Live Like a Medical Student
Expenses can be minimized by utilizing some of the following considerations for saving money and keeping your budget on track while attending medical school:
- Share expenses with a roommate. Some schools automatically expect students to share expenses with a roommate and build that into the cost of attendance (COA).
- Consider using coupons to save money on groceries or dining expenses.
- Utilize public transportation or carpool with friends.
- Buy generic brands rather than name brands products; also look for sale items.
- Buy non-perishable items in bulk; consider sharing expenses with friends to save even more.
- Cut down on frequent dining out - pack your meals and prepare beverages at home.
- Check your spending on a weekly and even daily basis; use a free app, worksheet, or budgeting tool.
- Compare your actual spending with your budgeted amount each month (AAMC Financial Wellness program has a track spending tool).
- As you find ways to reduce spending, pay down other debt.
- Meet with the financial aid staff at your school if you are having financial trouble.
- Access your credit report and monitor it on a regular basis to maintain good credit.
- Be aware of identity theft, know how to avoid it, and take action if you should become a victim.