Tips for Managing Money

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.