Ways to Save Money during Medical School

College is expensive and if you’re going to medical school you better hold onto your wallet. You need to save money during medical school so you have something to fall back on when you make the transition to residency. Here is a list of convenient ways to save money that are fast and simple.

Tips to Save Money during Medical School

Apartment vs. Dorm
Before anything else you should rethink living on campus. There are benefits to living in a dorm, as you are closer to school and can sleep in longer. However, at the end of the day most institutions are like businesses and their goal is to make money. If you rent an apartment you could actually save money in the long run and have more freedom during your medical school years.

If you decide to go with an apartment, a roommate is another consideration. The more you have the less you end up paying for rent. However, there is a ratio of monetary value and annoyance to think about. Weigh the possibilities of having multiple roommates but just one is usually a nice balance, especially if they’re your friend.

Eating at home
Students often spend money on fast food every day so they can easily eat and continue with their studies. On the other hand, if you cook and prepare meals from the grocery store you’ll save money. The average meal at fast food places costs around $8.00 dollars. If you have that for breakfast, lunch, and dinner you end up spending $24 per day and $720 in a month. As where if you spend around $200 at any grocery store you can eat healthier for a month also. Fast food adds up very quickly.

If you’re sold on the grocery store idea then you can also use various coupons or club cards to lower your grocery budget even further during medical school. These can often be acquired at the store or on their online site; it’s a nice free way to save money.

Biking is meant to save money on gas, as the average person spends a couple hundred dollars on gas alone each month. If you do select an apartment, be sure to get one close enough to the campus to use your bike. Biking to school instead of driving is also a great way to stay in shape, which will save money on gas and a gym membership.

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