How does my budget look?

[ahawke100]

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Hi!

So when I start school this coming fall, it looks like my COA will allow for about $2,100/month to live off of. How does this estimated budget look?

Monthly costs (rough estimates):
-Rent: $700
-Internet and utilities: $100
-Parking: $50
-Car payment: $200
-Gas: $100
-Food: $350
-Personal and clothing: $200
-Entertainment: $150
-Misc.: $50

Total: $1900/month

My parents will help with some expenses such as the cell phone bill, health insurance, etc. Do my estimates seem reasonable? I don't want to max out my loans, but would also like to live some what comfortably.

What're the thoughts?

 

[songl4a]

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[0dee]

Coffee needs its own category.

 

[ahawke100]

Do you really need the car? Over 4 years that's 16-17k. Also, will you really be buying clothes every month? What's included in the 'personal' category?

The campus I'll be going to does require a car. I have one now that is very unreliable and often needs to go in for service. I found a good deal on a used car and will be financing about 10k. I think it will give me piece of mind to have a practically new and reliable vehicle that will last me beyond residency.

No, I won't be buying clothes every month. I will probably get some new items at the beginning of my first semester to create a more professional wardrobe. I was also including bath, toiletries, vitamins, and cleaning supplies in the category.

 

[ahawke100]

Coffee needs its own category.

Hmmm good call. Let's allot $100 more for that...😉

 

[DoctorSynthesis]

The campus I'll be going to does require a car. I have one now that is very unreliable and often needs to go in for service. I found a good deal on a used car and will be financing about 10k. I think it will give me piece of mind to have a practically new and reliable vehicle that will last me beyond residency.

No, I won't be buying clothes every month. I will probably get some new items at the beginning of my first semester to create a more professional wardrobe. I was also including bath, toiletries, vitamins, and cleaning supplies in the category.

I think that is reasonable.

Did you already get a place to live? 700 for rent is a good guess but it could be more or less then that. Depending on if you have a roommate. Thats about what I pay. Internet for me costs 30 dollars and utilities range from 50-200 a month. If you split it costs go down. I don't pay 50 dollars a month in parking but you might (I don't know). Gas and Food is hard to say. Depends on how frugal you are but your guesses seem reasonable. Don't know if you have any other costs (medicine, supplies, etc). You might have dues and you're going to need to buy some medical equipment, books, and what not.

 

[doctorold]

Coffee needs its own category.

Yes, Sir!

 

[ahawke100]

I think that is reasonable.

Did you already get a place to live? 700 for rent is a good guess but it could be more or less then that. Depending on if you have a roommate. Thats about what I pay. Internet for me costs 30 dollars and utilities range from 50-200 a month. If you split it costs go down. I don't pay 50 dollars a month in parking but you might (I don't know). Gas and Food is hard to say. Depends on how frugal you are but your guesses seem reasonable. Don't know if you have any other costs (medicine, supplies, etc). You might have dues and you're going to need to buy some medical equipment, books, and what not.

All very good points. I'm really most concerned about the cost of rent. I don't have a place yet, but from my research, it seems like I'll be able to get something decent in my area for 700. That usually includes all utilities except electric. I really don't want to pay more than 700. I also don't want a roommate, so I won't be splitting expenses. BUT...

I am currently staying with a sibling and her SO and could likely continue staying with them during school. I do really enjoy staying with them, but part of me feels I should have my own space for school. The other part of me thinks I should save the rent and living expenses. What're your thoughts on this?

 

[DoctorSynthesis]

All very good points. I'm really most concerned about the cost of rent. I don't have a place yet, but from my research, it seems like I'll be able to get something decent in my area for 700. That usually includes all utilities except electric. I really don't want to pay more than 700. I also don't want a roommate, so I won't be splitting expenses. BUT...

I am currently staying with a sibling and her SO and could likely continue staying with them during school. I do really enjoy staying with them, but part of me feels I should have my own space for school. The other part of me thinks I should save the rent and living expenses. What're your thoughts on this?

700 for a single is probably doable, but, that is tough to find. Keep in mind that the electric is probably most of the utilities. The heat is probably electric, the stove is probably electric, lights obviously, etc. I'm pro having a roommate, being by yourself isn't that much fun. Your current situation might seem like a hassle. How far will you be from school? I wouldn't do a commute over 10-15 minutes. It's nice having a medical student as a roommate. Less distracting.

I recommend getting a roommate and you could probably cut costs by a good margin and I prefer it personally.

 

[NotYou20]

You probably don't need 200/m for clothes and personal. I doubt you really need many new clothes. 350 on food is a lot. Cook more, eat out less. I did 200/m in undergrad and I eat a lot. Aldi is your friend.

If you like living where you are I think you should stay there. If you feel you need your own space after a year that's always an option

 

[ahawke100]

700 for a single is probably doable, but, that is tough to find. Keep in mind that the electric is probably most of the utilities. The heat is probably electric, the stove is probably electric, lights obviously, etc. I'm pro having a roommate, being by yourself isn't that much fun. Your current situation might seem like a hassle. How far will you be from school? I wouldn't do a commute over 10-15 minutes. It's nice having a medical student as a roommate. Less distracting.

I recommend getting a roommate and you could probably cut costs by a good margin and I prefer it personally.

If I stay with my sister, I'm about 12 miles of highway driving away from school. Google maps estimates 16 minutes, but it'd probably be more like 20 -25 during rush hour. The situation is less of a hassle than it might seem. We all have a good dynamic...I just don't know how that will be affected with my school schedule. I feel like it'll be nice to still have them here to prepare food, share expenses, etc.

I lived alone during a good portion of undergrad and throughly enjoyed it, however, I was always within a close walking distance to my friends and was always with them. The idea of a random roommates tends to stress me out a bit.

It might not be a bad idea to stay where I am and move out in a year if I think I would be better on my own, or if I meet someone at school I could see myself rooming with.

 

[DoctorSynthesis]

If I stay with my sister, I'm about 12 miles of highway driving away from school. Google maps estimates 16 minutes, but it'd probably be more like 20 -25 during rush hour. The situation is less of a hassle than it might seem. We all have a good dynamic...I just don't know how that will be affected with my school schedule. I feel like it'll be nice to still have them here to prepare food, share expenses, etc.

I lived alone during a good portion of undergrad and throughly enjoyed it, however, I was always within a close walking distance to my friends and was always with them. The idea of a random roommates tends to stress me out a bit.

It might not be a bad idea to stay where I am and move out in a year if I think I would be better on my own, or if I meet someone at school I could see myself rooming with.

12 miles is a bit of a commute. I wouldn't want to do that during medical school but thats up to you.

 

[ahawke100]

12 miles is a bit of a commute. I wouldn't want to do that during medical school but thats up to you.

Hmm, that's another good point. I'm not used to a commute to school that's more than a five minute walk down the street.
I definitely have a lot to consider.

 

[DoctorSynthesis]

Hmm, that's another good point. I'm not used to a commute to school that's more than a five minute walk down the street.
I definitely have a lot to consider.

My commute to school is a mile and takes me 15 minutes to get to school sometimes with morning traffic. I don't know what it is like by you but I would consider this fact as time is precious in medical school. Spending 40 minutes on the road every day is a waste. However, its doable if you really want to save money.

 

[RavenclawMed]

Just to play devil's advocate for a bit, I have a 40-45 minute commute from school (25+ miles) and for me, living at home was worth the commute time and money saved in loans. I sleep better in my own bed, and it's nice not having to worry about groceries, utilities, etc. I also tend to study at home almost exclusively, and enjoy spending time with my family to help de-stress from school sometimes.

I'd say consider what is your best learning environment (library, at home, coffee shops) and weigh how much you value the comforts and conveniences of home vs the convenience of living closer to school.

 

[samac]

I think your budget looks fine.
Realistically I eat out probably too often because it's a socialization problem for me. I also can't stand to meal prep and eat the same thing all week. It makes me hate myself.
My budget is $1700/mo minus a car payment.
I also have Internet and cable which here is 117/mo, I just really enjoy having the cable. And utilities run 50-100.
Add in a $200 car payment and you still have wiggle room from by comfortable living budget.

 

[Cardboard101]

Coffee needs its own category.

Caffeine pills <3

 

[oOKawaiiOo]

Caffeine pills <3

I know a med student who uses them, but never asked if they were effective. His teeth are white tho.

I assume you take them? If so, how are they?

 

[postcardstamps]

One thing that always manages to throw me off is car insurance. My insurance is around $170 per month ( I live a major city); when I was 22 it was even higher, maybe around 210.

I think it throws me off because, like rent and health insurance, it's a fixed bill that won't fluctuate for months. I have to have that money ahead of time each month and there's no way I could just like eat less/go out less/use less electricity with other bills. But you've clearly planned ahead, and overall that budget looks well put together!