Considerations for the Year(s) Ahead
Second Year (M2)
- Study materials for United States Medical Licensing Exams (USMLE)* may be an additional expense this year.
- Dedicated study time for USMLE exams can affect your budget. Since you may not be attending class each day, you may find that you are consuming food at home more frequently. Be sure and budget accordingly.
- Clinical rotations may begin and less free time may cause you to forget your budgeting tactics. Remember your budgeting plan; prepare lunch at home and take it with you so that you aren’t tempted to spend money each day or unnecessarily.
- If you plan to take Step 1 of the USLME at the end of this year, you will want to plan for the cost of the exam.
Third Year (M3)
- Longer terms and semesters may make indirect costs such as groceries and living expenses more costly. Take time to focus on these expenses to make sure you are budgeting appropriately.
- Core rotations will likely take up much of your time as an M3. Being able to cook at home, make your own coffee, and shop for groceries may be more difficult due to lack of time. Be sure to prioritize these aspects of your calendar and budget to stay on track.
- If you plan to take Step 2 of the USMLE this year or as an M4, you will want to be sure to budget for the expense.
Fourth Year (M4)
- Residency application costs primarily consist of the Electronic Residency Application Service® (ERAS®) fees and National Resident Matching Program® (NRMP®) fees, which are separate from interviewing expenses.
- Prepare for the cost of interviewing for residency; these costs should be anticipated as you prepare your budget for the M4 year.
- Think long-term. You will need to be prepared for post-graduation expenses too, such as funds for relocating to your new residency location.
*USMLE General “…Although Step 1 and Step 2 can be taken in any order, most students will take Step 1 at the end of their second year and Step 2 in their fourth year; Step 3 is usually taken during the first or second year of postgraduate training.”