm going to start monitoring my spending on the supplies I am currently using to make sure I can get by on this budget, and to see if I can cut back.)
I plan to make this into an Excel budget like the one here: http://www.fatwallet.com/forums/finance/1248359/
Edit: Updates are in red.
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