How to save money during med school

[bostampa2007]

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this is from a school brochure:

rent cheaply
share an apt.
get up early - make ur own breakfast and coffee
pack your lunch instead of buying it everyday
buy stuff on sale
socialize at home, not at the bars
carpool, ride a bike, use your scooter
dont buy a brand new car


wow...i'm laughing my ass off as i'm typing this.

now tell me how do i get out of med school debt free w/o joining military

 

[littlealex]

Honestly there's no fricken way to do it without rich parents or a trust fund. It's not like you're a CS PhD student who can take on side projects for money. As a med student, we have no apparently marketable skill (you need a certification to even work as a nurse) and we are too busy studying to wait tables.

Even if you're being REALLY cheap, your living expenses typically will still hover around 12k a year (1000 a month, that's living pretty cheaply already) and you need to pay for tuition on top of that. Whatever money you can save from day to day will really be outshadowed by the school tuition.

I guess just accept it as the way it is, get the loans that you find reasonable, and just pay it off later. That or start sleeping with rich ugly people for money.

 

[Arjunsi]

Even if you're being REALLY cheap, your living expenses typically will still hover around 12k a year (1000 a month, that's living pretty cheaply already)

It depends on where you are. My friend at UW Madison's med school is paying $200 to share a nice sized 2 bedroom apartment with a friend. He is in walking distance of the campus (really, the city of Madison is nothing but one big campus), and spends only about $200 more total per month on food, utilities and misc.

 

[MsJLewis]

I guess just accept it as the way it is, get the loans that you find reasonable, and just pay it off later. That or start sleeping with rich ugly people for money.

Is it just me or does that option start looking more and more attractive each day?

 

[kypdurron5]

rent cheaply
share an apt.
get up early - make ur own breakfast and coffee
pack your lunch instead of buying it everyday
buy stuff on sale
socialize at home, not at the bars
carpool, ride a bike, use your scooter
dont buy a brand new car

Honestly there's no fricken way to do it without rich parents or a trust fund.

I really don't think they're talking about "saving money" as in packing it away for the future...they're just talking about spending less, or in other words, going into less debt. I don't think there's anything wrong with that list at all. Believe it or not, there are many people for whom the items on that list are completely alien concepts (like not needing a brand new car as a poor medical student). Now I admit that "buy stuff on sale" is a bit elementary, but there's nothing fundamentally wrong with giving some practical suggestions for spending less money in medical school.

 

[AsclepiusI]

Make your own mochas with coffee/creamer/chocolate syrup instead of going to your local corporate coffee joint and paying 4.50. Or just chug it black straight from the coffee pot, like I do. 🙂

 

[merc280]

and you know if you share your apartment with 7 people your rent will be under $100.

 

[armybound]

I really don't think they're talking about "saving money" as in packing it away for the future...they're just talking about spending less, or in other words, going into less debt. I don't think there's anything wrong with that list at all. Believe it or not, there are many people for whom the items on that list are completely alien concepts (like not needing a brand new car as a poor medical student). Now I admit that "buy stuff on sale" is a bit elementary, but there's nothing fundamentally wrong with giving some practical suggestions for spending less money in medical school.

exactly. what's so funny? that's all good advice.

 

[postbacker]

exactly. what's so funny? that's all good advice.

It is all good advice, not sure what the OP isn't getting here...this thread should be read in conjunction with the "awesome cities" thread where rents in SF, NYC, and Boston are through the roof...but what "awesome" cities, man...

 

[LikeClockWork]

One word, two syllables, 540 calories:

Ramen.

 

[AsclepiusI]

It is all good advice, not sure what the OP isn't getting here...this thread should be read in conjunction with the "awesome cities" thread where rents in SF, NYC, and Boston are through the roof...but what "awesome" cities, man...

I think he actually thinks he can get out of med school debt free... that's more funny then anything in the brochure.

 

[bostampa2007]

exactly. what's so funny? that's all good advice.

a med school brochure who charges about 50 thousands a year asking us to buy stuff on sale and not to buy a brand new car....you don't think its a little funny?

 

[bostampa2007]

I think he actually thinks he can get out of med school debt free... that's more funny then anything in the brochure.

i'm glad that you find it amusing😍 i will actually come out of school debt free cause i'll be posing my underwear all four years during med school.

 

[LikeClockWork]

a med school brochure who charges about 50 thousands a year asking us to buy stuff on sale and not to buy a brand new car....you don't think its a little funny?

Sounds pretty reasonable to me. It's not like they don't know their school is expensive. Their advice stems directly from that knowledge. You're making a $50K investment per year on future returns, so it doesn't seem too far fetched to suggest not blowing a bunch of money now. I mean, $150 shoes or the newest iPod might just have to wait a few years if you're going to plunk down 1/5 of a million dollars over four years (odd way to put it, I know, but it sounds a little more impressive that way). 🙄

 

[armybound]

Sounds pretty reasonable to me. It's not like they don't know their school is expensive. Their advice stems directly from that knowledge. You're making a $50K investment per year on future returns, so it doesn't seem too far fetched to suggest not blowing a bunch of money now. I mean, $150 shoes or the newest iPod might just have to wait a few years if you're going to plunk down 1/5 of a million dollars over four years (odd way to put it, I know, but it sounds a little more impressive that way). 🙄

again... exactly.

why not save on the small things if you're investing in the big things?

 

[Jolie South]

i personally don't think that buying a used car is all that smart if you don't know that much about cars.

new cars don't have to be the top of the line Lexus SUV. i got a sensible american sedan for $17000. i like that i don't have to worry about it breaking down, and i know that it will last me through residency.

i think you can get into serious trouble with used cars if you don't know what you're doing. you'll easily spend a lot of money on repairs, maintenance, etc.

 

[fnrz]

One word, two syllables, 540 calories:

Ramen.

WORD.

i'm glad that you find it amusing😍 i will actually come out of school debt free cause i'll be posing my underwear all four years during med school.

Dr. Izzie Stevens much?

 

[armybound]

i personally don't think that buying a used car is all that smart if you don't know that much about cars.

new cars don't have to be the top of the line Lexus SUV. i got a sensible american sedan for $17000. i like that i don't have to worry about it breaking down, and i know that it will last me through residency.

i think you can get into serious trouble with used cars if you don't know what you're doing. you'll easily spend a lot of money on repairs, maintenance, etc.

well yes, you can make a poor investment on a car. but not everyone needs a car, or a new car, or even a newer car. if yours works and will work decently well for the next 4 years, you probably don't need to buy a different one. it's not like you're going to be putting too many miles on them, if you live reasonably close to school.

 

[Jolie South]

well yes, you can make a poor investment on a car. but not everyone needs a car, or a new car, or even a newer car. if yours works and will work decently well for the next 4 years, you probably don't need to buy a different one. it's not like you're going to be putting too many miles on them, if you live reasonably close to school.

right, but if you do absolutely need car and don't have one (as was my situation a year ago), i don't think buying a brand new car is a bad move if you buy one that gets good gas mileage and is reasonably priced.

 

[armybound]

right, but if you do absolutely need car and don't have one (as was my situation a year ago), i don't think buying a brand new car is a bad move if you buy one that gets good gas mileage and is reasonably priced.

depending on the car, you're right. my brand new car cost me $14k and had a 5 year warranty. probably a good investment.

a $35k Acura/Lexus/BMW.. maybe not the best investment on a med student's (negative) income.

 

[Jolie South]

I was thinking of it more from the don't have one to needing one viewpoint.

If you have a car that works, stick with it for sure.

 

[TheLesPaul]

But new cars depreciate 25% once you drive it off the lot. Better to get a low mileage <10K miles car with a clear history and save, I think. Or get certified pre-owned from the dealer - you save cash and get the guarantee. My folks did that with a lexus and walked away with a car that costs $40+K new, for $26K with 20K miles on it.

 

[Little Etoile]

That or start sleeping with rich ugly people for money.

Or even better, rich *beautiful* people. ;D

 

[alwaysaangel]

But new cars depreciate 25% once you drive it off the lot. Better to get a low mileage <10K miles car with a clear history and save, I think. Or get certified pre-owned from the dealer - you save cash and get the guarantee. My folks did that with a lexus and walked away with a car that costs $40+K new, for $26K with 20K miles on it.

Agreed. Its not that hard to do a little research, pay $100 for a mechanic to look over a used car from a private party. And get a decent used car that will easily last you through residency for 3-5k. Or if you really want to splurge 10k. Anything over that is ridiculous for a student.

You just have to be willing to do the leg work, and be smart about it (whether you know about cars or not).

Spending 20k on a car that depreciates rapidly would make me sick. I honestly doubt I'll ever buy a new car or a used car from a dealer - its such an incredible rip off for "peace of mind." With a little common sense you can get your own peace of mind for much less money.

 

[HumidBeing]

Dang, no one in my family buys new cars. We send my mom out looking. She's never failed to find good, reliable 3 year old cars for from 4 to 6K. They taught us to always budget to be able to pay cash, and to set aside money every month for regular maintenance. A couple of our cars have over 300K miles on them now, and they keep running just fine. (knock on wood)

It sounds like they left out some major tips: Not buying books until you're sure they'll be needed, buying used, etc.
Buy soft drinks at the grocers and carry them in your pack
Don't waste money on heat & a/c when no one is home. Use enough to keep pipes from freezing, though.
It's cheaper to wear an extra of clothes than to overheat the whole apartment.
Forget cable tv; you won't have time to watch it.
Make friends with someone who has a washer and dryer, if you don't have one.
Goodwill and Salvation Army are your friends.
Young dandelions are edible & high in vitamins. Cattails are edible.
Peanut butter and spaghetti are staples.
Find a rich grandma to adopt you.

 

[alwaysaangel]

this is from a school brochure:

rent cheaply
share an apt.
get up early - make ur own breakfast and coffee
pack your lunch instead of buying it everyday
buy stuff on sale
socialize at home, not at the bars
carpool, ride a bike, use your scooter
dont buy a brand new car


wow...i'm laughing my ass off as i'm typing this.

now tell me how do i get out of med school debt free w/o joining military

As others have pointed out - its not that funny. A lot of people really don't understand those concepts and tons of people take out their max loans through their med school (stafford and gradPLUS) and then take out 10K+/year in private loans. They end up MUCH MORE in debt than the rest of us. They're the ones that list is geared towards.

Basically doing everything on that list will keep you at your budget or slightly below it.

There isn't much you can do to save money in med school. The only debt free ways are the military, and rural primary care programs. Neither of which are worth signing up for ahead of time. You can get the exact same program after residency when you're sure what you want to do and they just pay back your loans. Why sign up at the beginning of med school when you aren't sure what you want to do when you can get the same benefits by signing up once you know what your specialty will be.

 

[Doublecortin]

how feasible is it to work as a lab tech (assuming you've had substantial research experience) during med school for say 10-15 hrs a week?

 

[WurangBlang]

I think the correct answer is : you don't.

I am actually thinking about getting more loans to live a "better" life during my med school years. Hell, i might even use that money for my wedding and such.According to my college experience, living cheap doesn't necessarily save that much money--it only makes u cheap to others.

Let the firework of loans begin!!!


....once i get accepted (actually interview first)....🙁

 

[alwaysaangel]

I think the correct answer is : you don't.

I am actually thinking about getting more loans to live a "better" life during my med school years. Hell, i might even use that money for my wedding and such.According to my college experience, living cheap doesn't necessarily save that much money--it only makes u cheap to others.

Let the firework of loans begin!!!


....once i get accepted (actually interview first)....🙁

I agree with you to a point. I lived SUPER cheap in undergrad. I decided I wasn't doing it again in medical school. But still, live off the money they give you - they give you more than enough to live comfortably (although I guess thats all relative to what you consider living cheaply).

Taking out additional personal loans is a spectacularly bad idea. There are stories all over the internet of people who end up with 500k plus in debt by the time they finish residency because they went too far while in school. Same thing applies to credit card debt - really really bad idea.