For Those of Us Who Are Not Independently Wealthy...

[divinemsm]

....I was wondering just how is it that you are able to keep afloat financially on the terribly limited budget that Stafford Loans affords ? Perhaps it is just me, but I tremble when I think of how I have another two years of being financially destitute , never mind the expense that applying for residency will incur . Any input would be greatly appreciated !

M.

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[divinemsm]

...hmmmmmmmmm....anyone out there ?

 

[SaltySqueegee]

No cable TV. I cook at home and don't eat out. That's about it. This has saved me a ton of money.

 

[dancinjenn]

No cable TV. I cook at home and don't eat out. That's about it. This has saved me a ton of money.

My hubby works and his youngest brother is our roommate...saves on food, cable, internet, mortgage, etc...

 

[4 Ever]

i have roommates with a nice low rent payment for what I have. I try to minimize eating and going out since this is where most of the money i lose goes. As for food, I have most of my food delivered from home - its not about depending on my mom for food. its about saving the few hundred dollars a month.

though the thoughts are still in the back of my mind about how much ill end up owing in the end. It's almost pushing me into moving back home to save the 10-15g a year for another 3 years

 

[Paws]

No car, no tv, not much furniture and on the plus side - I own my home, have a great bicycle, I can walk to school, and I don't tend to be a tv person anyway. I also cook alot, walk alot and try and enjoy the simple things in life, including that right now all my bills are paid and I have some food in the fridge, some nice friends, I love my community, etc.

When people say to me: why don't you buy a car/some furniture/new flashy clothes/a tv with dvd and cable or whatever, I just think to myself that it is WAY more important to live within your means and be financially secure.

 

[2112_rush]

Who has time to enjoy cable, a new flashy car or any of that stuff anyway? Get rid of distractions, be more financially secure, and enjoy what's important.

 

[4 Ever]

i watch my cable - tivo is great for being able to watch shows after exam week or just during that last hour before hitting the sack to relax - though in hindsight, i dumped close to 500 on the full service and the tivo system so its not really a cheap investment but it keeps me sane so i felt it was worth it

 

[SarahGM]

I worked the year between undergrad and med school -- I did a lab job full time, and worked as a waitress in the evenings... I thought I was going to be going to another school, and wanted to have my car paid off in time... but I ended up in NYC and sold the car (and kept the savings for myself).

While I do spend on things like travel (ski trips, visiting my boyfriend) and tell myself that I busted my butt last year to do so, I also try to keep a tight budget while at school in terms of weekly expenses and whatnot.

 

[phoenixsupra]

Great post - here's my list

1. Live in a ghetto away from campus
2. Buy a cheap car, less than $700
3. Learn to fix your car yourself
4. Illegal cable hookup
5. Illegal ethernet. just buy the card and use your neighbors access
6. Eat out no more that once every two weeks.
7. Pursue cheap hobbies
8. Buy wall mart roller blades and replace the bearing with the best available direct from an engineering supplies catalogue. You'll have the cheapest and fastest skates available.
9. Cultivate friendships outside medschool. Avoid trying to keep up with your ultra rich classmates.
10. Look at your situation as just another endurance challange.

Good luck

 

[medic170]

....I was wondering just how is it that you are able to keep afloat financially on the terribly limited budget that Stafford Loans affords ? Perhaps it is just me, but I tremble when I think of how I have another two years of being financially destitute , never mind the expense that applying for residency will incur . Any input would be greatly appreciated !

M.

Alternative private loans can help some, just don't borrow too much. Live comfortably or your misery will take a toll on your studies, but do NOT live like a doc as a med student (advice from my preceptor).

Best thing to do is go to your financial aid office. Who knows, maybe there are even some scholarships out there you qualify for.

 

[divinemsm]

Thanks to everyone for the input !

 

[dara678]

hmmm this is a pretty good thread! more tips would be appreciated ... as i seriously need help with budgeting my finances ....

 

[X.O.]

i think minimizing eating out and learning to cook is key to save cash if youre studing most of the time as a student. Still its hard to beat a Wendy's large chili at 2 bucks a pop for a pretty good protein/carbs/fat profile.

I had a tivo and cable but i ditched it when i realized you can download almost every episode for almost every show out there in a hour. The only thing i miss is ESPN sportscenter but its not worth the monthly expentidture.

Trying writing down everything that you spend on for a month and try to cut the fat. Small items like cofee everyday + newspapers adds up.

 

[!dr_nick!]

Steal toilet paper from public restrooms.

 

[erin682]

I went through and made a budget at the beginning of the semester. I figured out exactly how much I could spend each month and keep track of it all in an excel spread sheet. I'm living entirely on stafford loans but I have cable and a decently nice place. I just keep up with what I've spent so I know if one month I've gone over I need to cut back the next. On the flip side if I've been under a couple of months I can do something nice for myself.

 

[fun8stuff]

so am i totally screwed because i have a car loan for the next ~24 months- $300/month? (i start med school next fall 2005)

 

[medic170]

I had a tivo and cable but i ditched it when i realized you can download almost every episode for almost every show out there in a hour.
.

Where can the rest of us do this? Where do you download TV shows for free in an hour?

 

[phoenixsupra]

hmmm this is a pretty good thread! more tips would be appreciated ... as i seriously need help with budgeting my finances ....

Ok, I almost forgot. Open your playstation 2 and solder in the $30 chip so you can play counterfeit games that you make for the cost of a blank disk. (on any decent campus all the equipment you need is at your fingertips)

 

[monstermatch]

If you really want to save money, do what I did - turn down the private school invite and go to your home state school. 100k debt is way better than 250k, especially if you hope to go into primary care. If you're already in a private school, transfer to the state school. Don't think you have to go to a private school to get a great residency, thats complete baloney. I attend a mid-lower tier school at a small rural state and all of the top students in my class have every opportunity that is available to students at bigger name schools. You do have to work harder to get the top residencies but in the end that just makes you a better candidate.

 

[Pterion]

Get a crockpot from walmart and a Sam's club membership. Go to Sam's at most once/month, learn slow cookin' and watch the dollars stretch. (Warning, there is also a risk you may see the waistline stretch as well, so choose carefully....)

 

[lilnix]

i do pretty much what someone else already mentioned. since i only get 2 checks a yr, i stretch each check out to last 6 months. so with one check i take out money for rent, bills, and a set amount of spending money for each month (food, gas, etc). if there's anything left over, i call it "extra" and if i go over my spending limit for the month, i take it out the extra pile. i also live in an apt near school to cut down on gas, got that free cable, and bring lunch to school most days. so far it's been working, and asking for money for christmas maybe will help.