limiting debt

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lonewolf1513

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As future med students we all hope limit the amount of money we borrow. My question of course comes in how do we limit. My personal main problem, is well food. I want eat healthy (at least try). How do you guys manage to eat properly and find the time to cook, while still trying to properly attend towards the rigors of school.
 
It really depends on your personal preference when it comes to saving costs. If you live in an apartment and your neighbor is a student, share the wifi. Instead of having digital tv get basic. Drop your smartphone for a regular cell phone.

There are a ton of ways to cut costs, just have to decide what is worth for you.

Food is definitely expensive, but if you make your own lunch/dinner everyday, you'll save a lot compared to those who eat in the cafeteria each day. When you go to the grocery store, buy the fruits/veggies that are on sale, get coupons from the mail, ect. You have to find deals!
 
Vegetables are cheaper than meat. Beans are cheaper than meat and a good protein source (although too many = no study partners). Whole grains are typically more expensive than refined grains, but double as excellent sources of fiber and protein. Most Americans eat too much protein anyway.

That in mind, I agree with the poster above. If you're deliberate about what you buy, then pack your own meals with that food, you should be set. Prepare a good-sized portion of whatever you're making if you have time to cook and eat leftovers all week.
 
As future med students we all hope limit the amount of money we borrow. My question of course comes in how do we limit. My personal main problem, is well food. I want eat healthy (at least try). How do you guys manage to eat properly and find the time to cook, while still trying to properly attend towards the rigors of school.

The best way is too minimize loans for schooling costs and COA. Go aggressively after scholarships every dollar counts. Apply at the local Lions club, Rotary etc. Consider military medicine. Live frugally. Housing is one example, get a roommate. Invest in a Costco, Sam's Club or BJ's membership and buy intelligently in bulk. Avoid name brand food stuffs. Eat seasonal fruits and vegetables. Contemplate VOIP like Vonage or go to a pay-as-you-go plan. Live like a student.
 
yeah, i feel you on the food...I am an avid weightlifter and I have to eat A LOT! it gets expensive...i make a paycheck right now, but not so in 6 months....
 
If you are worried about finding the time to cook you can make big batches of things that you freeze portions of, use a crock-pot so that when you get home everything is done, or cook lots on Sunday for the week.

As far as price, buy what meat is on sale and freeze portions of it. Frozen vegetables are usually cheaper than fresh. When things are buy one, get one free I get a few if it is something I use often. If I only need it occasionally then I buy one for half off. Get the sunday paper to check for coupons. Buy no-name stuff. Last, try to shop with a list so that you only get what you need/plan...if you go into the store with no idea you can end up getting a lot of stuff you don't need.
 
Eating healthy can be the same or even less than eating junk. I generally avoid most processed food and my husband and I cook most nights during the week and our grocery bill isn't high at all. Meal plan and you should be fine.

As far as everything else goes, if you're not married, you can get a roommate to help with costs.

Also, don't take out any extra loan money, just take out absolutely what you need. If you have any extra money sitting around in your savings account you're more likely to spend it.
 
I eat healthy for really cheap. Buy chicken in bulk, those little rice packets that are about 80 cents each, pasta is about 1$ per box (which can be four meals), bag of frozen vegetables = 1.50$ etc...

Its really not hard to eat cheap and healthy. It would cost more to go out to McDonalds when a combo meal is like 6$. Poor people can't use the cheapness factor as an excuse for being fat.
 
I eat healthy for really cheap. Buy chicken in bulk, those little rice packets that are about 80 cents each, pasta is about 1$ per box (which can be four meals), bag of frozen vegetables = 1.50$ etc...

Its really not hard to eat cheap and healthy. It would cost more to go out to McDonalds when a combo meal is like 6$. Poor people can't use the cheapness factor as an excuse for being fat.


However, the Taco Bell value menu could get you through a day under $6 easy.
 
If your going to be cooking dinner and stuff for yourself, I would definately invest in a Food Saver Vacuum Sealer. The problem my wife and I would have when cooking for ourselves was that we would spend a ton of money on stuff to make food for the week..but we would either get tired of eating the leftovers or the food would go bad before we actually used it all up. We ended up waisting a ton of money that way. Once we got the food saver, we vacuum sealed all our leftovers and they never go bad and dont get freezer burned.
 
Though tuition is very expensive, you can reduce the other expenses making up the COA.

1. If you look up the store circular/advertisement, you can find many fruits and vegetables for less than a dollar a pound. For example, I usually get apples (and other vegetables and fruits) for about 50-70 cents a pound. The normal price is about one dollar a pound. You can eat about 4,000 calories a day and only spend 120 dollars a month if you find the appropriate deals. (I spent 100 dollars a month on food while eating 4,000 daily calories of very healthy food. Fruits, vegetables, nuts, seafood, pasta) Buy store-brand cereal instead of the "name brand". The "slightly ripe" bananas are 29 cents a pound here in CA while the "brand new" ones are 57 cents a pound.

2. Do you really need the expensive phone plane? You could get a prepaid phone or just cut out the text messaging/non essential (for most people) options.

3. Get a used car that is still under warranty. (2 or 3 years old) Your insurance cost will be less for that Chevrolet Malibu or Ford Fusion than that BMW 325 that you are looking at.

4. Buy name-brand clothes at Marshalls, TJ Maxs, Kohls, etc instead of at Abercrombie and Fitch or the Gap.

5. You can cook your balanced meal in volume; thus you only have to cook once every two or three days. You also don't have to wash the saucepans and pots so often.

6. If you attend movies, buy matinee tickets. There are a ton of ways to save...🙂

1. Agree on the fruits and veggies. You much be a runner...by your avatar and the amount of calories you consume in one day.😀

2. Get rid of text messaging??? Are you crazy!!!!😀
3. 👍
4. Uhmmm ....I don't know about all that now.😱
5.👍
6.👍👍👍
 
Avoid processed foods at all costs. Definitely buy in-season produce. If your market has a section for fruit that's almost past its prime, you can get bananas SUPER cheap (they look bad on the outside, but they're perfectly sweet on the inside)-- buy in bulk, freeze them, and make smoothies for breakfast.

Look up recipies on foodnetwork.com for dishes featuring cheap ingredients - onions, potatoes, beans, rice, etc.

Learn how to roast a whole chicken, or how to dismember them. They run for about $1/pound.
 
As future med students we all hope limit the amount of money we borrow. My question of course comes in how do we limit. My personal main problem, is well food. I want eat healthy (at least try). How do you guys manage to eat properly and find the time to cook, while still trying to properly attend towards the rigors of school.

I'm not in school as of yet but my diet won't be changing once I do. I'm a fitness nut and can eat getting my macros right every day (granted I also don't get tired of eating the same food daily) for about $5 a day. Wait for things to go on sale, buy in bulk and freeze. When chicken breast goes down to 1.99/lb (normally 2.99 here) I buy about 50lbs (no joke) and freeze most of it. Farmers markets can have significantly lower prices on veggies because they need to turn them over quicker, things like sweet potatoes in ralphs go for $1.99/lb, in my local farmers market they are 3lbs for $.99.... things like this are essential and eating healthy can be significantly cheaper than eating crappy, especially fast foods, or eating out (duh).

Other ways I plan to cut costs, if my school doesn't have a dress code buy plain t-shirts. Footlocker or stores that sell super cheap t-shirts are great. 3 plain Allstyle t-shirts for 10 bucks. Of course that's my style, I don't like the preppy polo look.

Don't spend on useless stuff. Do you really need that new TV? new couch? more expensive bedding, etc? What I bring to school is hopefully everything I need, I don't intend on spending much extra.

Share wifi if there are other students next door and get a roommate.

Cell phones... my family has a family plan, does yours? try to get on it. Instead of spending $90 a month for data, texting and talk, it will be 45. Or if you don't need the data it will be 15. Plan accordingly.
 
Another thing which did not appear to be touched:

If you have any debt currently, start thinking about eliminating it. Here are options that have worked for me.

I currently attend class full time (12 credit hrs), I also work 60hrs a week and volunteer.

IF IF IF you can handle the work load, continue to work while in undergrad (do not sacrifice school to make money, but if you can handle working and school), use very little money for fun and games, rather use your money to live and payoff your debt by doubling or tripling payments.

I also use 100% of my tax refund to go on bills.

Here is what my year looks like roughly:

I make approx 50K(gross) as an auto technician. I receive a 2 week paid vacation (which is paid to us on our anniversary date of employment, and not when we take a vacation). I put into a christmas bonus fund, that works by taking $30/wk from my pay, in return my employer matches the first $5. You don't really miss the money, and I am receiving $250 in free money. My check near Christmas time is approx $1800, along with my $1200 vacation check, and approx $3500 in tax refunds.

There is almost $7000 a year that goes straight on to bills. I have done this for years and it really works.

I own a loaded 2009 F350 diesel (60K) a boat, motorcycle, dirtbike etc. Everything except the truck is paid off, no debt on credit cards, no outstanding bills. I owe on my insurance, cell, and truck (which will be paid off before med school).

Now I just use all of that money and bank it, building up for med school when I will NOT WORK, just because of the commitment required. I wont lose what I have because it will be mine, paid in full, and I will have money in the bank to live off of, plus money from loans if needed to help support living costs. Not to mention if need be, I will sell what I have for money, because you can always buy something new again.

One other thing to keep in mind, keep your credit good. Some schools look at this when applying.

I hope this helps!

As for limiting money while in school, I cant help you there, I haven't been there. But the answers above sure look like they are right on the mark!
 
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coupons and clearance sales!!! Always shop the sales at grocery stores. Stay AWAY from boxed or processed frozen foods. Stick to healthy but affordable goods!
 
Thank you guys for the all the help 🙂. i'll def keep all this in mind going in next year.
 
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