Student Financial Planning
Financial planning should include:
- Defining goals
- Collecting data and ascertaining costs
- Identifying income sources
- Analyzing cash flow
- Outlining options
- Designing a budget
- Maintaining records
To assist in determining your budget, follow this link to the AAMC Budgeting Basics webpage for a fillable worksheet that will allow you to project expenses. List all possible resources. Include income, savings, and contributions from parents, spouse, spouse's family members, and other extended family members. Subtract resources from expenses and you will have your estimated need.
To cut costs and minimize expenses, we advise students to:
- Share housing with roommate(s)
- Minimize trips of long distance
- Make travel plans in advance
Good Habits for a Sound Financial Future
- Limit your use of credit cards; save them for emergencies
- Cut up all but one of your credit cards; you only need one
- Get in the habit of saving, even if you can only save $5 a month
- Budget your money just as carefully as you budget your time; put yourself on a monthly budget and stick to it.
- Keep accurate records of your total debt.
- You may not be offered as much money as you expect when you graduate, so plan accordingly by estimating now what your discretionary (after-tax) income will be after medical school.
- Not all loans are alike; know the differences and borrow wisely.
- Don't start living the lifestyle of a professional until you have completed your training.
- Plan now for the financial future you want. Each time you borrow money while in school, you are influencing your financial future.