Budgeting tips!

[I'mFillingFine]

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Now that loans are coming through and we're starting to realize that we actually have to PAY for dental school, let's all share some good budgeting tips that will extend that $1000/month as far as it can go!!


This is obviously my first time at all this, but my sister gave a few recommendations I thought I'd pass along:


1. When your loans come through in September, pay for a YEAR'S worth of rent (or 6 months, or however much loan money comes through). Same for car insurance, Internet, cell phone, etc. --> Prepay for as many months as you have money for! Then you're paid up...read on...

2. Go to the grocery store and buy $1000 or so worth of gift certificates. Sounds weird, but then you know that money can ONLY go towards groceries (and toiletries).

(Once you've done 1 and 2, you'll know that what's left over is somewhat more flexible and can be played around with).

3. Think about not borrowing the entire amount of your private loan...you'll never have enough money as it is, but it's a lot cheaper to either save up now for that extra few thousands or have a part-time job during school than to have to pay back ANY amount with interest. You don't HAVE to borrow to the max of your budget! I mean, I might anyway, but it's something to keep in mind....

 

[Generallee]

4. Ramen noodles can go a long way for dirt cheap! 👍

5. Save money on new clothes and wear the same scrubs everyday...no one will know... 😱

 

[tinman831]

Seems like your idea of responsibility is to just prepay for everything so you don't get the chance to blow it on stuff you dont need. I say put what you don't spend in a savings account so at least you earn interest on it.

NEVER prepay rent in advance. If something goes wrong with your apartment, and the landlord doesn't get it fixed, you can with-hold rent until it is resolved. If you prepay in advance, you don't have that bargaining chip you would have if you would have held onto that rent.

Also, giftcards may expire or lose value, so be careful if you purchase a 1000$ gift card. If you lose that gift card, you are SCREWED.

Your best bet is to learn to be responsible with your money. Learn how to manage your finances properly and set up your own budget for each month and stick with that plan.

 

[aggie-master]

Seems like your idea of responsibility is to just prepay for everything so you don't get the chance to blow it on stuff you dont need. I say put what you don't spend in a savings account so at least you earn interest on it.

NEVER prepay rent in advance. If something goes wrong with your apartment, and the landlord doesn't get it fixed, you can with-hold rent until it is resolved. If you prepay in advance, you don't have that bargaining chip you would have if you would have held onto that rent.

Also, giftcards may expire or lose value, so be careful if you purchase a 1000$ gift card. If you lose that gift card, you are SCREWED.

Your best bet is to learn to be responsible with your money. Learn how to manage your finances properly and set up your own budget for each month and stick with that plan.

I have to agree with tinman on this one. At this point in your life, you should be responsible enough to set aside money in a savings account and take some of it out once a month to pay for bills and groceries for that month.

 

[luvabully]

I lived on loans this year and what worked for me was to put all my loan money into savings but had my monthly "budget" automatically transferred once a month to my checking. It made me stick to my budget but kept the rest of it earning some piddly interest. I did prepay large bills up front too though like 6 mos of car insurance; anything I didn't pay each month normally.

 

[IntlMed]

..... or have a part-time job during school ...

I was under the impression that you could not even 'think' of a part-time job in D-school? Am I missing something here ?? 🙂

 

[tinman831]

I was under the impression that you could not even 'think' of a part-time job in D-school? Am I missing something here ?? 🙂

Most people simply don't have time to work while in dental school. However, some people are naturally smart and don't have to dedicate too much time to study or they have a job where they don't do much and they can study at work.

 

[mcshow2]

Now that loans are coming through and we're starting to realize that we actually have to PAY for dental school, let's all share some good budgeting tips that will extend that $1000/month as far as it can go!!


1. When your loans come through in September, pay for a YEAR'S worth of rent

2. Go to the grocery store and buy $1000 or so worth of gift certificates.

QUOTE]

First of all, i sure I hope i get more than 1000/month, that is what my rent alone is going to cost! 😱

Second, those two pieces of advice seem afwully silly to me. We are graduate/professional students aren't we? How could we run a practice if we can't save money to buy food?

I think the best advice is to buy only what you need when you need it. Maybe once a month or once every two weeks treat yourself to a "goody" be it a nice dinner, a movie, reasonable piece of clothing, etc.

Here are a few more suggestions...

6. When you talk to your parents tell them how hard you are working and how it's rough living on your budget- by the time you hang up the fun a 20 dollar bill or two will already be in the mail box headed your way. (works for me- you'd be suprised how an extra 20 can improve the quality of your life )

 

[howui3]

I too would put any extra money you have into a savings account. Prepaying rent can be very risky and you would be losing the potential earning in interest. Try www.ingdirect.com ING has pretty good rates for their savings account, they are FDIC insured, guarantee interest, and work just like any other savings account.

Another tip: Look for university housing or find a roommate to cut down on the cost of rent. If you think about it, rent, next to tuition cost is the next largest chunk of your money, so try cutting it down. Eating crappy food for a year is bad for your health, and you want to be healthy to keep up in dental school.

Another tip: if you can live without a car, then do it. You can save A LOT of money by not buying gas, insurance, etc. I know this is hard for those living in Los Angeles, but for those going to school in Boston or NY or any other city with good public transport this is a feasible idea.

And for the guys: Listen to Tom Leykis so you can have a good time with the ladies and save.

 

[IntlMed]

Most people simply don't have time to work while in dental school. However, some people are naturally smart and don't have to dedicate too much time to study or they have a job where they don't do much and they can study at work.

Thanks for that clarification Tinman 🙂 I almost freaked there for a minute when I read the original post.

 

[Trookie]

Emigrant Direct offers 4.5% APY if you open a savings account with them.

http://www.emigrant-direct.com/

 

[Dutchboy]

6. When you talk to your parents tell them how hard you are working and how it's rough living on your budget- by the time you hang up the fun a 20 dollar bill or two will already be in the mail box headed your way. (works for me- you'd be suprised how an extra 20 can improve the quality of your life )

Ya right, my dad would say "welcome to the real world, oh and by the way you still owe me 200 bucks".

 

[superchris147]

Now that loans are coming through and we're starting to realize that we actually have to PAY for dental school, let's all share some good budgeting tips

Get a membership at Sam's club and buy foods that last a long time. For example I live off of rice, mac n' cheese, top ramen, chicken breasts, tuna, spaghetti, peanut butter, sandwhich meat, etc. This stuff lasts a long time and is dirt cheap. Its lacking in variety a little but I guess since i'm a guy it doesn't bother me. Buy beer/alcohol in bulk. Since I know you will be going to buffalo you can go to canada to the duty free stores to buy hard liquor. And lastly, don't go shopping.

The budget you get is really reasonable in my opinion. I go out a lot and eat out a lot and it doesn't bother me. Don't pay for rent in advance simply because you won't be able to use it as leverage if something is broken. Don't buy grocery gift certificates. Put that money into a savings account and at least get a little back.

Don't worry about it, its not that hard

 

[JavadiCavity]

We know people who are renting from private individuals instead of large complexes that have been able to negotiate as much as $300/month (although most of them got closer to a $100 or $150/month discount) off their rent by entering in long-term contracts and agreeing to pay the rent quarterly. They pay 3 months in advance but end up saving between $300 and $900 for the quarter. That is better than any savings account I know of--just don't be afraid to ask and to shop around.

 

[beezies]

I don't think that the gift certificate idea is all that bad if you do it for the things you treat yourself with. For example, I always ask for Starbuck's cards or Dunkin Donuts cards for presents. You can register them online incase they are lost or stolen, and then you don't have to feel guilty about buying yourself a coffee once in a while. I also do this with movie tickets.