Budgeting can be a challenge since you are not able to work during medical school. However, it is necessary. Creating and following a budget can help you avoid borrowing more loan funds than what you actually need. It can also help you manage your student loan funds so you don’t run out of money before your next disbursement is scheduled.
Steps to creating a budget:
- Calculate your total monthly income.
- Determine your monthly expenses.
- Compare your income to your expenses. Your income should be equal to or more than your monthly expenses. If it isn’t, you will need to cut back on your spending.
- Use one of the many on-line sources to create a budget and track your spending.
Here are some budgeting tips:
- Differentiate between needs and wants.
- Be realistic.
- Stick with it.
- Have an emergency fund set aside for unexpected expenses such as medical bills or car repairs.
- Be conservative.
- Review often and revise as needed.
Ways to Cut Spending:
- Don’t buy things you cannot afford.
- Get a roommate.
- Carpool or bike to school.
- Avoid eating out.
- Make your own coffee.
- Avoid ATM fees.
- Shop smart.
- Don’t impulse buy. Wait on purchases.
Online Budgeting and Money Management Resources We Recommend: