How to live frugal without compromising your sanity?

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SexyDoctor

SexyDoctor

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I'm going to be walking away from UG with around 20,000 dollars in debt. Medical school is going to be 200k, interest..e.t.c

Is it somewhat possible for a person to live dead-poor-cheap hobo-status and manage to pay off debt?

Is there anyway to do this without compromising your sanity while you're in med school/residency? Is it worth saving money living frugal during these years?
 
I used to date a med student who was, to put it lightly, excessive in his spending habits. I knew he was already deep in debt, and I think my curiosity came to a head when he bought the new iPhone. His response: "When you're shelling out 50K/year for med school, what's another couple thousand?" It's a common response.

Just to be clear, I don't necessarily advocate for this MO, but in all likelihood... I'll probably follow suit. Obviously, this is the less responsible route. But it might actually be easier on your sanity in the short term, while you try to make it through med school.

(Sorry, this is horrible "advice".)

-Percy
 
I actually wouldn't worry about paying off educational debt. That's the next bubble to burst and the gov't will bail students out. Not to mention if hyperinflation happens you won't owe nearly as much absolute money as you do now.
 
percy said:
I used to date a med student who was, to put it lightly, excessive in his spending habits. I knew he was already deep in debt, and I think my curiosity came to a head when he bought the new iPhone. His response: "When you're shelling out 50K/year for med school, what's another couple thousand?" It's a common response.

Just to be clear, I don't necessarily advocate for this MO, but in all likelihood... I'll probably follow suit. Obviously, this is the less responsible route. But it might actually be easier on your sanity in the short term, while you try to make it through med school.

(Sorry, this is horrible "advice".)

-Percy
Click to expand...

Haha it truly was horrible advice, but very realistic and plausible to happen to most med students, I'd think. 👍
 
flatearth22 said:
I actually wouldn't worry about paying off educational debt. That's the next bubble to burst and the gov't will bail students out. Not to mention if hyperinflation happens you won't owe nearly as much absolute money as you do now.
Click to expand...

what?
 
extreme couponing.

kidding, but that show makes it seem like you can almost eat for free.
 
Realistically speaking: if the bubble doesn't burst and we're forever burden with debt worth the size of a small 3rd world country, how on earth should one proceed with finances? Live off of ramen?
 
SexyDoctor said:
Realistically speaking: if the bubble doesn't burst and we're forever burden with debt worth the size of a small 3rd world country, how on earth should one proceed with finances? Live off of ramen?
Click to expand...

reddit.com/r/frugal
 
SexyDoctor said:
Realistically speaking: if the bubble doesn't burst and we're forever burden with debt worth the size of a small 3rd world country, how on earth should one proceed with finances? Live off of ramen?
Click to expand...

I don't know. That's pretty hard to say. I kinda want say that medical school is going to be fugly, and that living like a poor man isn't going to aid you one bit or soften the load/burden of it all, but on the other hand, I think it wouldn't be that wise to spend too much...Spending is easy, saving is hard.👍
 
misssciencenerd said:
extreme couponing.

kidding, but that show makes it seem like you can almost eat for free.
Click to expand...

Sad but true story: I actually alluded to this in my "disadvantaged" essay on the AMCAS. This is totally how my mom fed her kids! I should get her on SDN...
 
No cable. No land line.

Cheap health insurance through your school or employer (look at this when you are making decisions).

Avoid restaurants, take-out & delivery. Learn to cook a few things well from scratch. Cook fresh foods in season.

Coupons are good if the item is also "on sale". Otherwise, store brands are often less expensive than the name brand even with a coupon. Don't use a coupon to buy something you wouldn't otherwise buy.

Factor the cost of transportation to work/school into your housing decisions.
If you don't drive daily, consider a zip car or bike for errands and rent a car for longer trips, or consider public transportation/taxi/car service for periodic trips (e.g. to the airport). Walk.

Consider used, hand-me-down, or vintage when you can.
 
LizzyM said:
No cable. No land line.

Cheap health insurance through your school or employer (look at this when you are making decisions).

Avoid restaurants, take-out & delivery. Learn to cook a few things well from scratch. Cook fresh foods in season.

Coupons are good if the item is also "on sale". Otherwise, store brands are often less expensive than the name brand even with a coupon. Don't use a coupon to buy something you wouldn't otherwise buy.

Factor the cost of transportation to work/school into your housing decisions.
If you don't drive daily, consider a zip car or bike for errands and rent a car for longer trips, or consider public transportation/taxi/car service for periodic trips (e.g. to the airport). Walk.

Consider used, hand-me-down, or vintage when you can.
Click to expand...

When I was in medical school, I was so exhausted from long days at school and clinicals that it would be unrealistic to cook meals and go shopping for deals.

Better to just pick up the phone and order that Papa johns pizza with unlimited toppings. 🙂
 
As the dollar weakens, your payback is less in real terms. A dollar buys less, but you have the same amount you have to pay back. A stronger dollar means there is a higher opportunity cost to spend that dollar paying off the debt versus spending it elsewhere in the economy. The dollar you're giving up is worth more.

CaliGirl14 said:
what?
Click to expand...
 
Right now im in rural new york with neighbors who're amish. Seriously these people make their own clothes food horse carriages and furniture. They don't give a **** that gas is 4 dollars a gallon.
 
misssciencenerd said:
extreme couponing.

kidding, but that show makes it seem like you can almost eat for free.
Click to expand...

Dude. This stuff is crazy. My coworker and her hubby do the extreme couponing, and they are literally giving toothpaste away to people at work because they have so many. Fo free.

LizzyM said:
No cable. No land line.

Cheap health insurance through your school or employer (look at this when you are making decisions).

Avoid restaurants, take-out & delivery. Learn to cook a few things well from scratch. Cook fresh foods in season.

Coupons are good if the item is also "on sale". Otherwise, store brands are often less expensive than the name brand even with a coupon. Don't use a coupon to buy something you wouldn't otherwise buy.

Factor the cost of transportation to work/school into your housing decisions.
If you don't drive daily, consider a zip car or bike for errands and rent a car for longer trips, or consider public transportation/taxi/car service for periodic trips (e.g. to the airport). Walk.

Consider used, hand-me-down, or vintage when you can.
Click to expand...

I think this is great advice. At least for me, either extreme of saving/spending doesn't sound like a reasonable idea. I know if I were so tight with money that I couldn't ever eat the foods I like or do the things I like to do for fun I'd be miserable (and probably wouldn't do so well in school). But living some lavish lifestyle off loans just isn't smart either. I'm going to try and cut costs where I can but still spend a bit more on the things that really matter, to have the best of both worlds.
 
juliedi said:
Dude. This stuff is crazy. My coworker and her hubby do the extreme couponing, and they are literally giving toothpaste away to people at work because they have so many. Fo free.



I think this is great advice. At least for me, either extreme of saving/spending doesn't sound like a reasonable idea. I know if I were so tight with money that I couldn't ever eat the foods I like or do the things I like to do for fun I'd be miserable (and probably wouldn't do so well in school). But living some lavish lifestyle off loans just isn't smart either. I'm going to try and cut costs where I can but still spend a bit more on the things that really matter, to have the best of both worlds.
Click to expand...

I agree. I perform better when I'm happy at home and not constantly worried about finances. My husband and I are planning on eating out less and shopping smarter than usual, but we gave in a bit with our new apartment. We decided to go for the nice apartment and split rent (my loans and his job). Then we're going to try to live off just his salary for the rest. Now I just have to make sure my marriage doesn't go down the tubes or I'll be living in a dumpster behind campus, LoL.

I think moderation is key. Going all out is foolhardy; we're not doctors yet, and who knows how much we'll be making if/when we are. However living like you're in poverty is likely not going to do you much good either if you're miserable.
 
flatearth22 said:
I actually wouldn't worry about paying off educational debt. That's the next bubble to burst and the gov't will bail students out. Not to mention if hyperinflation happens you won't owe nearly as much absolute money as you do now.
Click to expand...

In the next budget, one part that isnt even really contested is getting rid of subsidies for student loans.. They are probably eliminating the beloved stafford unsubsidized and we wil lhave to pay interest in school.. so I would consider it
 
LizzyM said:
No cable. No land line.

Cheap health insurance through your school or employer (look at this when you are making decisions).

Avoid restaurants, take-out & delivery. Learn to cook a few things well from scratch. Cook fresh foods in season.

Coupons are good if the item is also "on sale". Otherwise, store brands are often less expensive than the name brand even with a coupon. Don't use a coupon to buy something you wouldn't otherwise buy.

Factor the cost of transportation to work/school into your housing decisions.
If you don't drive daily, consider a zip car or bike for errands and rent a car for longer trips, or consider public transportation/taxi/car service for periodic trips (e.g. to the airport). Walk.

Consider used, hand-me-down, or vintage when you can.
Click to expand...

Why would anyone cut out cable? Then you're poor and have nothing to watch to take your mind off the fact that you're poor.
 
Beta Cell said:
Why would anyone cut out cable? Then you're poor and have nothing to watch to take your mind off the fact that you're poor.
Click to expand...

internet? laptops, borrowing DVDs from friends, library.
 
MedAdComMD said:
When I was in medical school, I was so exhausted from long days at school and clinicals that it would be unrealistic to cook meals and go shopping for deals.

Better to just pick up the phone and order that Papa johns pizza with unlimited toppings. 🙂
Click to expand...

This. Are you really going to want to cook after a long hard day? 🙁 I'd be tempted to walk into starbucks instead of making my own cup of jo after a bad day.
 
Beta Cell said:
Why would anyone cut out cable? Then you're poor and have nothing to watch to take your mind off the fact that you're poor.
Click to expand...

If you're not half ******ed, you can download any TV show without commercials 30 minutes after they come out in primetime. Then you save on time and cable bill.
 
CaliGirl14 said:
This. Are you really going to want to cook after a long hard day? 🙁 I'd be tempted to walk into starbucks instead of making my own cup of jo after a bad day.
Click to expand...

I can make about 20 cups of coffee at home for the cost of 1 at Starbucks. If I'm basically spending money that I'm paying interest on (as you are when you are living on loans), I'm going to make the effort to run the tap and put water in a tea kettle, bring to a boil, pour over coffee grounds in a filter in a plastic cone set over a mug, add what I like to my coffee and enjoy. It takes no longer than waiting in line at starbucks (maybe less).

There are dozens of recipes for quick and easy meals. (I like Mark Bittman's approach -- he used to write for the NY Times) Some people like slow cookers, some batch cook on a day off and freeze individual portions. Fresh vegetables can be steamed in the microwave in less time than it takes to call for take out. Eggs cook quickly with a minimum of skill. A pot of soup or stew can cook on the stove (or a roasting chicken in the oven) while you study and feed you for a week (or freeze the leftovers for later). Food prepared at home (even if you use labor saving prepared foods as a starting point) can save you money and are usually lower in sodium and excess calories. It might not matter now but it will catch up with you.
 
Sage advice.

LizzyM said:
I can make about 20 cups of coffee at home for the cost of 1 at Starbucks. If I'm basically spending money that I'm paying interest on (as you are when you are living on loans), I'm going to make the effort to run the tap and put water in a tea kettle, bring to a boil, pour over coffee grounds in a filter in a plastic cone set over a mug, add what I like to my coffee and enjoy. It takes no longer than waiting in line at starbucks (maybe less).

There are dozens of recipes for quick and easy meals. (I like Mark Bittman's approach -- he used to write for the NY Times) Some people like slow cookers, some batch cook on a day off and freeze individual portions. Fresh vegetables can be steamed in the microwave in less time than it takes to call for take out. Eggs cook quickly with a minimum of skill. A pot of soup or stew can cook on the stove (or a roasting chicken in the oven) while you study and feed you for a week (or freeze the leftovers for later). Food prepared at home (even if you use labor saving prepared foods as a starting point) can save you money and are usually lower in sodium and excess calories. It might not matter now but it will catch up with you.
Click to expand...
 
Learn to cook simple food. Don't eat too much and don't eat extravagantly. Kimchi + rice will take you far. That + computer = you're set.
 
LizzyM said:
I can make about 20 cups of coffee at home for the cost of 1 at Starbucks. If I'm basically spending money that I'm paying interest on (as you are when you are living on loans), I'm going to make the effort to run the tap and put water in a tea kettle, bring to a boil, pour over coffee grounds in a filter in a plastic cone set over a mug, add what I like to my coffee and enjoy. It takes no longer than waiting in line at starbucks (maybe less).

There are dozens of recipes for quick and easy meals. (I like Mark Bittman's approach -- he used to write for the NY Times) Some people like slow cookers, some batch cook on a day off and freeze individual portions. Fresh vegetables can be steamed in the microwave in less time than it takes to call for take out. Eggs cook quickly with a minimum of skill. A pot of soup or stew can cook on the stove (or a roasting chicken in the oven) while you study and feed you for a week (or freeze the leftovers for later). Food prepared at home (even if you use labor saving prepared foods as a starting point) can save you money and are usually lower in sodium and excess calories. It might not matter now but it will catch up with you.
Click to expand...

Yeah the coffee part is really a no brainer...use a filter or a french press if you don't want to buy a coffemaker. It really isn't any slower than waiting at starbucks or if it is, it's a difference of like 2 minutes. Those are a ton of great points for making meals. For some reason people always think they have to make something every single night. You can pre-make your meals for the entire week on Sunday and then thaw out what you made to prepare it quickly on the day you want to eat it. The few hours you have to spend one day of the week and the few minutes you have to spend the rest of the week are both worth it when you think about the money you save. It kills me eating take out stuff...its usually so bad for you you'll have to spend that extra time in the gym just to work it off anyway.
 
Beta Cell said:
Why would anyone cut out cable? Then you're poor and have nothing to watch to take your mind off the fact that you're poor.
Click to expand...

Netflix, Hulu, and a TV antennae for digital broadcast channels.

Ditto LizzyM on the learn to cook fast and/or simple meals. Crock pot is great for this, fix and forget. Another benefit is that cheaper cuts of meat can really benefit from slow cooking, too.
 
A Mr. Coffee brand K-cup machine pretty much ended my Starbucks addiction. I would go there because it tasted so much better than my home brew. The K-cups are great because they are extremely fast and there is no mess, and each cup tastes the same. I add the new all-natural (made with milk, not oil) Coffee Mate creamer and it is delicious!! 👍

Birds+Eye-chickenFlor.jpg
These are also relatively cheap (get them on sale) and extremely easy and healthy and each come with 3.5 servings. Other one pot meals are definitely the key to eating cheap, healthy, and quickly.
 
LizzyM said:
I can make about 20 cups of coffee at home for the cost of 1 at Starbucks. If I'm basically spending money that I'm paying interest on (as you are when you are living on loans), I'm going to make the effort to run the tap and put water in a tea kettle, bring to a boil, pour over coffee grounds in a filter in a plastic cone set over a mug, add what I like to my coffee and enjoy. It takes no longer than waiting in line at starbucks (maybe less).

There are dozens of recipes for quick and easy meals. (I like Mark Bittman's approach -- he used to write for the NY Times) Some people like slow cookers, some batch cook on a day off and freeze individual portions. Fresh vegetables can be steamed in the microwave in less time than it takes to call for take out. Eggs cook quickly with a minimum of skill. A pot of soup or stew can cook on the stove (or a roasting chicken in the oven) while you study and feed you for a week (or freeze the leftovers for later). Food prepared at home (even if you use labor saving prepared foods as a starting point) can save you money and are usually lower in sodium and excess calories. It might not matter now but it will catch up with you.
Click to expand...

Wow. thanks for the advice! This is golden, and you're right--you can definitely make 20 cups of coffee for the price of one at Starbucks.
 
This may have already been mentioned, but why not secure a part-time job at walgreens and hone in on some of their savings. Since I've been working there, I have saved a boatload on necessities
 
Brita water pitcher instead of plastic bottles

Only shop when there are great deals

Walk or ride a bike when you can
 
I have a friend whose philosophy is just to keep living like a college student for a few years after getting your MD and things will work out. Consider renting, get a crock pot (chop up veggies with chicken and cream of mushroom soup and you've got a meal when you get home, no cooking skills necessary), buy used cars, dump the rest into your loans and you've got it made.
 
Cristobal16 said:
I have a friend whose philosophy is just to keep living like a college student for a few years after getting your MD and things will work out. Consider renting, get a crock pot (chop up veggies with chicken and cream of mushroom soup and you've got a meal when you get home, no cooking skills necessary), buy used cars, dump the rest into your loans and you've got it made.
Click to expand...

👍 I kinda like the idea of living like that after residency so I can just wipe out debt faster. How's it going for him?
 
Do people drive cars in med school? What about dorming? How can you reduce prices here? Anyway to get reduced books?
 
Add in another vote for becoming a slow cooker master. I've had the occasional rough patch over the years and have had times where I have lived off $40 in food for a month, and eaten WELL. You just have to trade in some of your time for the money. Learn to make bread (it's a lot easier and faster than most people think), be able to cook rice and and learn how to prepare dry beans (yeay protein). Buy cheaper cuts of meat and brine them (2 cups salt, 1/2 cup sugar, few quarts of water and the meat in a pan overnight). Start loving homemade soup. Stock a spice cabinet when you have extra money-it will go a LONG way towards making food delicious and flavorful without extra expense (or fat).
 
Search online for sometimes better offers. Slickdeals:the best coupons, deals, bargains and offers to save you money.www.slickdeals.net.

You can thank me later.
 
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