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Average living costs per month
Started by Dr Dazzle
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gmcguitar4
If you are looking at NYC..crazy expensive. Looking a Buffalo..not so much. It will vary widely per school location/your needs/family contribution.
As others have said--it all depends.
I would encourage you to just start with a Microsoft Word Budget Template and start learning how to manage your assets and income.
I would encourage you to just start with a Microsoft Word Budget Template and start learning how to manage your assets and income.
It will vary, but suffice it to say that everyone I know in med school lived quite comfortably on the cost of living allowance that the school gave them.
Survivor DO
Survivor DO
As people said, it really could be anything. To give you a range, its usually somewhere between $20,000 and $40,000 per year.
I lived off 14,000 last year during my gap year. I'm looking to do more of the same in med school.
You are probably an exception, but like I said usually people spend somewhere in that range. Does that include things like health insurance (its more in med school) or other things you might need 3rd and 4th year like a car, auto insurance, travel expenses, etc.
$14K/year isnt that low for a single person. It really depends on if you get low rent, and have a low (or no) car payment. If thats the case, you could be living pretty well on nearly $1200/mo.
I wonder if you can alleviate the cost of living in major cities like NYC, Boston, by living on the outskirts of the city. I don't hear of that many ppl doing that though, maybe the commute is too long, annoying or expensive. But thinking for NYC you could find less costly apartments if you live in nj but live in a part of nj thats only a train or short ride away from the city.
Well, that depends. If you are single and your school offers $40K...then no.
Probably the best idea is to try your best to make a budget. Look how much you need, including a little for entertainment and a little to save for emergencies. Its probably a good idea to try and live frugally (dont have to live on ramen, but just dont go overboard). Then, most schools tell you that if you find that you'll be running out of money in a couple months, as long as you have budgeted conservatively and under the COA, they can give you more money in about 2-3 weeks.
Thats info from a couple Financial Aid presentations from this past interview cycle
I would do that, but keep a budget and try to live as cheaply as possible. Grad PLUS loans are what, 7.9% right now? Be aggressive about scholarships, they're out there and will lower your overall debt load. You can save a ton of money by living close to school (within biking distance) with roommates, wherever your school is. Cars are a money pit, and apartment complexes tend to overcharge heavily compared to houses. Also, learn to cook if you don't already.
Without a car and the expenses that go with it that makes sense, but gas, insurance, and annual expenses like oil changes, inspections and emissions, registration, etc. cost me in the realm of $300 per month. The cheapest studio apartment in my area is also around $600 per month, and health insurance is another $150. Add $70 for internet (comcast) and phone (Vonage), and I'm already at $1120 per month, and that doesn't include the cost of food or a cell phone. When I was single, I was easily spending $1500-$1600/month and cost of living is pretty low where I am.
Im not saying anyone has to live on that...but, you don't have to have a studio apartment, you could have roommates, and get rent for $400ish. Your internet should be closer to 35-40/month (home phone, really? 😉 ) and health insurance 50-60, not 150! Cell phone 50.
registration is $100 (and most states its every other year...Safety.emisisons 15) Oil change 2-3 x's a year 90. that all comes to like 20-30 a month, not 300.
Food 150/month
Entertaininmemt 100/month
thats getting close to $800...you can fill in the rest of your expenses. Again, not saying anyone has to live on that, but its very doable.
I don't know how in the world people only spend $150 a month on groceries. People do it and I just don't understand. I spent at least $75 a week when I was in college and that was fruits, veggies, meat, stuff to make sandwiches, cereal and decent food to make dinner with, rarely ever eating out and I weigh 110 and I don't eat that much compared to family and friends. People must seriously clip coupons because there is just no way.
But again it depends on location, because I live in one of the most expensive states to live in so it may just be me.
Don't get me wrong, I'm not saying its not possible, just that its not common.
In my area, $40/month will only get you the lowest speed DSL (not doable for me 😛). $55 gets me a decent cable speed for streaming, and another $15 is for the landline (have to have one in my building). I can't find a $50 health insurance plan that covers more than just ER visits. The cheapest in my area for my age range is $130-$150/month. Maybe if I qualified for medicaid that wouldn't be an issue.
As far as the car goes, that $300/month covers annual emission/inspection ($65 at the cheapest if you don't need break pads or anything), annual registration, 3-4 oil changes a year, any repairs or parts like tires (roughly one every year, 4 every 4 years - $60 a piece), auto insurance, other random maintenance (e.g. fuel pump, tranny fluid flushes, etc.) and the $140 I spend on gas every month (I know its a lot, but lots of family in the area means lots of driving). Owning a car is pretty much my biggest stand alone expense.
Obviously some places are more expensive for certain things than others, but it usually balances out.
