Estimating the cost of medical school expenses - Please critique.

[Gauss44]

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.

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[AdrianVeidt]

Every school has their own cost of attendance. No reason to make your own up.

and lol you must want to get robbed daily if you're only spending 1k a month for rent in Boston.

 

[Gauss44]

Every school has their own cost of attendance. No reason to make your own up.

and lol you must want to get robbed daily if you're only spending 1k a month for rent in Boston.

I like to know what I really spend though. I like to have a budget that I stick to in real life.

And I don't know what "cost of attendance" includes? Is that defined the same by most schools? Does it include living supplies like paper towels?

 

[SN12357]

I like to know what I really spend though. I like to have a budget that I stick to in real life.

And I don't know what "cost of attendance" includes? Is that defined the same by most schools? Does it include living supplies like paper towels?

You are so far ahead of where you should be in planning.

You cannot possibly count on going to school in Boston. Are you that sure you can get into Harvard, BU, or Tufts?

In terms of expenses, each school lets you borrow up to their specified COA. It is supposed to include all expenses you will have in medical school, including residency interviews (most schools have the budgets for all four years posted on their websites). I looked up all of those numbers for the schools I considered applying to and in every case I was confident I could live within the budget as a single person with no dependents.

 

[Doctor Strange]

I like to know what I really spend though. I like to have a budget that I stick to in real life.

And I don't know what "cost of attendance" includes? Is that defined the same by most schools? Does it include living supplies like paper towels?

Cost of attendance at any given school is the maximum amount of money you can be awarded/borrow. I'm pretty sure all schools have a "cost of living" expense added into the CoA that includes rent, bills, groceries, etc. In most cases, it's a very generous estimate.

I would recommend recording your expenses NOW for the next couple of months to get an estimate of what you spend. There are plenty of apps out there that would make this very easy.

 

[PingPongPro]

This thread is pretty silly. Why would you include something as small as 5$ a month for cleaning supplies in an estimation. Your best bet is to just take a look at each school's specific "Cost of Attendance". They usually outline how much money they are estimating for living expenses and stuff. In any case, its going to vary a whole lot depending on what school you attend and where you will be living. Don't worry too much about the specifics right now, just know that you will be in a lot of debt. Worry about getting into a school and choosing a school before ironing out the details of your budget.

 

[TheWeeIceMan]

Don't forget the fact that most schools increase their tuition every year by 5-10%, because, ya know, why not?

 

[kyamh]

Every school has their own cost of attendance. No reason to make your own up.

and lol you must want to get robbed daily if you're only spending 1k a month for rent in Boston.

Or, OP can do the clever thing, get a living room, a full kitchen, a nicer bathroom, and a bigger bedroom while living with a few roommates for less than 1k a month I don't get the allure of studios, they make me feel like a hamster in a cage, not a person in a home. Search for roommates early, if you live in the Mission Hill area it's full of Northeastern students, Harvard med students, Tufts students, and residents at Brigham or Children's - in other words perfectly acceptable roommates for someone who wants quiet to study etc - and you end up paying $600-800 a month.

 

[Gauss44]

You are so far ahead of where you should be in planning.

You cannot possibly count on going to school in Boston. Are you that sure you can get into Harvard, BU, or Tufts?

I might have to make adjustments later. For instance, if I don't go to a Boston school, then I'll substitute in the new city's rental price. I'm just getting started here. It'll make things easier later on.

In terms of expenses, each school lets you borrow up to their specified COA. It is supposed to include all expenses you will have in medical school, including residency interviews (most schools have the budgets for all four years posted on their websites). I looked up all of those numbers for the schools I considered applying to and in every case I was confident I could live within the budget as a single person with no dependents.

Are you confident you can live within their budget without taking out any non-federal loans and without taking out loans that require cosigners? Is this a private school? As a Massachusetts resident, I'm concerned that I will have to pay higher tuition if I don't go to UMass Medical. Thanks for your response.

I would recommend recording your expenses NOW for the next couple of months to get an estimate of what you spend. There are plenty of apps out there that would make this very easy.

Definitely. Only right now, I make a lot more money than I'm likely to have as a student again. Once I get my estimated med student budget down, I'll try it out to make sure that it's livable.

Don't forget the fact that most schools increase their tuition every year by 5-10%, because, ya know, why not?

5-10% is a lot. I hope I get in soon! Thanks for the numbers.

 

[Gauss44]

Entertainment/misc: $75 a month...

 

[mvenus929]

Are you confident you can live within their budget without taking out any non-federal loans and without taking out loans that require cosigners? Is this a private school? As a Massachusetts resident, I'm concerned that I will have to pay higher tuition if I don't go to UMass Medical. Thanks for your response.

Can you live within the budget they provide for med school? Yes. Can you do it while living alone and with the budget you propose? Probably not. Also, you should probably wait until you at least get into a medical school before you start worrying about expenses like this... the amount you spend in a year will vary hugely depending on wear you live and what you have access to (for instance, you may not need a bus pass or a gym membership because those may be provided to you by your school, your rent will vary a fair amount based on where you live, etc).

 

[kyamh]

I don't really understand what you can gain from "planning" now. You can't apply for loans yet...best you can do is start saving. If you are asking about saving, then you need to save as much as you can right now. I say this as a hard-core planner of the future (I had to deal with several large post-undergrad loans and support myself with what I saved in college while I got a job), I just don't see what you are expecting here.

You will spend at least $60000 a year if you don't go to an IS public school. Does it matter right now if it's $55000 or $65000?

 

[Gauss44]

Or, OP can do the clever thing, get a living room, a full kitchen, a nicer bathroom, and a bigger bedroom while living with a few roommates for less than 1k a month I don't get the allure of studios, they make me feel like a hamster in a cage, not a person in a home. Search for roommates early, if you live in the Mission Hill area it's full of Northeastern students, Harvard med students, Tufts students, and residents at Brigham or Children's - in other words perfectly acceptable roommates for someone who wants quiet to study etc - and you end up paying $600-800 a month.

I like the idea of getting a larger place if you do the roommate thing. I use to have 2 housemates, a kitchen, living room, and hallway and it worked out well. They eventually moved out and I got another set of roommates. The second set didn't work out so well because one was super clean and the other on the messy side. Then I got stuck going to "house meetings" every week which was tough on my schedule.

I don't really understand what you can gain from "planning" now.

IMO, it's always wise to have a budget, to know how much you make or lose every month, etc. If nothing else, it motivates me to save and make money.

Why not estimate your student budget early and try to live off of it? I might learn something. I might learn that I need roommates. I might learn that I don't.

It might also be helpful in deciding if I can afford to attend a certain school somewhere down the line. I don't take things for granted. I do the math.

Can you do it while living alone and with the budget you propose? Probably not. .

Thanks for the honest opinion. I would like to assume I'll be in Boston for now. There's always room to adjust later.

 

[mvenus929]

IMO, it's always wise to have a budget, to know how much you make or lose every month, etc. If nothing else, it motivates me to save and make money.

Why not estimate your student budget early and try to live off of it? I might learn something. I might learn that I need roommates. I might learn that I don't.

It might also be helpful in deciding if I can afford to attend a certain school somewhere down the line. I don't take things for granted. I do the math.

I agree, it's good to have a budget. But to have a med school budget before you get an acceptance is silly, because there's so many different factors that go into it.

If you're really concerned, then look at your consumables--your food, toiletries, etc. Cut back on those as much as you can. Then you'll know your limits and can plan accordingly when you get a feel for the rent/utilities in the area you'll be living in once you have an acceptance.

To give you a sense... my total monthly budget is about $1100, but my rent is on the lower side at $550 (I share a 2 bedroom with a classmate) with utilities at about $80. My food allowance is roughly $125, which includes eating out, I have $100 for travel (increased over the last 3 years, since I'll be doing residency interviews this year), $80 for phone, and $100 for 'extras'. I have some additional money tucked away for additional travel and educational expenses. I know some of my classmates have a larger budget, and some have a smaller budget, but mine puts me averaging about $4K less than the CoA budget for my school.

 

[Itsame]

If you're thinking Boston, your rent is going to be higher than 1K unless you get roommates.

Also, gas for heat in the winter is going to kick your ass, especially if you end up with electric, you might want to research for a better estimate there.

Your food expenses in Boston would probably be higher as well, especially if you eat out or even just get drinks just a few time a month.

Budgeting is a good skill!

 

[AdrianVeidt]

Or, OP can do the clever thing, get a living room, a full kitchen, a nicer bathroom, and a bigger bedroom while living with a few roommates for less than 1k a month I don't get the allure of studios, they make me feel like a hamster in a cage, not a person in a home. Search for roommates early, if you live in the Mission Hill area it's full of Northeastern students, Harvard med students, Tufts students, and residents at Brigham or Children's - in other words perfectly acceptable roommates for someone who wants quiet to study etc - and you end up paying $600-800 a month.

Many people don't like having roommates and would prefer to live on their own.

 

[Gauss44]

To give you a sense... my total monthly budget is about $1100, but my rent is on the lower side at $550 (I share a 2 bedroom with a classmate) with utilities at about $80. My food allowance is roughly $125, which includes eating out, I have $100 for travel (increased over the last 3 years, since I'll be doing residency interviews this year), $80 for phone, and $100 for 'extras'. I have some additional money tucked away for additional travel and educational expenses. I know some of my classmates have a larger budget, and some have a smaller budget, but mine puts me averaging about $4K less than the CoA budget for my school.

Thanks for sharing that. I find other people's budgets to be very helpful when planning my own. I'm also interested in seeing other people's budgets who are in medical school.

$125 seems like an extraordinary job on the food budget, if that's how much you spend in a month? (I'm guessing it is because that way your budget adds up to about what you said it is each month. Or the $125 is for the week, and the rent is separate from the monthly budget.) If it's $125 a week: If you don't mind my asking, how do you manage? Is there a super discount store where you live? Do you not eat much? Do you eat a lot of noodles and rice?

I thought about shifting my diet in the pasta direction and adding stuff to the sauce to make it nutritious, or eating lots of burritos with inexpensive rice, beans, and a few additional healthy things. I currently eat a lot of peanut butter and jelly sandwiches on whole wheat which I think is good for studying. The peanut butter has complex carbs and the jelly has antioxidants, both good for the mind.

In Boston, I use to watch for rainy Saturdays to go to the farmer's market at Haymarket. If it started to rain, sometimes the fruit and vegetable stands would just start giving away food or reducing their prices to less than 50 cents. Then I would stock up and fill the freezer. If I did that again, I could reduce my food budget some more. A friend of mine has a garden. That's another way to go.

I also looked at your profile or md app and list of expenses there. I'm glad I applied for FAP.

If you're thinking Boston, your rent is going to be higher than 1K unless you get roommates.

This is either 95 percent or 100 percent true by my estimate. The 5 percent doubt comes primarily from the end of the green line near the Cleveland Circle/Boston College/Reservoir T stop (this area is on the subway although not Boston Proper), rooming houses, rent control (practically a lottery), maybe the Alewife area (on the subway not BP), maybe Jamaica Plain or Quincy (on the subway not BP), starting a lease in the winter or early summer, and sub-standard studios. Anyone who doesn't already have an apartment here should probably put aside maybe $1500 for a studio to be safe, or $1300 if you have time to look around, I think.

Also, gas for heat in the winter is going to kick your ass, especially if you end up with electric, you might want to research for a better estimate there.

That's why my electric bill's so high, and you're right, it could be worse around here.

Your food expenses in Boston would probably be higher as well, especially if you eat out or even just get drinks just a few time a month.

Budgeting is a good skill!

Yeah, eating out is really expensive. Cheapest I can think of is a large slice of pizza from the local shop for about $3-4 plus $2 for a drink, or alternatively taco bell, burger king, or the food court for maybe a little worse. At least $16 a person for an okay restaurant. On rare occasion and while employed (not as a student), I've paid over $50 a plate around here (not alone, of course).

You are missing this: Girlfriend = $1000

Time to increase my "misc." category.

 

[Mr Avante]

Thanks for sharing that. I find other people's budgets to be very helpful when planning my own. I'm also interested in seeing other people's budgets who are in medical school.

$125 seems like an extraordinary job on the food budget, if that's how much you spend in a month? (I'm guessing it is because that way your budget adds up to about what you said it is each month. Or the $125 is for the week, and the rent is separate from the monthly budget.) If it's $125 a week: If you don't mind my asking, how do you manage? Is there a super discount store where you live? Do you not eat much? Do you eat a lot of noodles and rice?

I thought about shifting my diet in the pasta direction and adding stuff to the sauce to make it nutritious, or eating lots of burritos with inexpensive rice, beans, and a few additional healthy things. I currently eat a lot of peanut butter and jelly sandwiches on whole wheat which I think is good for studying. The peanut butter has complex carbs and the jelly has antioxidants, both good for the mind.

In Boston, I use to watch for rainy Saturdays to go to the farmer's market at Haymarket. If it started to rain, sometimes the fruit and vegetable stands would just start giving away food or reducing their prices to less than 50 cents. Then I would stock up and fill the freezer. If I did that again, I could reduce my food budget some more. A friend of mine has a garden. That's another way to go.

I also looked at your profile or md app and list of expenses there. I'm glad I applied for FAP.

You are missing this: Girlfriend= $1000
You don't have to eat burritos, and ramen noodles everyday just to save money. Leave that to the Phds. Even at my age, I spend 200$ +- on fruits and vegetables with the occasional tenderloin, or petit medallions every once in a week.
And... nice you applied to FAP

 

[mvenus929]

$125 seems like an extraordinary job on the food budget, if that's how much you spend in a month? (I'm guessing it is because that way your budget adds up to about what you said it is each month. Or the $125 is for the week, and the rent is separate from the monthly budget.) If it's $125 a week: If you don't mind my asking, how do you manage? Is there a super discount store where you live? Do you not eat much? Do you eat a lot of noodles and rice?

No, it's $125 for the month. Sometimes I go over, sometimes I manage to get under. Part of my 'eating out' budget also comes from my $100 of blow money each month, so I guess my actual food budget is a bit higher, maybe $150-$175/month.

I'm a Sam's Club member, and get a lot of things in bulk there. I eat mostly vegetarian, only really eating meat when I'm eating out or the occasionally chicken or fish dish. Lots of frozen veggies--cheaper alternative to fresh, but still have most of the nutrients. Lots of stir-frys and mexican dishes (bean based). I cook a lot, so I make my own pizzas for incredibly cheap (and I get to vary the toppings), I make some breads on my own. I eat a fair number of peanut butter and jelly sandwiches each month. I cook in bulk and freeze a good amount. I definitely do not eat ramen every day (actually, I think I've only had like 5 things of ramen in the past 3 years). I'm also a girl, and I know guys eat a lot more food than I do, so that's another thing to keep in mind.