Money Saving Tips For Med Students

January 6, 2014

Article by Global Pre-Meds
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As a medical student you will likely find yourself juggling finances almost constantly and a healthy bank balance may seem like a distant unachievable dream. If you’ve found yourself in that situation more often than you’d care to think about, here’s some good news for you – it is possible to live without persistent financial difficulties. Of course, it will take a bit of thought and some careful planning but it can be done. What’s more, it is worth the sacrifices you make now so that you always have money to fall back on in the future.

These few tips will help you cut down your expenses and build up your financial security slowly but surely:

Pre-medical students on placement at Iringa Regional Hospital Open a savings account

Money in the bank generates interest and no matter how small it may seem at the beginning, those pennies will add up eventually. This way, when your student loan instalment comes in, you can only withdraw the amount you need and transfer the excess into your account where it will start earning interest. Ask around and look for a savings account that offers you the best interest as well as the best perks and benefits.

Avail of student discounts wherever and whenever you can

Receiving student discounts is one of the wonderful perks of being a student so make the best of it while you qualify. You will find plenty of stores on high street as well as online that give discounts on students- all you need to do is show proof by way of your student identity card.

Don’t buy new books – look for second hand books or use the library instead

You do not need to buy all of the books listed for your course. While you definitely need to purchase some of the books, you can source the others from the library. Even when looking for books to buy, before you hit the book stores, ask around for second-hand books from students who have passed out and who do not need their books anymore or check out sites such as AbeBooks and Amazon where students often list used books for sale.

Sell your old books

Books for medical coursework are expensive and new students are always glad to be able to buy second-hand. You can do this either by asking the students in the class below or by setting up a seller’s account on an online site like
AbeBooks or Amazon.

Shop for groceries regularly

It’s easy to grab a meal on the run but the coast can easily add up at the end of the month. When you shop for groceries regularly, it helps you stay stocked up on healthy foods that you can pack to snack on in between lectures and for lunch too. Home-packed foods are always healthier, tastier and cheaper than eating out, even at the school cafeteria.

Look for ways to save on travelling

Travelling to med school and back everyday can take a whopping chunk out of your savings. Luckily there are ways you can save on travelling as a student. If you travel by train get a railcard. With this card, you can save about 1/3rd off the cost of rail travel across the UK.