Budgeting for Dental School

[bdr2020]

Hi everyone! I'll be attending Creighton in the fall and would love some assistance in the budgeting process. I know every school's website budgets things out a little, but I was wondering what everyone was actually spending and how they were budgeting and maybe tips on how to best save money. I'm also trying find what credit cards might be best for me as a student.

I would love to see if some current dental students could create accounts at Creditkarma or Mint (Don't worry they're free!) to actually see the amount and percentage of different spending categories since you started dental school and share some of that information with us!

I have a certain limit I want to spend over the entire course of dental school, so any help to keep me below that limit would be awesome!

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[THS]

I have a Mint account but I never really use it. I live off ~$1100-1200/month. $727 goes to rent. About $30 goes to utilities (although this is $100/month during June, July, and August). The rest I spend on groceries ($50-60 per week). This is just outside New Orleans, in a less-than-desirable apartment complex.

@Incis0r may be able to provide some solid budget advice.

 

[Incis0r]

Thank you for the mention, @THS . And btw, that is a very Mustachian budget . I am jealous. I don't think I can beat $1100/month!

@bdr2020 , good for you for thinking about this so early. Your future loan-repaying self thanks you. What is your "certain limit" that you want to stick to? I can help you brainstorm some ideas based on your numbers/preferences.

Off the top of my head, here are some of my own views/ideas that I plan to follow once I begin:

1) Your largest living expense costs, assuming you have no dependents, will likely be rent and food.

2) It is better to live closer to school and pay slightly more for rent, but not need a car or pay exorbitant amounts in commuter fees and waste countless hours of your precious time in commuting. For the occasional trip to the airport etc., call an Uber or cab.

3) On the topic of commuting- look into bicycles. Bikes are so underrated in today's society. I'm sure the $2/gal gas is not helping either. Biking is a great way to get to/from where you want to go, it's exercise, it's healthy, it's invigorating, and it's FREE. Save yourself the thousands of dollars in car insurance + registration fees + parking fees + license renewal fees + fuel costs + maintenance costs. Plus let's be real- you're going to be sitting ALL DAY in dental school. Staying sedentary too much is really bad for you. Give your body the gift of staying active.

Don't be a car clown (@THS I couldn't resist linking to MMM. Must. Spread. Mustachianism!).

4) Food: Go to REDDIT and use the r/mealprepsunday and r/eatcheapandhealthy subreddits to find some fantastic ideas. It'll give you tasty food, your body the nutrients it craves, and your brain the long-term, sustained energy it needs to succeed in dental school. Plus I find it relaxing to make my own food, and it's MUCH cheaper than the junk you get outside. Definitely treat yourself with friends, but 90%+ of your meals should be your own. An added benefit is that you cut your food costs by so much compared to someone eating out all day every day.

These are just some general thoughts. I hope they help a bit.

 

[Queen Beach]

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[bdr2020]

Thank you all for the responses. I think living in the midwest a car is a near necessity. So to me it also makes sense to save money on rent and commute a little longer especially during the winter! @Incis0r those reddit posts are great! Thanks for that, that will come in handy for sure. What about expenses directly associated with school? Like how much are most of you actually pay for books and instruments. Creighton's website says to budget around 8000/yr for that, would that be a reliable figure?

 

[THS]

Thank you all for the responses. I think living in the midwest a car is a near necessity. So to me it also makes sense to save money on rent and commute a little longer especially during the winter! @Incis0r those reddit posts are great! Thanks for that, that will come in handy for sure. What about expenses directly associated with school? Like how much are most of you actually pay for books and instruments. Creighton's website says to budget around 8000/yr for that, would that be a reliable figure?

For me, textbook fees, equipment fees, instruments, etc are all bundled with tuition and are paid at the beginning of the year. However, that seems about right.
If you get any refund money from your loans, put a couple hundred dollars aside for random bookstore expenses. Every now and then I'll have to buy some typodont teeth, replace a waxing instrument, buy scrubs, etc. If you plan on taking NBDE I after your first year (which I recommend), put aside a hundred bucks or so for prep materials. You'll be able to find a used set of Dental Decks from an upperclassman for $50-$100.

 

[Incis0r]

I find living 15 min from school ~50% cheaper than what my classmates spend living at 5 min from school. I'd rather save those $500 dollars and spend extra 10 min commuting.

Cooking your own food is possibly one of the best ways to not have high recurrent expenses.

Yeah I agree and 15 mins isn't bad at all. Everyone's situation will be different based on where they are going for dental school. It's ridiculous of me, for example, to expect someone living in downtown Boston/Tufts to rent for $1,000/month and have a place to themselves.

Thank you all for the responses. I think living in the midwest a car is a near necessity. So to me it also makes sense to save money on rent and commute a little longer especially during the winter! @Incis0r those reddit posts are great! Thanks for that, that will come in handy for sure. What about expenses directly associated with school? Like how much are most of you actually pay for books and instruments. Creighton's website says to budget around 8000/yr for that, would that be a reliable figure?

Regarding the car vs. bike thing- honestly if not having a car will significantly/negatively impact your life, then by all means get one. It's just a personal choice.

No comment on expenses directly associated with school since I am not a dental student yet.

 

[PocketRocket]

4) Food: Go to REDDIT and use the r/mealprepsunday and r/eatcheapandhealthy subreddits to find some fantastic ideas. It'll give you tasty food, your body the nutrients it craves, and your brain the long-term, sustained energy it needs to succeed in dental school. Plus I find it relaxing to make my own food, and it's MUCH cheaper than the junk you get outside. Definitely treat yourself with friends, but 90%+ of your meals should be your own. An added benefit is that you cut your food costs by so much compared to someone eating out all day every day.

Thank you thank you thank you