How to pinch every cent in medical school? Whats your secret?

[Siverhideo1985]

I am preparing to start my first year of medical school and as I will be attending a very expensive private school I was wondering if you guys have secret tips on how to safe money. I am just getting into this topic and would appreciate any resources, etc. you might have to offer.

Of course, I am thinking about budgeting, using my savings, looking for good deals on loans and scholarships. But any tips from current medical school students would be much appreciated. I am especially interested in how you guys cut down on every day costs. Maybe I should just live on cup o' noodles and tap water for the next decade or so?

Thanks in advance!

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[meister]

I go with Top Ramen, but you've got the right idea. There are a few simple things I do to save every penny:

1. NEVER buy coffee on campus
2. NEVER buy lunch on campus
3. NEVER pay for getting to school (students here get free bus passes)
4. restrict myself to eating out once per week
5. food stamps

There you go. The first couple alone will save you hundreds in a year, no joke. I see people get McDonalds every day or coffee and a muffin. Well, $5 per day x 5 days per week x 35 weeks or whatever = $$$$.

 

[ClockworkDoc]

I go with Top Ramen, but you've got the right idea. There are a few simple things I do to save every penny:

1. NEVER buy coffee on campus
2. NEVER buy lunch on campus
3. NEVER pay for getting to school (students here get free bus passes)
4. restrict myself to eating out once per week
5. food stamps

There you go. The first couple alone will save you hundreds in a year, no joke. I see people get McDonalds every day or coffee and a muffin. Well, $5 per day x 5 days per week x 35 weeks or whatever = $$$$.

I do 1 and 2, but really I don't feel like living like a hermit.

 

[Siverhideo1985]

I go with Top Ramen, but you've got the right idea. There are a few simple things I do to save every penny:

1. NEVER buy coffee on campus
2. NEVER buy lunch on campus
3. NEVER pay for getting to school (students here get free bus passes)
4. restrict myself to eating out once per week
5. food stamps

There you go. The first couple alone will save you hundreds in a year, no joke. I see people get McDonalds every day or coffee and a muffin. Well, $5 per day x 5 days per week x 35 weeks or whatever = $$$$.

We can get food stamps? serious?

Thanks for these tips! Keep em coming!

 

[Zweisamkeit]

Take some time to go through coupons that come in the mail. I used to throw away the "junk mail" but now that I'm a frugal med student, I've noticed that there are some nice bargains if you take the time to look.

 

[UCSF2012]

Save printing costs. Don't print out notes on pdf's and ppts.

Save transportation costs. Don't go to class. Just listen to podcasts.

Save on food. Eat to get trim, cut, and sexy.

Save on haircuts. Just shave everything off.

Learn to hang out at the law school or business school. They always have free food. Just wear their shirts "X Univ School of Law" so they think you actually go there.

 

[nogolfinsnow]

I agree w/ everything above (but we don't qualify for food stamps). As well, making a budge has been big for us. You can look and see exactly where you're spending your money, what is wasteful, what's not. If you want something a little more expensive (i.e. a trip with a spouse/SO), save until you can pay for it, don't put in on a CC. Lastly, try to have a little emergency savings account to pay off unexpected bills like car repairs or medical bills so you don't crush your monthly budget with an unexpected expense.

 

[dragonfly99]

If you are single, the best way I can think of to save money is to get a roommate (and/or consider living in the student dorm for 1st year, if there is one). I just couldn't face the thought of living in a dorm, but I did have a roommate for a while. You just have to make sure your apartment is an OK study environment, so someone quiet or another med student would be good.
Having a roommate just cuts the cost of rent a lot.

Your idea about shopping around for a good student loans is important also. I found Stafford loans were the best, but some people have to take out private loans also...these tend to be the ones w/crappier interest rates, which is what ends up getting you in the end.

 

[Siverhideo1985]

Thank you for all the good advice!

I will most likely be attending Tufts University, which also happens to be the most expensive private school in the country (according to U.S. News, I think).

I love Boston, but the living expenses there will be killer. I am definitely thinking of getting a roommate and cooking my own food, etc.

I've also been playing with preparing food and then freezing it in portions: i.e. I made 5 sandwiches on Sunday and then took em out of the freezer each day for lunch...worked out fairly well. The last one tasted suspicously like stuffed bellpeper, which it had been next to in the freezer.

I am also thinking about selling my car and the buying one for my clinical years...since I think Tufts has a lot of far away affiliates that I might need to get to.

Again, thanks for the advice...keep it coming if you can think of anything else.

Oh, are there websites for online coupons that people use?

 

[jinx520]

I'm not a med student (yet!), but we've been a one-income family since I started down the pre-med path. Cooking your own food is a good idea. To save even more money, start looking at the fliers for the grocery store sales and look to see what protein is on sale that week. Buy a family-size pack, divide it up into whatever sized portions you need, and freeze them. A really easy thing to do is buy a gigantic package of ground beef, season and cook it along with some onions, garlic, and chopped bell pepper, divvy it up, and freeze. When you get home it would be really quick to throw it in some spaghetti sauce or add taco seasonings, etc. I even use this for stir fry when that's all i have in the freezer.

For veggies, I usually stick with frozen, as it's much cheaper than anything else (unless it's in season). But if you don't find the time to get around to serving the fresh veggies, you end up throwing them out.

If you want to find out more about freezer cooking than you ever wanted to know, I recommend The Freezer Cooking Manual (Slagle) and Don't Panic - Dinner's in the Freezer (Martinez et al.) The first book has a better overall outline of their system, but the second book has better recipes. There are others out there, as well. If you can't tell, I love freezer cooking--saves both money and time, and you end up eating healthier and tastier meals than anything that comes in an ice-covered box.

 

[Farmer Jane]

for cooking: www.hillbillyhousewife.com
pick up a bread machine at a garage sale, it will save you tons

coupons: www.hotcouponworld.com
the people there are a little intense, but you can still glean how to get health and beauty products for free or almost free, and cut down your grocery bill

 

[Siverhideo1985]

Thanks!! These are great!

 

[dragonfly99]

those are all good ideas.

I'd say the biggest thing is to live off of your student loans and whatever money you had saved and/or given to you by family, and don't go into credit card debt. Also, when you get in residency try to start paying off your loans right away (even a little helps...to keep the interest from getting bigger and bigger).

 

[linguini]

Thank you for all the good advice!

I will most likely be attending Tufts University, which also happens to be the most expensive private school in the country (according to U.S. News, I think).

I love Boston, but the living expenses there will be killer. I am definitely thinking of getting a roommate and cooking my own food, etc.

I've also been playing with preparing food and then freezing it in portions: i.e. I made 5 sandwiches on Sunday and then took em out of the freezer each day for lunch...worked out fairly well. The last one tasted suspicously like stuffed bellpeper, which it had been next to in the freezer.

I am also thinking about selling my car and the buying one for my clinical years...since I think Tufts has a lot of far away affiliates that I might need to get to.

Again, thanks for the advice...keep it coming if you can think of anything else.

Oh, are there websites for online coupons that people use?

I live in Boston and I agree that it can be expensive! Definitely consider apartments/houses outside of downtown (e.g. North End, Brighton/Allston, Brookline, South End, Cambridge). These aren't super close to the med school but can be considerably cheaper. I live in Brighton and pay $575 per month (3 other roommates). The T is pretty decent and takes me about 30 min to get downtown (where Tufts med is).

I would definitely recommend selling your car. Driving sucks in Boston and it'd cost you an arm and a leg to park it. When it comes to away rotations, Tufts students told me that 1) there are lots of carpools going to away rotations and 2) you might (although it's not guaranteed) be able to do all of your rotations in Boston so you wouldn't need a car. If you do end up needing a car for 3rd/4th year then you are most likely going to need to move out of the city in order to find living arrangements where you can park the car. Just things to think about before you spend the $$$ for a car for your clinical years.

As for living in Boston: There are tons of reasonably priced bars/restaurants, but it may take some searching . Steer clear of touristy areas like Fanueil Hall (way overpriced). The copley area and Brighton/Allson have some good bars that don't usually have covers. You can get half-priced tickets for shows/plays at Bostix kiosks scattered around the city. Shaws and starmarket grocery stores have great deals and coupons every week if you sign up with a Shaws card (free). Etc. Etc. So there are ways to enjoy Boston while still staying within your budget.

 

[pmpkn219]

I cancelled cable 3 out of 4 of my med school years... $30+ a month adds up FAST. It sucks when the Sox are in the playoffs, and you don't get Fox (or anything else) but that's really the only time I missed it.

One thing I wouldn't cancel (personally) is internet. Even without TV, I can watch every one of my favorite shows (only 4!) online streaming via hulu.com or the network themselves (ABC & NBC's software is quite good).

It is inconvenient that Tufts is kinda spread out, but there are always cheapish cars on Craiglist, if you sell yours now and want to buy one back later. Also, Bosotn has ZipCars... not sure how much they are, but maybe you can get a monthly membership on months when you need to travel outside the realm of the T?

 

[potato head]

great topic:

personally, i think i would only consider canceling cable during years 3/4. i need a form of distraction after hours of studying.

so basically:
-keep cable
-keep internet
-possibly keep netflix (i'll see to what extent i use the service)

-cut down on electricity costs (don't use oven, turn off ac/heater when not there, hand-wash dishes)
-take the bus whenever possible
-buy off-brand everything
-aim to spend less than $20-30/week on food (the last time i tried this though, i wasn't very happy, so this restriction may change)

 

[tinkerbelle]

See if there is a farmer's market in the area. This way you can buy tons of fresh fruits, veggies, meat, and Amish bread etc for way cheaper than the grocery store.

 

[Dancer1986]

Take all of the loan money you are given for living on for the year and figure out how much you will need for books and supplies, then subtract that and divide the rest by 12 and this is your monthly budget. You can live on this without extra loans or credit cards. Divide it up so you know how much you can spend on different things ahead of time.

For example, Heres mine:
$785 Rent (Includes heat and cable), $50 Electricity, $20 Water, $18 Internet, $17 Gym Membership, $150 Gas, $100 Car Insurance, $175 Groceries, $140 Fun Money, Total = $1,455/month.

Decide whats most important to you and put your money towards that first if need be. Also, buying used textbooks from older students saves a lot of money that can instead be used for living expenses. I saved 3K this way! Hope this helps.

 

[rgerwin]

So my tips:

1. The other end of shaving your head is not cutting your hair. I'm down to 2 cuts a year. my hair used to be super short, couldn't bear to pay for it every month. So, even with an expensive haircut, $100/year versus almost $500.

2. Agreed. My gas bill is only ~$40/month since I stopped going to class.
3. I don't really buy many books. alot you can find online for free, many on ebay, etc. Out of our $2400 I spent maybe $500. Also, don't subscribe to an online q-bank too early before boards. Waste of money.
4. However, with all the stress, I don't worry so much about buying coffee. Just not $4 lattes every day.
5. If I buy lunch I always pick food that will last 2 days. Same if we eat out.
6. never buy anything at retail price (clothes etc). do your homework, it's worth it
7. I don't drink often at bars. Too pricey.
8. Don't take the school health insurance if you can avoid it.
9. mail order pharmacy
10. Buy things online in batches so no shipping.
11. at xhristmas I refused to buy presents that made me pay for shipping
12. pay bills online
13. Get dental cleaning done at a dental hygeine school, if it exists.

 

[turkeyjerky]

When you go out, bring a pint of bacardi with you. Tell the bartender that you're a DD, they'll usually give you a free coke. That way you get to drink all night long for like 5 bucks.

 

[Siverhideo1985]

These are all really great suggestions, thanks!

I have been switching to all water (from diet soda, coffee, and beer) and I am keeping a budget to see where I can cut back.

I have also made it a habit to get my lunches on weekends at Costco...free samples...make two rounds and I am stuffed.

I ride my bicycle more, too...to the grocery store and such. And I have been stocking up on toiletries when there are good sales.

There are tons of things to cut back on costs that I never considered before. And usually it tends to make me live healthier, too.

Keep the tips coming if you think of anything else! These are really helping alot

 

[Jolie South]

Cook your own food.
Bring your own coffee and lunch to school.
Buy generic everything or what's on sale for cheapest.
Buy in large quantities -> it's cheaper.
Shop around for car insurance. I recently saved $400/year.
Don't heat dry your dishes.
Keep your A/C set at a high temp/heater set at a low temp.
Think if something is really necessary before you buy it.
Don't go to the mall if you don't really need something.
Bring a list when you go grocery shopping (only buy what's on it)
Don't shop hungry.

 

[Jolie South]

Convenience is a huge factor in the price of food. You'll save a lot of money cooking things from scratch, or cutting out a step. I have a rice cooker and it's really easy to make a meal from that and some meat/veggies. Bulk sizes of raw materials are hella cheap...think pasta, dry lentils, oatmeal, aforementioned rice etc. Don't buy things you can easily make yourself, like $6 tiny bowls of chopped fruit.

Cutting out processed foods will save you so much money.

My husband and I spend about $70 a week on groceries and we're not living on ramen nor do we feel deprived.

 

[tryptofan]

. .

 

[JamWock]

I am preparing to start my first year of medical school and as I will be attending a very expensive private school I was wondering if you guys have secret tips on how to safe money. I am just getting into this topic and would appreciate any resources, etc. you might have to offer.

Of course, I am thinking about budgeting, using my savings, looking for good deals on loans and scholarships. But any tips from current medical school students would be much appreciated. I am especially interested in how you guys cut down on every day costs. Maybe I should just live on cup o' noodles and tap water for the next decade or so?

Thanks in advance!

There are 3 of us brothers in college- so my parents have to squeeeeze every dollar! And we are international students as well, with a currency that when we began was 50:1 to the US dollar. So we do the following:
1. cook at home and cook once per week-saves electric bill. Make a menu for each meal - like 14 dinners, 14 breakfasts, 14 lunch take alongs -
2. if we have the backyard, we hang laundry out in summer, instead of using dryer tokens
3. purchase tickets for rail, bus, etc for 3 months at a time and use the public transport system as much as possible
4. Don't get too caught up in the 'eating' out scene, but don't be too cheap. Plan one night out every fortnight, and buy one round of beer. Go home and eat the leftover pot-roast.
5. Unless the girl is from your own country and understands obligations to family etc, don't date until you have enough money for her to want to divorce you after the first year of marriage.
6. Give books for gifts- safer- and if you become Surgeon General there will be no National Enquirer exposes of your last romantic gift written by some attention grabber you dated 20 years before

 

[JamWock]

Cook your own food.
Bring your own coffee and lunch to school.
Buy generic everything or what's on sale for cheapest.
Buy in large quantities -> it's cheaper.
Shop around for car insurance. I recently saved $400/year.
Don't heat dry your dishes.
Keep your A/C set at a high temp/heater set at a low temp.
Think if something is really necessary before you buy it.
Don't go to the mall if you don't really need something.
Bring a list when you go grocery shopping (only buy what's on it)
Don't shop hungry.

This is a great list.

The tip about the slow cooker or rice cooker is also great. Quite apart from MONEY, one of the things you will need is TIME, especially if the campus/activity is stretched over a wide area.

So, some beef and vegetables in a slow cooker, over some rice from a rice cooker is a great help when you get home- its cooked already!

Get an alarm clock or timer so you can study while the meal is going and it won't burn because you forgot it

If you have a lot of friends like you, pool resources and buy the 64 oz ( packed in 6 cartons) no-name brand oatmeal with cinnamon that lasts for 6 months and divide it among you.

WALK a lot- good exercise as will. Try to ditch the car if at all possible- just the insurance alone is a colossal waste. Do you plan to have accidents all year? That is the only way it would work out. Rather than buy peace of mind...DON'T BUY THE CAR. Then you will definitely have peace of mind..for free

 

[Cujo]

Take all of the loan money you are given for living on for the year and figure out how much you will need for books and supplies, then subtract that and divide the rest by 12 and this is your monthly budget. You can live on this without extra loans or credit cards. Divide it up so you know how much you can spend on different things ahead of time.

For example, Heres mine:
$785 Rent (Includes heat and cable), $50 Electricity, $20 Water, $18 Internet, $17 Gym Membership, $150 Gas, $100 Car Insurance, $175 Groceries, $140 Fun Money, Total = $1,455/month.

Decide whats most important to you and put your money towards that first if need be. Also, buying used textbooks from older students saves a lot of money that can instead be used for living expenses. I saved 3K this way! Hope this helps.

Where the heck do you find $18 internet these days? Do you have dial-up? That just doesn't cut it as a med student.

 

[Cujo]

lunches on weekends at Costco...free samples...make two rounds and I am stuffed.

Ok, that's going a little too far. Might as well go have dinner every evening at homeless shelters while you're at it.

 

[Siverhideo1985]

Ok, that's going a little too far. Might as well go have dinner every evening at homeless shelters while you're at it.

Hmmm...interesting proposition.

In that case I would be taking away from the needy...when I eat costco samples I am basically getting my moneys worth for the membership fee I paid

Necessity is the mother of invention.

 

[Cujo]

Hmmm...interesting proposition.

In that case I would be taking away from the needy...when I eat costco samples I am basically getting my moneys worth for the membership fee I paid

Necessity is the mother of invention.

I've found that skipping meals every now and then is helpful.

1. saves money
2. keeps your weight in check
3. its a good feeling to be hungry...really, hunger is the driving force of success

 

[pmpkn219]

Where the heck do you find $18 internet these days? Do you have dial-up? That just doesn't cut it as a med student.

This part's easy. I think ours is actually 19.99/mo but close enough. We have Verizon DSL... it's the slower of their 2 DSL options, but we live 3 blocks from the hub, so it's as fast as any internet I've ever had (cable or DSL).

Started with a 1-6 month "try us and see!" offer. Then when that was about to expire and go up to I think 25/mo I called and said "I'm thinking of switching to a cable modem- unless you'll keep me at my current rate?..." Whaddya know, 2 years later here I am paying the "intro" rate.

I'm a terrible negotiator, except when it comes to TV/internet companies- for some reason I have no trouble playing hardball with them... they're not good at it.

 

[Siverhideo1985]

This part's easy. I think ours is actually 19.99/mo but close enough. We have Verizon DSL... it's the slower of their 2 DSL options, but we live 3 blocks from the hub, so it's as fast as any internet I've ever had (cable or DSL).

Started with a 1-6 month "try us and see!" offer. Then when that was about to expire and go up to I think 25/mo I called and said "I'm thinking of switching to a cable modem- unless you'll keep me at my current rate?..." Whaddya know, 2 years later here I am paying the "intro" rate.

I'm a terrible negotiator, except when it comes to TV/internet companies- for some reason I have no trouble playing hardball with them... they're not good at it.

Or you can just be sharing internet with people

 

[nontrdgsbuiucmd]

a note to add to the "buy in bulk" -- we have freezers, and buy 1/4 or 1/2 side of beef at a time, in this area that runs maybe 3.60 per lb, including filet mignon, hamburger meet, and "everything in between".

Check craigslist for a cheap used freezer -- also allows you to stock up on stuff (butter, coffee, frozen pizza, etc) when it's on sale.

 

[Siverhideo1985]

a note to add to the "buy in bulk" -- we have freezers, and buy 1/4 or 1/2 side of beef at a time, in this area that runs maybe 3.60 per lb, including filet mignon, hamburger meet, and "everything in between".

Check craigslist for a cheap used freezer -- also allows you to stock up on stuff (butter, coffee, frozen pizza, etc) when it's on sale.

wow...serious? how big is your freezer? haha...I am picturing half a cow in a freezer...

 

[SDN2013]

buy in bulk is good. Protein bar (buy em in boxes from amazon) and a fruit for lunch is cheaper than subway/sandwiches at cafe and more convenient.

 

[econdr]

Well, $5 per day x 5 days per week x 35 weeks or whatever = $$$$.

Why is it necessary to pinch pennies? I intend to spend every penny i get from student loans. That 5 x 5 x 35 comes out to a whopping $850 a year. I think I'd be happier with the good food than the $850...

Life is too short...

 

[Grif]

I think I'm getting a bit of a mixed message on SDN. I've waded through threads with responses like 'well that was dumb' about paying $500/month for a car note -- meanwhile there are also threads with responses like 'buy all the toys you want with your student loans, because you only live once'. Your job is to find the happy medium that works for you.

Sometimes it's not the "small" expenses that get you, it's letting smaller items become major costs long-term.

Eating out for breakfast, lunch and dinner (plus snacks and drinks) can easily run in the $30/day range. If you did that every day, it'd be close to $11k per year. On the other hand, lunch out can mean good networking opportunities sometimes. Just designate specific times each week to eat out or set a budget for the week's meals out. I agree that $850/yr isn't a lot, but it's never just $5x5x35. $5 might really be $7 and you could be going out for 50 weeks a year ($1750).

Part of it is efficiency and time-saving too. I buy bags of frozen, skinless, boneless chicken breasts from the grocery store or costco. I also buy the 5lb bags of frozen peas, bags of corn, bags of green beans etc. They really save a lot of money and time. If I use my rice steamer to cook them up, the prep is 2 mins and it cooks itself (without burning!) while I study or relax. I keep bottles of sauce in the fridge to season when I'm in a hurry.

Pay for regular maintenance; it's cheaper than paying for major repairs or buying a new car.

If there's a book you really would like to read and isn't at your local library, consider an inter-library loan. It sometimes costs up to $2, but you canget books from all over the country mailed to your local library for you to pick up.

A decent 2-tier rice steamer plus a crock pot are awesome investments.

Good Luck!

 

[AldousHux]

Obviously this a super case specific way of saving money, but I have accrued some inheritance money, and so I am buying myself a little house, which not only is amazingly cheap in this market (half of them are short sale) but I can rent out the other two bedrooms, so I live there for practically free, I can sublet it when I'm gone (it is right next to a college campus for crying out loud) and I can wait until whenever I want to sell it for a profit. Once the economy cycles back up I could make a good amount of money off of it. All you need is money for a down payment, since loans cover monthly mortgage payments. (mine is actually less than my school has budgeted for an apartment)

Also, my mom works for a dog food company, which means I get free dog food for my dog for the next 5-10 years as well. You'd be surprised how many things family or friends can get for free from their employers. See if you can think of something they haven't and if you can buy it off them on the cheap!

 

[nontrdgsbuiucmd]

wow...serious? how big is your freezer? haha...I am picturing half a cow in a freezer...

lessee..1 upright freezer as big as a small fridge (paid retail) one large chest freezer (garage sale $150 or so) another smaller chest freezer ($85, craigslist). Chest freezers keep stuff fresh longer, like 6 months for beef, 8+ months for fish, etc, but upright are easier to get stuff out of.

And the side of beef is CUT, it's not like a big hunk of meat in the freezer that you chew on; butcher cuts it (and freezer wraps it) however you tell them too, i.e. you can get either more stew meat, or more hamburger, etc.

Oh -- one other suggestion -- get rid of the phone land line and go either cell phone, or voice over ip (voip). In my area VOIP goes $23 a month with all options versus $55 for a land line.

 

[copacetic]

love this thread

 

[freethinker]

Be careful with food stamps and other forms of government assistance. It may soon come to pass that lawmakers seek to do more for the working poor than just throw more money at the problem. They may couple receiving government payments with mandatory social worker counseling to find out why the person doesn't have a job, do they need job training, drug rehab, psychological services, etc. When they question you, they will find out that the reason you're "unemployed" is because you're actually in medical school, therefore don't plan to have a job for the next 4 years, and expect to keep your hands deep in the till until then. The government may reply that to continue on the dole, you will have to be actively looking for work. The poverty programs were intended to help the working poor, not serve as an extended taxpayer subsidy for studying.

 

[mdx2x]

If you have Borders in your area, and you need that super-duper review study guide and you can't borrow it from your 'mates or no one will sell theirs, use their coupons, you can find it online. Stores are usually by what people buy in the area, so you will have more choices near your school. The coupons are usually 20-40% off and can be cheaper than amazon.

Some might not like me for this, because you're going to be part of the competition but this site is really good... Slickdeals http://slickdeals.net/ it has a forum where you can find "hot deals" and coupons ranging from pretty much anything.

Like pmpkn219 has said...
Cable? as in TV? You will not have time for this, use the internet instead...

 

[Habeed]

Who said anything about food stamps? As far as I know, student loan money does count as income for the purpose of determining food stamp eligibility, and so medical students are not eligible.

Or else, heh, I would be tempted to sign up for them. Talk about making the rich richer...

 

[potato head]

bump

 

[Poitiers2]

Drop the cable and the cable internet and go with Blockbuster Total Access and DSL.

I pay $15 a month for a pretty much unlimited stream of movies and $17 per month for DSL. I see all kinds of my classmates springing for $90 internet and cable fees.

 

[SciFan]

My best money saving tips:

1. If you can live without one, don't keep a car. Insurance, gas, maintenance, (parking and speeding tickets?) all add up FAST. Plus, if you have a car, you're more likely to use it to go places where you will buy things.

2. Don't incur credit card debt. This is the fastest route to maximum financial hemorrhage. If you need money in a given month and won't be able to pay off your next credit card statement in full, borrow money from someone else instead of charging it. Or if you charge it, borrow money to pay off the credit card statement in full. Ask your parents. Ask your siblings. Agree to wash your neighbor's stinky dog every week for the next year. Use your status as a student to get a loan at a lower interest rate.

3. Rent and food are two of the most flexible budget categories -- they can go really high, and they can go really low. In terms of rent, it behooves you to shop around a lot. As a med student, you really don't need a nice place to live; you just need room for your bed, your clothes, your books, and a place to cook your food. You will spend most of your time in the fancy surroundings of your school, so if you need to be around expensive stuff to feel good, just study in the newest computer lab or by the oldest ancient artifacts on campus. Campus buildings are also climate controlled, so you won't need to spend money on heat or air conditioning if you spend most of your time on campus or studying at a friend's apartment.
The more roommates you have, the more you will save in most circumstances. And if you can live with a relative, do it. It will save you money on rent (and probably food, and possibly transportation), and have the side benefit of keeping you grounded in the real world outside medical school.

For food, the best advice has already been cited. Just remember that every time you buy a soda or a lunch on campus, you're throwing money down the drain. The same 12 oz coke that costs a dollar on campus costs 20 or 25 cents if you buy it at a grocery store and bring it to school with you. Or drink water. It's free.

The only other advice I have about food is that you should think carefully about where you shop. I live in Hyde Park, Chicago, and our neighborhood has 3 grocery stores (plus a farmer's produce market, which was mentioned above but is an excellent source of healthy, inexpensive food). One of them caters to students, professors, and young professionals. The other two are almost exclusively patronized by people who have no affiliation with the university. Since the area around my university is one of the poorest neighborhoods in the city, these other grocery stores are no-frills sorts of places, and I would guess that only about 5% of students and professors at my school ever visit either one. But it is possible to buy everything I need there, and I always walk out paying something like half of what I would pay at the first store for the exact same food. I marvel at the difference every time I go back to what I consider the "expensive" store and see how much more I am paying for a jar of peanut butter or a gallon of milk.

 

[SciFan]

The last 2 things I do: whenever I go shopping for pretty much anything, I always take a moment before getting in the checkout line and do some "un-shopping." I look through my basket or cart (or whatever I'm carrying in my hands), and put back anything that I picked up impulsively, anything that I don't really need, anything that, on second thought, is priced higher than I would really want to pay for it. If I feel like I need everything I have, I usually put at least one thing back anyway.

And if I can put off buying something for any amount of time, I do. If I'm "out of food," I wait until the end of the week anyway before going to the store, and I eat whatever dried beans or rice or whatever I have sitting in the freezer or the pantry in the meantime. Haircuts -- I always wait at least 2 or 3 weeks after I think I need one before going in. Fewer trips to stores per year means fewer dollars spent.

 

[deleted192690]

great topic:

personally, i think i would only consider canceling cable during years 3/4. i need a form of distraction after hours of studying.

so basically:
-keep cable
-keep internet
-possibly keep netflix (i'll see to what extent i use the service)

-cut down on electricity costs (don't use oven, turn off ac/heater when not there, hand-wash dishes)
-take the bus whenever possible
-buy off-brand everything
-aim to spend less than $20-30/week on food (the last time i tried this though, i wasn't very happy, so this restriction may change)

I concur with a lot of the posts, but particularly love netflix! I've found that they have lots of streaming movies (via Roku so you can watch it on tv)...

I have credit card debt going into med school, so it's really hard to keep up with payments (they've increased interest rates exhorbitantly, so it will be impossible for you to pay back if you get cc debt in school). Try to hid your credit cards in places you can't find and try not to use them!!

also love the freezing food idea. I freeze bread, so it saves money to not have to buy fresh bread all the time. Also cooking with your roomies, and sharing food helps. I eat with my other two roomies, and we alternate cooking days. We also pool our food and share it, so it saves us a lot of money. We've been doing this for a year during our first year of med school, and am amazed it even worked out...

 

[tripl3s3v3n]

I am still in undergrad, but what I do is pay 6 months worth of rent at one time. My landlord loves this as they don't have to worry about collecting the rent or whether or not I am going to move out. This also gave me room to negotiate on the rate. I ended up saving $200 a month off my rent by paying 6 months at a time. Results may very but with everything going on one less bill can be quite nice.

This also works well for car insurance, and might work well for other bills as well.

Also my local utility companies have programs for individuals on fixed incomes so that might be worth looking into

 

[odieoh]

Here's a tip that will save you $500 or so. DON'T buy the otoscope/ophthalmoscope that will inevitably be pushed on you when you start. At my school at orientation they had reps from the different supply companies there, and they pretty much lead you to believe that it is necessary to have these. Not true at all. I am an ophthalmologist and I used my opthalmoscope like twice in med school. Any rotation that requires you to use an ophthalmoscope/otoscope will have these instruments hanging on the wall in the exam room. NO ONE is expected to be carrying these around with them. They will tell you how great it is to have them around for when you have kids, etc etc. Total BS, don't buy them they will sit in a closet and collect dust.