Money saved before med school

[wya2020]

Just out of curiosity, how much money did everyone have saved up before med school?

I’m trying to decide when to quit my gap year job before classes start - if I should save up more or if I’m doing pretty good for what living expenses and loans will be looking like the next four years

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[golfnerd]

I’m quitting a month before classes start and I’ll have around $3k in the bank. I might do some instacart and shipt in the month leading up to classes for extra going out money

 

[Blueprint Med School]

Just out of curiosity, how much money did everyone have saved up before med school?

I’m trying to decide when to quit my gap year job before classes start - if I should save up more or if I’m doing pretty good for what living expenses and loans will be looking like the next four years

I would do up until anywhere from 2-4 weeks out. You'll want some time to relax, for sure. But you're already doing the best thing by trying to build up cash reserves.

Try and write your med school budget and dry run living it for a couple of weeks. Not only will you save money, you'll see what needs tweeking.

David D, MD - USMLE and MCAT Tutor
Med School Tutors

 

[deleted1053887]

Quitting two months before, but I saved up about $20k over two years (stimmy checks helped out a lot and I'm not a big spender). I still feel like it's not a lot considering the loans I'll have to take out...

 

[LiteralLungs]

What is the best thing to do with money in savings? I also have about 20k. Should I put it all towards tuition? Or should I try to spend a bunch of it? Get Lasik?

 

[IlDestriero]

Every dollar you earn now is a dollar you’re not borrowing and $1.50 or so that you’re not paying back later. Having said that, take a few weeks off, take a trip, etc. it’s about to be a long 4 years, followed by another long 3-7 years. Lol!

 

[deleted1053887]

What is the best thing to do with money in savings? I also have about 20k. Should I put it all towards tuition? Or should I try to spend a bunch of it? Get Lasik?

I'm planning on using like $10k~12k for housing/food costs for the first year of med school, and a couple thousand more to pay for tuition not covered by loans/scholarship. The rest I think I'm going to save for a rainy day because you'll never know what can happen. That being said, I don't see a huge problem in taking a little to spend on yourself before school starts.

 

[viralhiker]

I'm gonna chime in to say that after moving costs I will likely be entering med school with very little to nothing in savings... Y'all coming in with $20K in the bank are killing it.