Planning a budget in Podiatry school.

[deleted585480]

How much should you penny pinch while budgeting in podiatry school? Obviously the least amount of loans that you can take out the better, but should you live in the cheapest place, eat the cheapest food, etc? I guess this is all going to be different for everybody. Some people are going to come into school with undergrad loans, scholarships, etc.

I assume the most important decision you make when budgeting is choosing where to live. So my question is, is it really going to hurt spending an extra $100-200 a month to live in a better apartment? Assuming you spend four years at the same place that is going to be $10,000 more added to your loans. I guess everybody draws their line at different numbers, but I am a little timid and indecisive on where to draw the line lol. Just trying to be as strategic as possible so future me isn't burdened with as many loans.

So any advice, it can be as general or as specific as you like, on how you budget in podiatry school or how you're planning to budget?


Thanks.

And congrats to everyone accepted and good luck to those still in the process.

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[pacpod]

Like everything in life, the key is moderation.
True, you could like in a terrible location in a run down unsafe apartment eating beans and rice, rice and beans for all of school but that wouldn't be good for you overall. Be smart about it, break it down into big categories housing, food, entertainment, etc and set a general budget for each. Start off with a basic budget and adjust after your first couple months. Don't kill yourself to save $5 but that doesn't mean go out every night.
My family uses the site Every Dollar. We use the free version and it has been helpful.

 

[TimmyTurner]

I'm spending more than I'd like to for rent in my first year. However, like pacpod noted, it can be worth it. A classmate lives in the complex next door that is older and way cheaper. She has her water turned off multiple times because their water main structure is old and constantly breaks. Neighbors are noisy and disruptive, Work orders take forever to complete, and on the night before a major exam the fire alarm broke and turned on from 2 am to 5 am.

I pay $400 more per month than her, and don't deal with any of those headaches. Given the stresses of first year, best to overspend to be comfortable as to not interfere with academics. The idea is to remove as many distracting variables as possible.

Additionally.... the extra $400 I pay per month than her, x12 is $4,800... basically 5k. For one year... what's 5k on top of 200k loans for tuition? Might as well pay the little extra and be comfortable and close to campus for the first year. Can always move again. Just my two cents.