August 23, 2012
Article by Global Pre-Meds
Hospital doctor shadowing & global health experience programs.
Money for Medical School – Budgeting
It’s not long before the next generation of medical students enter the process of University now. Work will be piling up, new friends will be made, societies and other social activities will be joined, and for the most part it will be a whirlwind adventure that will drastically change who you will become as an adult. With all this going it can be hard for many students to keep their eye on the ball financially, and so this blog should give you a few tips on how to budget wisely, and make the most of what money you have.
Separate your accounts – The best way to make sure things don’t get out of hand is to open two current accounts: one to pay out rent or hall fees, plus extra for bills, and a different account for spending. By doing this and leaving the rent account untouched prevents that terrible itch to spend the money you need on things you don’t need. Keeping out of debt from landlords and agencies can really be a load off your mind.
Get a job – For medical students this one is a little tricky. Balancing a part-time job and studies can often cause more damage than good but, if done correctly, can add that little bit of leeway in your budget and can beef up the CV for future jobs. All employers like enterprising young candidates. However, do not lose focus on your studies. Most working undergraduates and field experts alike agree that no more than 10-15 hours a week should be worked during term time. Shift work is usually the best course, meaning during holidays and over the long summer extra hours can be picked up.
Cook – Jamie Oliver isn’t lying when he says that cooking everything fresh is tastier and cheaper. Finding a local grocers and butchers to buy fresh ingredients can save you a huge amount on a weekly basis. Investing in a cookbook (there are plenty aimed at students on thin budgets) can save you money in the long run. It may be easier to just throw something in the microwave, but it can be detrimental to your wallet. Buying fresh ingredients allows you to plan your meals ahead, stretching your pound further.
Keeping an eye on it – Internet banking has made it easier for everyone to keep an eye on their finances. Watching how far you can squeeze your penny will give you a clear idea of where you over spend and where you can save.
Ebay – As a med student you will need a lot of textbooks and journals etc., but not for your whole time at University. For those no-longer-needed books, get them onto Ebay, as there’ll be plenty of first year students looking to budget too. Turning your old books into cash is a quick and easy way to add a little extra bulk to your spending costs.
We all know that students live on the bread-line, but with a little forward thinking and careful budgeting, your financial situation can free up your mind to focus on studying and socialising.