Minimum amount to survive ($$$)

[Christiangirl]

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I am just curious about what is the least amount any of you spend in a year (excluding tuition to survive). I think I have it down to $4500-6000 and am trying to figure if there are ways to cut it down even further.... Just a little game I am playing with myself....

 

[aphistis]

Cost of living is largely a function of your location. I'll tell you one thing straightaway, though; $4500 isn't gonna cut it. The Midwest has a pretty low cost of living compared to the country as a whole, and I'm living on about $15,000 a year. You can trim it down some if you want, but I'd be very skeptical about people who claim to live on less than $1000 a month. Bottom line, borrow what you need; you'll be able to afford it later, and scrimping too heavily on financial stuff just generates another set of headaches on top of the ones you have already from school.

 

[souljah1]

Damn, where do you live? The only way that I could survive on that amount of money was if I couch surfed. My monthly cost of living budget is around 1400 bucks. I think if I really scraped and only at pbj's and didn't go out at all, didn't buy any books or music, didn't have cable or dsl or a cell phone...then i could get by with about 1000-1100/mo. San Francisco is a very expensive place to live.

 

[Christiangirl]

I DO currently live on that amount aphthisis. I go to school in the midwest and it is super cheap. I have a one bedroom that costs only $350/month. (I live in a small town so there is no crime and no I do not live in public housing.)

 

[BiggMann79]

$350x12=$4200

Best Case Scenario of $4500/year

$4500-$4200=$300

$300/12=$25 per month

Worst Case Scenario of $6000/year

$6000-$4200=$1800

$1800/12=$150 per month

You are telling us that besides rent it only takes you $25-$150 per month to live on? Are you anorexic, walk every where, and have no running water or electricity in that apartment?

Between rent, electric, phone, cell phone, cable, car payment, gas, groceries, gym membership, etc. it takes every bit of my $1300 a month living allowance that my school gives me.

 

[Christiangirl]

I have never taken more than $6000 out in student loans per year since I started med school and I only had income one summer that was less than $1000. I only have to pay for cable $14/month, cell $30/mo, gym $8/mo, electricity $20/mo, my heat and water are included in my rent., and the rest is everything else. Having said that I live within walking distance and I live in a small town, so I probably fill my tank max twice a month $30. My car is paid for so I have no car payment. The rest is food and personal items. Anyway, based on this thread, I guess no one has any suggestions.... As a med student, I have learned the art of conference meals and I am veg so my food bill is not that great. Also, I am a female so that helps....

 

[care bear]

wow. i'm so jealous of your discipline!!! how do you eat and grocery shop on less than $90/month! i guess it's possible, but it seems so hard!!! and i am vegetarian and female too! all i have to say is.. . wow.
and not really any clothes shopping ever i guess? . . .hehe you are one amazing girl!!!

 

[DrQuinn]

Originally posted by Christiangirl
I have never taken more than $6000 out in student loans per year since I started med school and I only had income one summer that was less than $1000. I only have to pay for cable $14/month, cell $30/mo, gym $8/mo, electricity $20/mo, my heat and water are included in my rent., and the rest is everything else. Having said that I live within walking distance and I live in a small town, so I probably fill my tank max twice a month $30. My car is paid for so I have no car payment. The rest is food and personal items. Anyway, based on this thread, I guess no one has any suggestions.... As a med student, I have learned the art of conference meals and I am veg so my food bill is not that great. Also, I am a female so that helps....

In the grand scheme of things, a couple thousand here and there for a couple years during medical school/residency doesn't amount to much, considering how much you will make as an attending physician. My advice is to go out and get some extra cash and have some fun! I'd rather look back on my medical school years (like I do now) and remember the times when I went out to dinner, went out on the town, or went shopping... not when I sat on my couch watching my cell phone recharge eating a turnip.

Q, DO

 

[lola]

wow... i can't believe you are able to live on such a small amount of money. that is amazing! i just wonder if you are having any fun??! of course money doesn't buy happiness, but it is nice to treat yourself to a dinner out or a nice outfit every once in a while... particularly when as a med student you don't have much time to appreciate the simple pleasures in life. are you happy living such a frugal life?
the cost of living is really high where i go to school. you would need at least $6000/year to pay the rent! that would be living in a crappy apartment with roommates.

 

[Blade28]

Just my rent and bills alone top $1,100 a month. 🙁

 

[pxz]

After reading so many posts, there is no wonder a lot of physicians still struggle with their finances while making over 200k a year.

In medical school: Why frugal? I can pay them back when I start making real money.

At the beginning of practice: Big house, new luxury cars. Why not now? I have been a poor student for the last 25 years and I will make lots of money in the near future.

Now you know, changing cars every three years, much bigger house, more kids, nicer clothes, eating out at fancy places....

If you do not know how to cut down unnecessary expenses right now, you might never learn to do it later when your family and your ego grow much bigger.

 

[doc05]

Originally posted by pxz
After reading so many posts, there is no wonder a lot of physicians still struggle with their finances while making over 200k a year.

In medical school: Why frugal? I can pay them back when I start making real money.

At the beginning of practice: Big house, new luxury cars. Why not now? I have been a poor student for the last 25 years and I will make lots of money in the near future.

Now you know, changing cars every three years, much bigger house, more kids, nicer clothes, eating out at fancy places....

If you do not know how to cut down unnecessary expenses right now, you might never learn to do it later when your family and your ego grow much bigger.

I am not quite sure what you are getting at. Just because you are a student with limited funds, doesn't mean you should live like a welfare case and count every penny.

 

[Street Philosopher]

My rough estimate lands me at around 12000 a year, and that's without having to pay for transportation. Once I get a car it'll be near 15000 I think...

I didn't know it costs so much. Before I estimated, I guessed I was spending around 8000 or so. So much for that! 🙁

 

[DrQuinn]

Originally posted by doc05
I am not quite sure what you are getting at. Just because you are a student with limited funds, doesn't mean you should live like a welfare case and count every penny.

Well said. I know several of my colleagues during medical school who lived on the opposite end of the spectrum, taking out extra loans just so they could buy a new Bimmer...

Everything in moderation!

Q, DO

 

[uclacrewdude]

Originally posted by QuinnNSU
Well said. I know several of my colleagues during medical school who lived on the opposite end of the spectrum, taking out extra loans just so they could buy a new Bimmer...

Everything in moderation!

Q, DO

Who the hell buys a bimmer BEFORE they get that MD???

 

[lola]

i'm talking about going out to a meal every once in a while or going to the movies a couple times a month... not blowing a ton of money on an expensive car!

 

[DrQuinn]

Originally posted by uclacrewdude
Who the hell buys a bimmer BEFORE they get that MD???

People in my class! I went to school in Ft. Lauderdale, where there was a lot of money though...

Q, DO

 

[GoodMonkey]

my monthly bills (not counting "personal money") add up to around $1800/month. but i own a house. and a car. i also have a job that pays really well for part-time work. and a roommate that pays me nicely. that helps.

 

[gwyn779]

I think the biggest factor is where you live (both which city and what kind of place in that city) and therefore how much you spend on rent. Currently my husband and I spend ~ $1000/month for our apartment, but it's a nice 2 bedroom really close to the hospital and it allows pets. I'm actually trying to get him to spend less on food, since that's our next biggest expense.

 

[MD2b06]

I dunno how anyone can get by on $6K. My rent alone is more than that. I'd estimate my budget to be about $20K/ yr. That includes rent, utilities, food, car insurance, entertainment, plane tickets, and of course the all important "misc expenses." And the luxury car deal in med school is definitely a reality for some. I know many people in my class that are pimpin'bimmer's and other luxury cars. Some also have their own homes that their parents bought them. Not a bad investment on the parents behalf. Build equity rather than waste money on rent.