Tips for Saving Money during M1

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Pythagoras

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Any M2's have good tips for saving money during medschool? We are all in the poor boat together unless you happen to have a rich daddy. I can use all the help i can get.
 
I'm Pre-M1, but I'm basically in the same boat b/c I won't be working during med school (something I've been doing since I was 16), with only fin. aid, I have to cut expenses if I don't want to eat ramen every day.

Anways, as dorky as it sounds I've started collecting and using coupons for groceries. Pick up the sunday paper every week, and buy bulk coupons at www.thecouponclippers.com, I look really funny carrying them around considering I'm a 22 y/o male and the only other people I see with coupons are middle aged women, but I get to buy loads of stuff for cheap. I saved 60%, about $40 dollars by mostly buying things i had coupons for, the cashier and everybody in line just looked at me funny. 😛
 
domukin said:
I'm Pre-M1, but I'm basically in the same boat b/c I won't be working during med school (something I've been doing since I was 16), with only fin. aid, I have to cut expenses if I don't want to eat ramen every day.

Anways, as dorky as it sounds I've started collecting and using coupons for groceries. Pick up the sunday paper every week, and buy bulk coupons at www.thecouponclippers.com, I look really funny carrying them around considering I'm a 22 y/o male and the only other people I see with coupons are middle aged women, but I get to buy loads of stuff for cheap. I saved 60%, about $40 dollars by mostly buying things i had coupons for, the cashier and everybody in line just looked at me funny. 😛
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next time you are using your coupons and getting funny looks just wear a piece of clothing that clearly says what med school you are from. they should probably get it after that.
 
1. Bring your lunch to school every day. Then you won't have to eat the "gormet" cafeteria food that's overpriced and undercooked.

2. Buy a nice waterbottle and fill it up every morning before you leave and at school water fountains. Saves you the money you waste at the pop machines and soda fountain.

3. Buy your textbooks used online!!! Never buy new what you can get used at half-price. Personally, I like Amazon.com but there are other places like cheaptextbooks.com.

4. Don't buy all your "required" books. Most will just end up gathering dust. Talk to the 2nd years at your school and find out what you really need.

5. Don't go out to eat and don't order pizza. Learn to cook quick meals (spaghetti, chicken and rice, crock-pot, ect).

6. Don't get cable TV. You won't really have much time to watch too much anyways. I'm getting by with just the usual stations: Fox, ABC, NBC... This'lll save you about $50 a month or so.

7. Email people in your class to see who lives near you and form a carpool. Saves you all gas money and mileage on your cars, plus it's the enviro-friendly thing to do!

8. Garage sale, yard sale, moving sale! Find any furniture you might need for dirt cheap.
 
-By generic brands of food (Meijer pizza is actually better than the name brands)
-Don't leave your computer on all night long all the time
-Use a website that finds cheap gas in your area, $2.19 unleaded is the same as $2.25 unleaded
-Vending machines are the devil
-ATM = another twenty missing: avoid trips
-Get a change jar and only pay in greenbacks
-Go work out more, you'll be less hungry
 
My wife is a big couponer and she saves us a ton of money. 🙂 She does end up buying some coupons online which saves her time hunting down papers to clip from, but she more than makes up for that. She reads couponing forums and puts together a list of what she wants to buy, then gets her coupons. She tries to combine her coupons with other sales (like buy one get one free, etc.) and ends up getting a lot of stuff very cheap. This week it was Nutrigrain bars for $0.75 a box because they were on sale and that combined with a Kellogg's buy "$15 and get a $10 gift card deal." You get the point. Anyway, she has been able to keep the pantry full without coming anywhere near exceeding our grocery budget and best of all she really enjoys doing it. Good organizational skills are absolutely essential, though. Good luck, all! 🙂
 
Great tips =D

keep em coming
 
i saw a sign for egg donors with SAT scores above 1050 in the student union.
 
How about sperm donors with SAT above 1400 ?
 
Don't drink alcohol.

Don't drink coffee.

Don't own a TV.

Don't eat out.

...and you'll save a frickin' fortune.
 
Pythagoras said:
How about sperm donors with SAT above 1400 ?
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hahahah or mcats above 30. i've learned the open up a tab at the bar trick. i mean, instead of paying the guy a tip each time which could amount to 10 bucks, i can just give him a 5 at the end of the night. that's just me.
 
I understand the point about not eating out at like nice restaurants, which typically runs you like 10 to 15 bucks per meal. However, i find that cooking at home for 1 person is not much cheaper than say eating out chinese or going to the Wendy's 99 cent menu.
 
Pythagoras said:
I understand the point about not eating out at like nice restaurants, which typically runs you like 10 to 15 bucks per meal. However, i find that cooking at home for 1 person is not much cheaper than say eating out chinese or going to the Wendy's 99 cent menu.
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Believe me when I say that you almost always save money eating at home if you make food from scratch. You only start spending more if you buy frozen food or prepared box food.
 
I basically learned to be cheap in med school by scaling down my tastes and redefining my "needs". I have no problem buying clothes from Target or Kmart. I'll eat store-brand food (pretty much anything, so long as its healthy) and I buy whatever is on sale in the deli and produce departments. I stopped using high end cosmetics and stick to stuff I can get at a pharmacy (Cover Girl, Almay, etc). For medicine, my doc writes my OCP prescription such that I can get three months' worth dispensed at a time, while I only pay one copay. I stick with the school gym even though it is just okay, and I pretty much walk everywhere so I don't need a car. Also, if going out to eat with friends, I will eat something beforehand then only get like an appetizer at the restaurant, and I don't drink alcohol that much anymore, because restaurants and bars can get really expensive!!

Sometimes I feel cheap but I get a kick out of saving money, especially since it is loan money and will have to be paid back many times over with interest. Hope this helps. 🙂
 
For internet purposes, try to split the cost of cable/DSL with your neighbors. If you have 4 or 5 people in close proximity to each other, all you need is an $80 router (works out to $20 a piece) and 4 Wifi cards ($20 each) and you each end up paying only about $10 per month. Beats paying $40 on your own each month. We'll be doing that in the building I live in.
 
Iwy Em Hotep said:
Don't drink alcohol.

Don't drink coffee.

Don't own a TV.

Don't eat out.

...and you'll save a frickin' fortune.
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How do you get by in life, the first 3 are all requirements for me to stay sane.

I totally agree with the not eating out though, I try to eat before I go out with my friends, and get only a drink or something small and cheap.

Also, if you drink, buy it at the store and have a few before you hit the bars, cuts down on bar purchases (DD used of course.)

CASH ONLY!!! Someone already said it, but that is great advice.

Get a roommate, we have alot of luxuries others don't because we split the bills. Keeping the apartment at 72 degrees is nice.
 
I find most of the cheapest groceries at Aldi. Bananas are 29 cents a pound, tuna 49 cents a can, big loaf of whole wheat bread 1.29, bell peppers outrageously cheap. I get certain staples, like some fruits, at whatever major chain is having a good sale, but Aldi generally covers the basics. Even some of the relative luxury foods, like good jelly, chamomile tea, and extra virgin olive oil are cheap as dirt there. Bring a couple of tote bags, though--bags are not free.
 
* Shop for groceries primarily at Walmart, Aldi and Save-a-lot. (Buy sale items at Krogers, Giant Eagle, Safeway, etc)

*Pack a lunch

*Buy water by the gallon at Walmart instead of bottled water, and fill up y our own
bottle.

*Check the school/city papaer for FREE entertainment (i.e. movie or gallery event)

*Buy generic.

*If you can, work over school breaks so you have a little extra money in your bank account.

*Rent movies from the library for FREE.

*Buy in bulk if something is on sale i.e. toothpaste, soap, dishwashing liquid, paper towels. 24 rolls of TP (for 8.99) last at least 6 months!
 
AStudent said:
-By generic brands of food (Meijer pizza is actually better than the name brands)
-Don't leave your computer on all night long all the time
-Use a website that finds cheap gas in your area, $2.19 unleaded is the same as $2.25 unleaded
-Vending machines are the devil
-ATM = another twenty missing: avoid trips
-Get a change jar and only pay in greenbacks
-Go work out more, you'll be less hungry
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Good advice - but what state do you live in where the gas price is only $2.19?
 
Pythagoras said:
I understand the point about not eating out at like nice restaurants, which typically runs you like 10 to 15 bucks per meal. However, i find that cooking at home for 1 person is not much cheaper than say eating out chinese or going to the Wendy's 99 cent menu.
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Cooking at home is also healthier - that may serve as another incentive. And instead of cooking small portions at a time for yourself, you can cook a few dishes in large quantities over the weekend and pack them individually in gladware for the rest of the week - this saves time, money, and calories. Also, if you're cooking for just for yourself, you'll probably have perishables sitting around for a while. Refrigerate anything that may spoil and it will last you longer. Even things loaves of bread and fruit which are sometimes hard to finish in a week.
 
Cholinergic said:
* Shop for groceries primarily at Walmart, Aldi and Save-a-lot. (Buy sale items at Krogers, Giant Eagle, Safeway, etc)

*Pack a lunch

*Buy water by the gallon at Walmart instead of bottled water, and fill up y our own
bottle.

*Check the school/city papaer for FREE entertainment (i.e. movie or gallery event)

*Buy generic.

*If you can, work over school breaks so you have a little extra money in your bank account.

*Rent movies from the library for FREE.

*Buy in bulk if something is on sale i.e. toothpaste, soap, dishwashing liquid, paper towels. 24 rolls of TP (for 8.99) last at least 6 months!
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I was trying to do some things with the kids that didn't cost $$ so I took the older three to the library to check out books and movies. Found out they charge $1 per movie!!! We've lived in Midwest, Miami, and it was always free. That isn't a lot of money but all the kids want a dif. movie so it adds up and defeated my purpose of finding an activity that was free 🙁 I was stressed and left with nothing. We spent $730 on food last month and I don't even feel like we ate that great (not that much meat). Anyway, to all you singles...count your blessings in the $$ saving department. It's really hard for us and the other families I know.
 
I'm not sure if this applies everywhere but in Philadelphia most utilities offer discount programs if you can prove to them your income is below the poverty level. Since most med students don't work this requirement is easily met.

For my PECO electric I am under their CapRate program. It allows your electric to be billed at a lower rate.

For Verizon they have a Lifeline credit program. It gives you a ~$10 credit every month on your phone bills.

It has certaintly saved me a lot over my undergrad years. Most utilities offer them but it's usually not advertised so you just got to call and ask for an application.

For others keep the tips coming ! 🙂
 
hooniedee said:
For Verizon they have a Lifeline credit program. It gives you a ~$10 credit every month on your phone bills.
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What is that?
 
For meat products (beef and pork), find your local butcher/meat company. Invest in a freezer and then go in with a few friends on a half a steer/hog. The quality is at LEAST choice (often prime), packaged to your specifications, and when I last bought beef this way it was $1.80/lb and my ground beef was 92% lean. And you get steaks and roasts too. Yes, you have to pay a load up front and you'll need a chest freezer, but it saves you money like crazy 'cuz you only buy meat once a year.

In the summer, find a pick-it-yourself farm. You'll get some exercise, pick your own fruits so you know the quality is good, and the price is less than half the store cost. Go home and stick the fruits and veggies in freezer bags and into the chest freezer with the butcher beef/pork.

Buy special stuff like turkeys around thanksgiving. Last year my store had "spend $100 in 4 weeks and get a 18-20lb turkey for $8" deals, so I ended up with six turkeys in the freezer. Cook one turkey and you've got leftovers for weeks.

As for the freezer, lowe's and home depot have smaller ones cheap. Also check your newspaper for sale ads. A freezer is your wallet's best friend. And if you don't cook well, find someone like me who LOVES to cook and work out a deal.
 
This idea is for the ladies only:

Don't go to your family doc for your gyno check ups if there is a Planned Parenthood in your neighborhood. They make you fill out an income sheet and adjust all the prices for your income level. Since med student generally don't have an income, you can get your exam done (pap smear and pelvic) for pretty much free and the birth control is about $5-10 per pack. Much better than paying the $30-40 at the local pharmacy!
 
Us the Entertainment Book if you plan on going out. It's loaded with 2-for-1 deals on restaurants, movies, etc. Plus, there are often coupons in there for local grocery stores.
 
I'm not sure if they have these stores outside of the South or not but I went to Big Lots today and they have tons of stuff for really cheap. Canned groceries, drinks, kitchen stuff, furniture, etc.
 
Pythagoras said:
I'm not sure if they have these stores outside of the South or not but I went to Big Lots today and they have tons of stuff for really cheap. Canned groceries, drinks, kitchen stuff, furniture, etc.
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Yeah that place is awesome! They get a lot of useful things from other stores that aren't being sold there anymore so Big Lots has bought it for cheaper and the reduced cost is passed on to consumers! Christmas Tree Shops and Target and yes, the $1 store will have little knick knacks you might useful too.
 
Live at your old folks home.

noncestvrai
 
Realest said:
Good advice - but what state do you live in where the gas price is only $2.19?
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i would like to know the same succulent fact !!!!!!!!!!!!!!!
2.35 is the cheapest i have found reg /2.59 premium (most stations are 2.39/2.63)
i am griping about my parking on campus - i havent used it yet but continue to pay$74 a month (i will use it next week but for now the way my tank drains if i drive home and back irritates me)
 
Code Brown said:
Us the Entertainment Book if you plan on going out. It's loaded with 2-for-1 deals on restaurants, movies, etc. Plus, there are often coupons in there for local grocery stores.
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BE CAREFULL!
my mom gave me this book last year
it only is $25 but i got tempted into using a lot of coupons for things i didnt want or places i had no business going to.
i knew i was having a problem with the coupons when i spent $11 so i could use my buy one get one free coupon at the kiddie planatarium. so yeah dont get carried away with the thrill of this book - it does have good pizza coupons and smoothies ones though!
 
Meat is one of the most expensive grocery items. Save money by buying "family size" packages, splitting into ziplock freezer bags, and freezing.

We buy two months of meat at a time, divide it up, bag it, and freeze it. Just remember you have to plan ahead to give it time to dethaw. Use a microwave or dethaw in fridge.

When it comes to ground meat for tacos and such, you can cook a whole five pounds of ground beef or ground round, etc. at one time. Drain the fat off, let it cool and then spoon it equally into five ziplock freezer bags. The beautiful thing is that when you want a pound of ground meat for spagetti sauce or tacos, all it takes is 30 seconds to unthaw under hot water and it is ready to add to whatever you are cooking.

We probably save about $30/mo. this way.
 
I think this is a good time to interject something:

Your most precious resource in med school is TIME, not money.

It is not worth saving a couple of bucks if it's going to cost you a few hours of your time. You can always borrow a couple hundred more dollars (which is really not a big deal), but you can't study more after the test, and you can't see family and friends with borrowed time.
 
I hardly think many of these tips are going to cost you a serious amount of time =/
 
I am super cheap and thrifty but I understand what Iwy is saying: sometimes you do have to cough up the dough for something and when that happens to me I like to then say to myself that I have already saved alot of money, and right now my time is more important.

There is definitely a balance but I am for the most part really thrifty. Oh, and we have dollar stores here and I stock up on them with everthing I can possibly use. Shower curtains for a $1, dishwashing liquid - which I actually dilute even more.

And Costo, which I just joined. 😀
 
If you do go out for dinner, go somewhere that gives big portions. Ask the waitress to bring half already boxed up for you. That way you stretch two, even three meals out of one and you don't overeat. If I get Chinese I bring it home and slice up some veggies in it. That makes it more food relatively cheaply so that I end up with enough food for two more meals.

If you can find a smal plot of land or have a porch, grow your own tomatoes, peppers, basil, whatever. My boyfriend and I had some fantastic dinners and lunch leftovers this summer and all we had to buy was pasta, a little bit of olive oil, and some italian bread. The rest came from our garden.
 
Conserve water by flushing your toilet less.

If it's yellow, let it mellow. If it's brown, flush it down.

I think I saved at least $50 bucks with that tip alone.
 
Iwy Em Hotep said:
I think this is a good time to interject something:

Your most precious resource in med school is TIME, not money.

It is not worth saving a couple of bucks if it's going to cost you a few hours of your time. You can always borrow a couple hundred more dollars (which is really not a big deal), but you can't study more after the test, and you can't see family and friends with borrowed time.
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I completely agree. Hello!!! We're going to be doctors! A little bit more borrowed money to increase quality of life during the stressful years of medical school is not going to change anything significantly in the long run... except increasing your quality of life now.
 
sequoia said:
Meat is one of the most expensive grocery items. Save money by buying "family size" packages, splitting into ziplock freezer bags, and freezing.

We buy two months of meat at a time, divide it up, bag it, and freeze it. Just remember you have to plan ahead to give it time to ***dethaw***. Use a microwave or dethaw in fridge.

When it comes to ground meat for tacos and such, you can cook a whole five pounds of ground beef or ground round, etc. at one time. Drain the fat off, let it cool and then spoon it equally into five ziplock freezer bags. The beautiful thing is that when you want a pound of ground meat for spagetti sauce or tacos, all it takes is 30 seconds to ***unthaw*** under hot water and it is ready to add to whatever you are cooking.

We probably save about $30/mo. this way.
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HAW HAW HAW!!! "Dethaw" is one of my favorite words..."unthaw"...haven't heard that one ever...also very, very funny, but doesn't roll off the tongue like "dethaw" does.
 
One day a month I cook for a month. A doctor friend of mine bought me a cookbook "Frozen Assets". It has recipes for great healthy low fat meals and 30 day menu plans. I eat out once a month - the day I'm cooking. Not only does it save me money and calories, but it also saves time. I don't have to wonder what to eat nor go to the grocery store several times a week. 🙂
 
sdnetrocks said:
I completely agree. Hello!!! We're going to be doctors! A little bit more borrowed money to increase quality of life during the stressful years of medical school is not going to change anything significantly in the long run... except increasing your quality of life now.
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i know
i am all for getting hypertension off canned goods but if we are spending 200k/400k i think another 1k on food wont be the death. then again i am hapy living on poptarts and takeout salades so i could beat you all at your own game..need be.
 
Frogmed said:
One day a month I cook for a month. A doctor friend of mine bought me a cookbook "Frozen Assets". It has recipes for great healthy low fat meals and 30 day menu plans. I eat out once a month - the day I'm cooking. Not only does it save me money and calories, but it also saves time. I don't have to wonder what to eat nor go to the grocery store several times a week. 🙂
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Trying to save a penny here or there could end up saving you time in the end as well. It just depends how you go about it. I wouldn't search for or clip coupons as a medical student, but there are other easy tips to follow if you're on abudget.
 
pre-drink before going to the bar. dont waste hundred of bucks at the bar....u're money will be sucked out of you harder than if u were with monica lewinsky.

Pythagoras said:
Any M2's have good tips for saving money during medschool? We are all in the poor boat together unless you happen to have a rich daddy. I can use all the help i can get.
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I use a filter for the tap water, if any of you are willing to do that, it saves me some money from not buying bottled water, I also shop at the local dollar store which has some good stuff
 
Check out restaurant.com. You can buy gift certificates for restaurants at a huge savings. It has things like a $25 off gift certificate for $10, etc. Some have minimum purchase, but it is a good value for sure. Also, check out fatwallet.com and startsampling.com for some free stuff.


MS-II at UT-Houston
 
Indryd said:
HAW HAW HAW!!! "Dethaw" is one of my favorite words..."unthaw"...haven't heard that one ever...also very, very funny, but doesn't roll off the tongue like "dethaw" does.
Click to expand...

Why not just say 'thaw'??

I'd hate to see what that guy does to cadavers! 😱
 
cinnamon toast crunch (and some other general mills cereals, none of which are as important) is currently $1.88 at kroger.
 
The other unseen benefit of learning to be thrifty now is that if you make it a habit it will continue with you later. Sure someday we'll be making more than most people, but we've all heard stories of doctors declaring bankrupcy because they didn't ever learn to live within their means (even if it's a six figure income). If we learn thrift now and continue to be reasonable with our spending, paying off the loans in the future will be easier and we will be more financially secure.
 
I'm surprised this hasn't been mentioned before, but stop buying out coffee everyday! I'm absolutely amazed at the number of my classmates that bring in a venti starbucks drink every morning and then go and buy another drink from the on-campus cafe mid-morning. If you have to have coffee all the time, at least make it home and bring it in.

I kind of agree with the sentiment of time being more important than money during medical school, esp. during third year. My husband and I are careful with money--getting DSL in lieu of cable TV, using an Enterntainment book (people, you've got to see a movie, go out to a nice dinner, or go to a play once in a while--just don't do it all in one weekend), cutting coupons from the newspaper and mailings. But I absolutely despise eating leftovers day after day after day and just can't do the cooking for a month and freezing it thing. I just won't get around to eating it. And if it's right before an exam, well, I'm going to spend more eating out because I don't want all my free time to be spent grocery shopping or over the stove.

Try going vegetarian or at least really limiting meat to chicken. My husband is vegetarian, so I've just started eating less meat, and it really is cheaper and healthier. My signature chicken stir fry has just become a much cheaper veggie stir fry.

The bottom line is, while it's good not to over-spend, none of this is really going to make a big difference in the bottom line of a $100,000+ loan.
 
oooooohhh.... i got another one. there is a reallly neat website i've been using recently. it's called www.slickdeals.net they have some really good stuff on there. now... this is a saving thing.. haha, so i'm not tellin u spend all u got, but if u want to splurge, splurge with with a bargain.
 
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