How to determine the cost of living

[SmileItsLife]

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Hey guys,

Does anyone have a good rule of the thumb on how to figure out the cost of living somewhere new? I have no clue on how to do this especially when I try to compare schools since everyone believes that the estimated costs on the schools website is more than necessary.

Also is this excel chart still valid: https://forums.studentdoctor.net/threads/2012-cost-of-us-dental-education.941500/ ... when looking at cost of living at least?

Thanks in advance!

 

[super frank]

COL is largely dependent upon your rent, so that's a good starting point.

 

[DOC YANKEM]

The excel sheet you posted is obviously out of date. If you did a simple calculation of 3-4% inflation for each year, then you would get a closer approximation of the cost in the excel sheet for 2017/2018.

Example: NY is ~103k per year according to the excel sheet in 2012. If we calculate 103k * (1.04)^5 for 2017, then we have a grand total of ~125k which is comparable to NYU cost on their website.

Everything is relative to dorming on campus or nearby in a cheap apartment. Faculty will tell you to spend the weekend to de-stress by spending time with your classmates or close friends. Let's face it... if you eat out every weekend it quickly adds up to at least 7k for 4 years. Or worse if you eat out more often. I'm planning to visit my family nearly every weekend so I can bring home cooked food back to campus for the entire week.

Shout out to @Panis et Circenses thread: I would use his excel spreadsheet calculator.
https://forums.studentdoctor.net/th...usly-expensive-dental-schools-thread.1223909/

 

[Charles_Darwin]

Maybe this would help!

https://forums.studentdoctor.net/th...ios-roommates-and-more.1241189/#post-18597713

 

[SmileItsLife]

Maybe this would help!

https://forums.studentdoctor.net/th...ios-roommates-and-more.1241189/#post-18597713

I can't believe I missed that post. Thank you!

 

[SmileItsLife]

The excel sheet you posted is obviously out of date. If you did a simple calculation of 3-4% inflation for each year, then you would get a closer approximation of the cost in the excel sheet for 2017/2018.

Example: NY is ~103k per year according to the excel sheet in 2012. If we calculate 103k * (1.04)^5 for 2017, then we have a grand total of ~125k which is comparable to NYU cost on their website.

Everything is relative to dorming on campus or nearby in a cheap apartment. Faculty will tell you to spend the weekend to de-stress by spending time with your classmates or close friends. Let's face it... if you eat out every weekend it quickly adds up to at least 7k for 4 years. Or worse if you eat out more often. I'm planning to visit my family nearly every weekend so I can bring home cooked food back to campus for the entire week.

Shout out to @Panis et Circenses thread: I would use his excel spreadsheet calculator.
https://forums.studentdoctor.net/th...usly-expensive-dental-schools-thread.1223909/

I didn't realize that cost of living inflates that much. I guess I just live in the federal bubble, so I'd assume that the cost of living goes up once every decade or so... (with the exception of actually buying a place)..... in other places as well.

 

[DOC YANKEM]

I didn't realize that cost of living inflates that much. I guess I just live in the federal bubble, so I'd assume that the cost of living goes up once every decade or so... (with the exception of actually buying a place)..... in other places as well.

I don't have a degree in economics, but 3-4% inflation has been very consistently low for the past decade. I would prepare for the worst to come, because the federal reserve will start in raising the interest rates very soon from 0.5%. This would mean some interest rates in student loans will increase. Interest payments over a long period of time (~20 years) can quickly add up to the principal student loan.

 

[Panis et Circenses]

Hey guys,

Does anyone have a good rule of the thumb on how to figure out the cost of living somewhere new? I have no clue on how to do this especially when I try to compare schools since everyone believes that the estimated costs on the schools website is more than necessary.

Also is this excel chart still valid: https://forums.studentdoctor.net/threads/2012-cost-of-us-dental-education.941500/ ... when looking at cost of living at least?

Thanks in advance!

For cost of living, should be similar to what you did in undergrad. I lived off about 10,000 per year in undergrad, and I was usually somewhere around 300 dollars per month for rent. If you lived at home during undergrad, you got to do some calculations on how much you will live off for food, car expenses, insurance, cell phone, eating out, etc. As @DOC YANKEM pointed out, you can plug that into the spreadsheet to find out how much the living costs will affect your total cost of attendance.

 

[Likkriue]

Depends on how comfortable you want to live.

 

[Bifenthrin]

For cost of living, should be similar to what you did in undergrad. I lived off about 10,000 per year in undergrad, and I was usually somewhere around 300 dollars per month for rent. If you lived at home during undergrad, you got to do some calculations on how much you will live off for food, car expenses, insurance, cell phone, eating out, etc. As @DOC YANKEM pointed out, you can plug that into the spreadsheet to find out how much the living costs will affect your total cost of attendance.

Good luck with that if you wind up somewhere like NYU... $300 a month will get you a cardboard box on the street.

 

[DOC YANKEM]

Good luck with that if you wind up somewhere like NYU... $300 a month will get you a cardboard box on the street.

After living in nyc for my whole life, I couldn't agree more.

 

[SmileItsLife]

I live at home, so this is one of the reasons why I was so curious since I don't really know what to expect since my mom takes care of most of my expenses of just living. Of course, I know how much everything costs, but I'm mostly worried about rent in other areas. Since in my area, a one bedroom apartment is around $1600 a month. I assume the rest of the country (withstanding NYC and LA) might be a bit cheaper, but I don't think I can handle taking out that much money for just rent- just mentally it will stress me out. The rest of stuff like food, utilities, and cell phone I assume I can keep under $300... but I don't know if that is a good estimate either because of personal circumstances.

For cost of living, should be similar to what you did in undergrad. I lived off about 10,000 per year in undergrad, and I was usually somewhere around 300 dollars per month for rent. If you lived at home during undergrad, you got to do some calculations on how much you will live off for food, car expenses, insurance, cell phone, eating out, etc. As @DOC YANKEM pointed out, you can plug that into the spreadsheet to find out how much the living costs will affect your total cost of attendance.

How is that possible even with multiple roommates??? Also- can you give me any tips on how to live at ~10,000/year?

 

[DOC YANKEM]

I live at home, so this is one of the reasons why I was so curious since I don't really know what to expect since my mom takes care of most of my expenses of just living. Of course, I know how much everything costs, but I'm mostly worried about rent in other areas. Since in my area, a one bedroom apartment is around $1600 a month. I assume the rest of the country (withstanding NYC and LA) might be a bit cheaper, but I don't think I can handle taking out that much money for just rent- just mentally it will stress me out. The rest of stuff like food, utilities, and cell phone I assume I can keep under $300... but I don't know if that is a good estimate either because of personal circumstances.

I have a ton of tips to save you money, but the question is how much are you willing to give up?

Fortunately for food, you don't have to sacrifice much. You can spend 40-50 dollars a week (breakfast, lunch and dinner) for food that is delicious and healthy if you bulk prep it the beginning of each week.

Utilities are a bit iffy... if you have a cheap gym near your apartment like Planet Fitness, then that is a free shower and water (bring a duffel bag with multiple bottles or a 1 gallon jug) for about 11 dollars a month. I currently have 2 second generation Astro E7 portable power banks, which can charge most phones up to 10 times. I was thinking about buying a bigger power bank that has a standard 3 pronged output socket for laptops or whatever you need.

Cell phone wise, I recommend project fi if you have a pixel or nexus phone. Other than a grandfather plan, I don't think there is any other phone plan better than project fi.

Everything can be recklessly changed to save yourself money. Ask yourself, what is your limit of comfort and is it worth it?

 

[SmileItsLife]

I have a ton of tips to save you money, but the question is how much are you willing to give up?

Fortunately for food, you don't have to sacrifice much. You can spend 40-50 dollars a week (breakfast, lunch and dinner) for food that is delicious and healthy if you bulk prep it the beginning of each week.

Utilities are a bit iffy... if you have a cheap gym near your apartment like Planet Fitness, then that is a free shower and water (bring a duffel bag with multiple bottles or a 1 gallon jug) for about 11 dollars a month. I currently have 2 second generation Astro E7 portable power banks, which can charge most phones up to 10 times. I was thinking about buying a bigger power bank that has a standard 3 pronged output socket for laptops or whatever you need.

Cell phone wise, I recommend project fi if you have a pixel or nexus phone. Other than a grandfather plan, I don't think there is any other phone plan better than project fi.

Everything can be recklessly changed to save yourself money. Ask yourself, what is your limit of comfort and is it worth it?

Thank you much for the tips!

 

[Panis et Circenses]

I live at home, so this is one of the reasons why I was so curious since I don't really know what to expect since my mom takes care of most of my expenses of just living. Of course, I know how much everything costs, but I'm mostly worried about rent in other areas. Since in my area, a one bedroom apartment is around $1600 a month. I assume the rest of the country (withstanding NYC and LA) might be a bit cheaper, but I don't think I can handle taking out that much money for just rent- just mentally it will stress me out. The rest of stuff like food, utilities, and cell phone I assume I can keep under $300... but I don't know if that is a good estimate either because of personal circumstances.




How is that possible even with multiple roommates??? Also- can you give me any tips on how to live at ~10,000/year?

LOL yeah you just gotta have roommates. Find roomates, reach out to future classmates. Find an inexpensive apartment. Don't eat out, buy the cheap brand at the grocery store. Buy things like cups and plates at a thrift store. Don't be afraid to eat spaghetti or Ramen lol. Walk and ride a bike when possible. You'd be surprised how far 10,000 can go.

 

[Panis et Circenses]

Good luck with that if you wind up somewhere like NYU... $300 a month will get you a cardboard box on the street.

That's why I would never apply to NYU in a million years. That's also why I applied to a lot of schools in the rust belt - cheaper housing. I didn't apply to any east or west coast schools. Usually tuition rates are through the roof and so are living costs.

 

[SmileItsLife]

LOL yeah you just gotta have roommates. Find roomates, reach out to future classmates. Find an inexpensive apartment. Don't eat out, buy the cheap brand at the grocery store. Buy things like cups and plates at a thrift store. Don't be afraid to eat spaghetti or Ramen lol. Walk and ride a bike when possible. You'd be surprised how far 10,000 can go.

Thank you! This makes sense.

 

[DOC YANKEM]

Spaghetti is not hard to make. Don't worry about it being cooked perfectly (al dente?). Just buy a jar of premade tomato sauce and dump that with the noodles.

You can save more money if you use ramen packs as a noodle substitute. It's an abomination but it tastes okay. Want to go the extra distance?! Buy canned diced tomatoes and season it yourself with herbs.

TIP: Read the nutrition label. You don't need to season any canned food with salt.

 

[SmileItsLife]

Spaghetti is not hard to make. Don't worry about it being cooked perfectly (al dente?). Just buy a jar of premade tomato sauce and dump that with the noodles.

You can save more money if you use ramen packs as a noodle substitute. It's an abomination but it tastes okay. Want to go the extra distance?! Buy canned diced tomatoes and season it yourself with herbs.

TIP: Read the nutrition label. You don't need to season any canned food with salt.

Thanks for the tips.

I haven't tried ramen with tomato sauce, so I'll try that. I have made ramen with vegetables, though, to make a full meal (so I get in a serving of veggies, it tastes better, and I fell fuller). Also, I have tried stir-fry noodles using ramen, so I'm not afraid to eat ramen (just never alone).

In rural places, do you think it is hard to find cheap produce? Usually I buy all my produce at the asian supermarket since it is so much cheaper than regular stores, but I don't know if rural areas have these types of stores....

 

[DOC YANKEM]

Thanks for the tips.

I haven't tried ramen with tomato sauce, so I'll try that. I have made ramen with vegetables, though, to make a full meal (so I get in a serving of veggies, it tastes better, and I fell fuller). Also, I have tried stir-fry noodles using ramen, so I'm not afraid to eat ramen (just never alone).

In rural places, do you think it is hard to find cheap produce? Usually I buy all my produce at the asian supermarket since it is so much cheaper than regular stores, but I don't know if rural areas have these types of stores....

Honestly, I only buy vegetables from Asian supermarkets. If you visit nyc, check out chinatown because the local Asian produce are unbeatabe in price. This is because they all band together and buy in bulk in order to lower prices. I wish I can give you more information for rural areas, but I have lived in nyc for my entire life.

 

[SmileItsLife]

Okay, thanks for letting me know. I do the same.... I guess if it is it won't be that bad since it makes up from the rent prices.

 

[toothdoctor123]

1) Apartment: ask current D4s for future openings, ideally within walking distance of school. Think about # of roommates, furnishings (especially mattress/bed, good desk & chair for studying), etc. **VERY IMPORTANT: schools are not allowed to include living expenses during long breaks (i.e. summer breaks) in the official COA, so you need to factor that into your budget.

2) Food: set reasonable daily budget (say $10 or $15), learn how to cook. If you're really thrifty, follow the federal govt's food stamp cookbook--a NYC resident can theoretically live on $4 per day.

3) Health insurance: get on parent's plan if possible, consider Medicaid as an alternative to university insurance, get free dental work at school.

4) Discretionary budget considerations: alcoholic drinks/eating out, clothing needs, hobbies, travel expenses during breaks, etc.

 

[Bifenthrin]

Another note: please don't live on a steady diet of ramen. You need to keep your health and energy levels up, because these will literally be the toughest four years of your life. They will be hell on your body without you sacrificing nutrition.

Don't focus so much on living as cheap as possible. Just be reasonable. You can cook delicious and healthy meals for the whole week on $75 for the week and incorporate lean protein, fruits, vegetables, whole grains, etc. Some things you can pinch pennies on, but nutritious food which helps keep you healthy is NOT one of those things.

 

[SmileItsLife]

LOL! I won't live on ramen... but I do appreciate it as a good base for a few dishes (esp when you jut throw away the seasoning- I think that's where most of the unhealthy-ness comes from).

Although I live at home, I can cook. I think I have a balanced diet other than the fact that I eat a bit too much rice... Anyways, the way I see it in my eyes I can either pay for the food and stay healthy, or I'll end with loads more of hospital and pharmacy bills. So I agree with you a 100%, my health is number one priority.