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Expected Expenses Starting Vet School

Discussion in 'Pre-Veterinary' started by Coopah, Mar 14, 2017.

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  1. love2hunt

    love2hunt VMCVM c/o 2021

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    Ask your building manager for an estimate on the water bill. They can vary so much depending on where you are. Same for electric. I can tell you having lived in Phoenix for a year that turning your AC down when you aren't home during the day will save you big $$$, so shave the dog and turn down that thermostat.

    A budget for fun? When you're scraping by and trying to save money, don't spend money on fun. MAYBE a Netflix account to watch some shows. But movies, going out to eat, having a drink at the bar? Don't do it. My wife and I spent money on fun for the first few years of marriage, and it was stupid. We should have been saving that money. There are lots of free (or nearly so) fun things to do, so do those. Take a hike, play a sport, read a book, play board games. Spend money on fun once you graduate.
     
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  3. pawtasticbananas

    pawtasticbananas

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    I didn't even think to call my building manager for those estimates. Thanks for the reply!


    Sent from my iPhone using SDN mobile app
     
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  4. DVMDream

    DVMDream Don't disturb the snowflakes 7+ Year Member

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    Honestly, you aren't going to have any money when you graduate either. And you need to have fun for your mental wellbeing, you can't just chuck it to the side for 4 years. Reading a book isn't free, they cost money. Board games aren't free either. Hiking is great, but not everyone enjoys it.

    Heck, I say have a budget for fun while in school. It is important. Just don't overdo it. $50 a month, give or take. Going to one movie each month, or doing one of those escape rooms, or painting/drinking nights, etc isn't going to add that much to your overall debt in the long term. Just be reasonable, don't spend hundreds on entertainment and it will be ok.
     
  5. WildZoo

    WildZoo Illegal in all 50 Gold Donor 2+ Year Member

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    I second this. I have money set aside each month so I can see a movie with my friends and go out to eat a couple times. Vet school is enough misery without making your personal life miserable too. I'm not the best with money so I probably end up spending a little more than I should some months, but it is possible to cut down on costs without completely letting go of all the things you enjoy.
     
  6. love2hunt

    love2hunt VMCVM c/o 2021

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    My wife and I are currently debt free and (if my plans work out) will be so after vet school. So yes, I will have money for fun.

    Adding $50/mo at 5% interest per year to your budget is ~$2,700 of additional debt by the time you graduate. I think that's a significant sum. But hey, it's your debt, do what you want to with it!
     
  7. DVMDream

    DVMDream Don't disturb the snowflakes 7+ Year Member

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    Good for you, being debt free is great. I am too, minus student loans. But I'll never pay those off. Along with many people around here, you can't pay off > $300k off a vet salary. 10 year payments= entire paycheck per month. 25 year = >50% paycheck per month. Many on here that go out of state will likely need to seek IBR to be able to purchase a home and survive. It is the struggle of vet med.

    Advising people to just not do anything fun that costs money is a great way to burn them out in vet school. I say, go for it. If you're one of those lucky ones who will have only $150k of debt, it still won't be detrimental to you to have fun. If you're like me, you aren't paying it off anyway, so spend $50 a month and give your brain a rest.
     
  8. DVMDream

    DVMDream Don't disturb the snowflakes 7+ Year Member

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    Let's just put it this way.... I don't regret my Tuesday mornings of ditching class once a month to see a movie on cheap movie day. I don't stare at my debt and think, "oh geeze if only I hadn't gone to those movies it wouldn't be this bad." I stare at my debt and think "**** college, **** tuition and **** thinking vet med was worth it."
     
  9. love2hunt

    love2hunt VMCVM c/o 2021

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    Yep, it is great. I realize that not everyone feels like I do about money and debt, and that's fine. I personally think it's insane to go into $300k of debt for any job, even one you think is your dream-come-true, and I would not have applied to vet school if that was what I would have had to do. I only applied to my in-state because I was only willing to risk that amount of debt. But, that's an individual choice.

    I didn't advise anyone to not have fun; I advised not to spend (much) money on fun. $2,700 is not going to be the difference between burning out or not. Personally, I am willing to sacrifice some fun now so that I can have more fun later. Not everyone is willing to make that sacrifice, and as I said, that's fine.
     
  10. DVMDream

    DVMDream Don't disturb the snowflakes 7+ Year Member

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    We'll wait until vet school beats your soul and see how willing you are to not have any fun, not go out with classmates after a difficult exam, etc. I have an odd feeling you'll be spending a lot more on fun than you think and it will be 1000% worth every shiny penny you spend on it. :)
     
  11. TrashPanda

    TrashPanda Class of 2021! (accepted)

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    It's a lot like dieting. If you can be happy eating nothing but salad every single day, hey, good for you. But for the vast majority of people, if that's your diet plan, it's not going to last very long. Long-term, moderation is going to be a lot more successful than extreme restriction.

    Anyway, someone spending $50 on fun per month could easily spend less than you by choosing a cheaper place to live, smart grocery shopping, or mostly buying second-hand.

    I think for some people, it could make that difference. But less than 2% of the average student debt is definitely not going to make a difference in paying off loans or buying a house.

    I'm sure you don't mean to, but I think you're coming off a little judgmental. People have different preferences and values. You're not necessarily better or stronger than anyone else because you're not spending $10/month on Netflix.
     
  12. love2hunt

    love2hunt VMCVM c/o 2021

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    Maybe; maybe not. Time will tell.

    I literally conceded 4-5 different times that people would have different views than me. Having a differing opinion is not being judgmental. I don't have to pay off your debt, you do. So spend money how you want!
     
  13. Lupin21

    Lupin21 Do Not Disturb Staff Member Gold Donor SDN Moderator 5+ Year Member

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    I think too remember that it will be different for people who have spouses vs those that are going it alone. Basically, do try to save money, but if you find yourself going into a dark place, remember that you have to have an outlet. Sometimes that will involve spending money, but still be responsible and don't eat the entire cake in one setting after some dieting. lol
     
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  14. DVMDream

    DVMDream Don't disturb the snowflakes 7+ Year Member

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    :( But why not??? :sorry:
     
  15. Lupin21

    Lupin21 Do Not Disturb Staff Member Gold Donor SDN Moderator 5+ Year Member

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    because you will be completely miserable and have regerts. :heckyeah:
     
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  16. DVMDream

    DVMDream Don't disturb the snowflakes 7+ Year Member

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    e3f0354f1a70b8da39936dee6dcd5ec8cff39046cb371b9e6b36b4ab6c0f3864.jpg
     
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  17. Lupin21

    Lupin21 Do Not Disturb Staff Member Gold Donor SDN Moderator 5+ Year Member

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    How's about don't buy another cake immediately after the original is demolished?
     
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  18. DVMDream

    DVMDream Don't disturb the snowflakes 7+ Year Member

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    That's probably fair. I couldn't eat a whole cake in one sitting. Pizza though, maybe
     
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  19. dyachei

    dyachei vet robot pirate zombie SDN Administrator 10+ Year Member

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    also will probably have regurg. like a cat
     
  20. Lupin21

    Lupin21 Do Not Disturb Staff Member Gold Donor SDN Moderator 5+ Year Member

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    Pizza is sustenance. I just ate all my Tombstone as proof. I feel nourished to the max.
     
  21. WildZoo

    WildZoo Illegal in all 50 Gold Donor 2+ Year Member

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    If you have the opportunity to have pizza, always have pizza. One of my major life philosophies.
     
  22. Doctor-S

    Doctor-S Professor/Attending (Female) Lifetime Donor

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    @Coopah ... here are some thoughts and suggestions:

    COMMON EXPENSES:

    1. Mortgage/Lease/Rent Payments
    2. Utilities (Electric/Water/Gas)
    3. Telephone Service (monthly)
    4. Cable Service (Television and Internet/Computer Service)
    5. Health/Dental/Vision Insurance Premiums (these services are probably provided by your school and same thing for prescription medications)
    6. Student Loan Payments (if you have any student loan payments due at this time)

    HOME EXPENSES:

    1. Homeowner/Renter/Umbrella Insurance Premiums (e.g., for your home and household possessions)
    2. Home Maintenance Expenses and Costs (electrical, plumbing, heating, air conditioning, termite service, etc.)
    3. Home Trash Collection - weekly service at your home (if applicable to you)

    AUTOMOBILE EXPENSES AND COSTS:

    1. Car Insurance Premiums (semi-annually or annually)
    2. Car Payments (if you have any ongoing automobile payments)
    3. Car Gasoline Costs
    4. Car Maintenance Costs (e.g., oil changes, tires, battery, car washes)
    5. Smog Certificate Fees
    6. Automobile Club Fee (e.g., AAA annual payment for flat tires, dead battery, towing, etc.)
    7. Automobile Parking Permit Fees (annual or monthly at your school)

    TAXES:

    1. Federal Income Taxes
    2. State Income Taxes
    3. Sales Taxes
    4. Property Taxes
    5. CPA fees (if a CPA prepares your annual Federal and State income tax returns)

    GROCERIES AND OTHER PERSONAL EXPENSES:

    1. Groceries (food and beverages/personal hygiene supplies)
    2. General School Supplies (e.g., notepads, post-it tabs, pens, paper)
    3. Veterinary Medicine School Equipment (scrubs, stethoscope, etc.)
    4. Miscellaneous School Costs incurred at your school (if there are any extra school fees or costs)
    5. Clothing and Shoes
    6. Laundry (e.g., laundry detergent/dry cleaning fees)
    7. Recreation and Entertainment (e.g., haircuts, take-out pizzas, vacations)
    8. Home Cleaning Fees (if you ever retain a professional housecleaning service)
    9. Professional Association Dues or Club Dues (if you incur any of these things)

    PET EXPENSES:

    Note: if you have pets, it is advisable to establish a professional relationship with a local veterinarian/veterinary hospital.

    1. Pet Food (weekly)
    2. Pet Supplies (monthly)
    3. Pet Health Insurance Premiums (monthly).
    4. Pet Sitting/Pet Walking Fees (if you ever need them)
    5. Veterinary Service Fees (wellness/care and treatment/surgery/prescription medications/special dietary needs)

    * IMPORTANT ADDITIONAL TASKS:

    The following documents are highly ADVISABLE (because you never know when you might need them):


    1. Prepare an Advance Health Care Directive.
    2. Prepare a Durable Power of Attorney for Health Care.
    3. Prepare a Durable Power of Attorney for Financial Matters.
    4. Prepare a List of Emergency Contacts and Telephone Numbers (include ICE names and telephone numbers).
    5. Prepare a Pet Guardianship document (if you have a pet).
     
    Last edited: May 19, 2017
  23. LyraGardenia

    LyraGardenia Kansas State c/o 2020 2+ Year Member

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    I second the suggestion to ask your landlord what utilities tend to run. I pay about $40 a month for water (with a washer and dryer) and $60-85 for electric depending on the season, but it could be very different based on your area and things like how efficient your appliances are.

    I think this year I spent less than $200 on school supplies since my second year buddy passed down his dissection guides and dissection kit to me, but I'm expecting to spend more especially for 3rd and 4th year. But this could vary widely from school to school.

    I budget $15 a month for various fun outings (movies, wine and painting night, etc.) which I stuck to pretty well on average (some months spent nothing, some months way more). This doesn't include going out to the bars or to dinner, I have those as separate categories.

    $200 a year for 3-4 clubs sounds high, but I don't know what dues are like at UF. Here SCAVMA dues were I think $47 (you're required to join SCAVMA to join other clubs), VBMA was $25 for the year, and I think all other clubs are $10 per year.
     
  24. Coopah

    Coopah UC Davis c/o 2021 2+ Year Member

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    These are great suggestions @doc-S I really appreciate the thought you put into them! I didn't know about smog certificates, is that like a state inspection? How much do those run in CA? Thanks again Doc S, you're really the best!
     
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  25. Doctor-S

    Doctor-S Professor/Attending (Female) Lifetime Donor

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    @Coopah ... I'm assuming you will be arriving at UC Davis with a car registered from out-of-state. I'm also assuming you plan to establish residency in California.

    Unless your vehicle is exempt (e.g., electric car), you will need a California smog check.

    To obtain a California smog check, you will do the following:

    1. Take your car to a certified smog check station (you can search yelp if you want to find a list of certified smog check stations or go to the California DMV website for the same information)
    2. Pay a smog check fee (the fee depends on the type of vehicle, probably between $30.00 - $70.00), and
    3. Bring proof of automobile insurance, title and vehicle registration with you.

    When I searched yelp, I found a positive yelp review for one of the smog check stations in Davis, California (see link below). The owner's name is "Jon." If you contact Jon, you can ask about the smog check required for your type of vehicle. Plus, make sure to ask Jon if he has any discount coupons or student discounts in connection with the smog check.

    A1 Smog - Davis, CA

    If you plan to register your car in California, you will need to contact the California Department of Motor Vehicles in your vicinity (see link below) to find the DMV office closest to you:

    Davis - DMV
     
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  26. Coopah

    Coopah UC Davis c/o 2021 2+ Year Member

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    Yes to all of that. Yay for bureaucracy! Thanks for your help!
     
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  27. LetItSnow

    LetItSnow Skipping the light fandango 5+ Year Member

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    I am not saying you aren't entitled to an opinion. But people reading this exchange should take the time to remember that one of these people is looking backwards at vet school with a large student loan debt knowing exactly what it was like, and one of them is looking forward imaging what they think it will be like.

    I'm with DVMD - spend money as needed to keep yourself positive, stable, productive, and energized (which is what I think she was trying to say). And coming from me (with my mantra of "nothing else matters than minimizing your student debt"), I think that should say a lot to pre-vets.
     
  28. LetItSnow

    LetItSnow Skipping the light fandango 5+ Year Member

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    That's a thing?
     
  29. StartingoverVet

    StartingoverVet Flight Instructor for hire Lifetime Donor 7+ Year Member

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    Neither here nor there.
    You don't have emissions testing in MN? Every state I have lived in has that; they just call it something more cool in CA.
     
  30. StartingoverVet

    StartingoverVet Flight Instructor for hire Lifetime Donor 7+ Year Member

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    Neither here nor there.
    This list is invalid since it doesn't mention alcohol. IMO alcohol is an important budgetary item and few students can get through vet school without this essential.
     
  31. DVMDream

    DVMDream Don't disturb the snowflakes 7+ Year Member

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    I'm right with you, 100% for minimizing debt, but I also know that skipping movies and a dinner with friends isn't what will make an impact.

    The bigger things are more important...

    1. Community college courses for whatever classes you can

    2. Who cares if you have a bachelor's, try applying to vet school early to minimize debt.

    3. Move to obtain in state tuition or go to a school where you can get IS tuition.

    4. Minimize living expenses, get a roommate or a studio apartment. Live at home if you are able.


    Those are the big ticket items, not avoiding the movies or a dinner out or ordering a pizza. These don't make a big enough impact. Heck $2700 including interest over 4 years is nothing.
     
  32. love2hunt

    love2hunt VMCVM c/o 2021

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    Do I know what it's like to have debt specifically from vet school? No. Does that mean that I have no transferable advice to give? Also no. I have paid off $30k in debt since undergrad. Paying money back with interest sucks. I'm willing to do as much as possible to not have to do so again.

    What this really boils down to is whether you believe spending money is necessary to have fun. I don't; y'all do. If you find it necessary to go into debt to have fun, that is your prerogative. What we can agree on is that fun is important to your mental well-being at every stage of life, and especially in the stressful stages.
     
  33. love2hunt

    love2hunt VMCVM c/o 2021

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    Now THESE are things I wish I had heard in high school!
     
  34. pawtasticbananas

    pawtasticbananas

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    So I was looking at Interest Rates and Fees and saw that there are fees take out of the loan disbursement. So does that mean I actually need to take out more than initially budgeted to accommodate this? So technically the amount available for direct unsubsidized loans is less? If that makes sense..
     
  35. TrashPanda

    TrashPanda Class of 2021! (accepted)

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    Depends on what you mean by budgeted. From what I understand, schools generally account for fees in their estimated cost of attendance. But if you're planning on taking out a certain amount based on your own estimated expenses, then yes, you'll end up owing more than estimated because of fees.
     
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  36. pawtasticbananas

    pawtasticbananas

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    Thank you! I was thinking they didn't take the loan fees into account.
     
  37. cheathac

    cheathac Purdue c/o 2021!!! 2+ Year Member

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    Someone said to not pay off interest while in school. @Coopah I think? What are some other opinions? I'm planning on taking out more than I need and giving some back. I'm taking out 20K, but with my budgeting I should need 15k-17k.
     
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  38. Coopah

    Coopah UC Davis c/o 2021 2+ Year Member

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    Yes I always think it's best to not take out more loans instead of paying interest on loans already taken out. Simplified put extra money toward tuition not interest. Of course if you have extra money your last year of course put it toward interest!
     
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  39. cheathac

    cheathac Purdue c/o 2021!!! 2+ Year Member

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    Also another questions. Do most vet schools give out more scholarships to first year students? I very fortunately received quite a bit in scholarships to make my tuition very cheap.
     
  40. LyraGardenia

    LyraGardenia Kansas State c/o 2020 2+ Year Member

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    Most scholarships I've seen are for second years and up since you then have some vet school grades to go off of. I didn't get any scholarships from K-State for first year (we apply near the beginning of first semester), and didn't see many outside scholarships that I was eligible to apply for (but I didn't look very hard, just at the ones we got emails about). But each school does things differently.

    And I've also heard that it's best to just take out less rather than pay towards interest while in school.
     
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  41. twelvetigers

    twelvetigers damn 7+ Year Member

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    Not a thing in OK.
     
  42. sheltermed

    sheltermed 2+ Year Member

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    I don't think we have it in NY either? Unless it's part of our required yearly vehicle inspection. It probably is, and I'm just dumb. :shrug:
     
  43. Teepster87

    Teepster87 MSU c/o 2020 2+ Year Member

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    My neighbor used to register all his vehicles to his mother's house someplace a little bit more north than Marysville because for some reason or another isn't required to smog vehicles.

    I wouldn't know where to begin looking for loop holes unfortunately
     
  44. dyachei

    dyachei vet robot pirate zombie SDN Administrator 10+ Year Member

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    it usually is and NY tends to be strict on these kinds of things.

    It's not a thing in FL, but it was in GA. just states doing their own thing
     
  45. sheltermed

    sheltermed 2+ Year Member

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    You're right, it's a thing in NY, I looked it up haha :)
     
  46. amgoose319

    amgoose319 keepin' it sassy

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    Just curious, why do you recommend not paying off interest in vet school as it accrues? Wouldn't that make the overall payments less after graduation since they that amount won't capitalize? (new to this whole loan process)


    Sent from my iPhone using SDN mobile
     
  47. LyraGardenia

    LyraGardenia Kansas State c/o 2020 2+ Year Member

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    Generally the math works out better to just take out less in loans, and use any extra savings that you might have for expenses you otherwise would have used loan money for. I haven't done the math myself, I thought there was a post on here a while back breaking it down but I can't find it now.
     
  48. finnickthedog

    finnickthedog Michigan State c/o 2021 2+ Year Member

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    If you have extra money then you should put it toward tuition and take out less loans in the first place because that will lower the amount you take out. It is my understanding that your interest isn't earning interest while you're in school whereas the money you are taking out does. So if I have 1000 dollars and I take out 1000 dollars less, Im saving that 1000 PLUS whatever interest it would have accrued before I graduate whereas if I pay 1000 toward interest I am only saving that 1000.

    But loans are confusing and this is just how I understand it so someone correct me if I'm wrong!
     
  49. Coopah

    Coopah UC Davis c/o 2021 2+ Year Member

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    Yes that is completely correct. Paying money just toward interest is like throwing money into a black hole. I'm sure eventually it'll do something, but it's going to take a while ;)
     
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  50. SkiOtter

    SkiOtter

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    Related to this, some credit cards have their own roadside assistance included with your card free that you don't have to pay an extra annual payment for. I know my specific Amex does, and a couple of my parents cards do too (I think there's an Amex and maybe a MasterCard of theirs that do?) so some people may have this specific benefit with their card that they may want to check into. We didn't really know that we had it until we needed it because AAA wouldn't come to our house to replace a tire on my moms car because my dad was the AAA cardholder and he wasn't home. I had sorta remembered seeing something online about that benefit but never really read about it until we were stuck.
    I know not every single credit card is going to have this (and probably most don't), but I thought it was worth mentioning.
     
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  51. StartingoverVet

    StartingoverVet Flight Instructor for hire Lifetime Donor 7+ Year Member

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    Neither here nor there.
    Just dumb...

    from NYS website, it is part of safety inspection...
     

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