Let’s face it, medical school isn’t cheap. But fortunately, there are plenty of ways to ease the financial burden. Here at Med Mart evendale we want to give students a helping hand and are bringing you eight simple tips on how you can spend less cash this semester. 

1. Be the Most Self-Sufficient Student 

Compulsive buying is a disease. It’s important to look at your spending habits and determine which areas of life are truly essential. That means not indulging in needless luxuries that don’t improve your quality of life in any way. For example, stop paying for deliciously prepared meals at dining halls, or excessive rent and utilities for a 3rd floor apartment.

2. Don’t Overlook Your Financial Education 

Yes, we know it’s been more than 30 years since you started your application process, but it pays to brush up on some financial concepts that will be useful throughout your entire career as a physician. Topics such as saving, investing and compound interest will come in handy when you enter the real world. We recommend the books at Bogleheads and Investor Junkie .

3. Stay Current on Your Student Loans 

We’ve all been told that student loan debt is nearly impossible to wipe from your record, but there’s no reason not to try your hardest anyways. You’re paying off these loans for years after graduation, so it’s in your best interest to keep them as low as possible. This is easily done by making sure you’re paying on time every month, making regular payments and not deferring or postponing payments (which will cost thousands in interest).

4. Don’t Forget to Enjoy Life 

It’s easy to get caught up in the day-to-day grind of medical school, so it’s really important to remember that there are other things in life. It may seem like a luxury, but purchasing a new phone is one of them. Don’t get us wrong, school takes up a lot of time, but it’s important to make time for yourself outside of campus as well. Even if it’s just a couple hours on the weekend, go out with friends and family. It will make you a happier person in the end.

5. Check Your School’s Credit Union 

Most colleges and universities offer a credit union to its students. Credit unions operate like banks and credit card companies, but have lower fees and more customer-friendly practices. We recommend checking out the credit union at your school, as they often have better interest rates than major institutions. Many schools have their own student credit unions, allowing you to deposit money tax-free and even get some percentage back come tax time. All this by using the same routing number as your checking account!

6. Pull All-Nighters Where You Can 

It’s important to take breaks during the semester, but sometimes it just feels too good to sit down and study for those pesky exams. The problem is that these all-nighters don’t count toward your weekly hours, so you’re not really learning anything. It’s difficult to get a good night’s sleep when you’re cramming for exams, but there is a way to get away with studying at work. Don’t listen to the temptations of your classmates who are up late trying to sell you on staying up late and watching movies. If you have a life outside of medical school that includes socializing, go play in that world instead!

7. Know Your Financial Future 

Once you’ve graduated, you will have to make some very important decisions. Do you want to buy a house? What is your estimated salary? How much house can you afford? These are the kind of questions you’ll have to ask yourself if you think about purchasing a home. Even if you graduate debt-free don’t think about it as being completely finished with your student loans. You’ll be paying them for years after graduation and will most likely still have student loans from college (hopefully less). In the end, these loans form an important part of your financial future so you should make an effort to stay informed.

8. Be Frugal This step is short and sweet. 

Many of us spent our college years living on easy streets, and now that we’ve reached the real world we have to remind ourselves that there’s a lot more at stake this time around. Adopting a frugal lifestyle will allow you to use your money in the most efficient way possible, whether it’s buying groceries or starting your own business. We recommend checking out ways to save money from sites like Wise Bread .

Conclusion:

I hope these tips help you in your quest to find ways to spend less and save money. Stay tuned for more medical school advice from MedMart.

MedMart is the leading resource for students in the medical field. We feature thousands of articles relating to  medical school and life as a physician, as well as financial news and how-tos. Whether you’re looking for that hard-to-find book or simply want to read about our top ten weirdest patient symptoms, we’ve got your back. 

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