Being a student comes with tons of responsibilities. More so, if you are pursuing a degree like medicine, that is not only mentally challenging but also physically exhausting. Aside from taxing your physical and mental capacities, studying medicine can also drain your pockets. So once you become a student again to obtain your medical degree, you also have to think about the different ways you can save money. Here are some tips to help you succeed.
Create a Budget
One of the things you will learn as a medical student is planning and anticipation; this is also applicable when it comes to your expenses. You have to create a budget, and this involves careful planning and anticipation of what your spending will be. First, you need to list all the necessary things and those that you can take out of your expenses. As a student, you have to understand that there will be unplanned expenses and you have to anticipate it by setting aside a contingency budget. Once you have a set budget, stick to it. Just like how committed you are to earning your degree, you have to commit to your budget as well.
Choose Off-Campus Apartments
Off campus apartments are an ideal choice if you plan to get a job outside of your campus because you won’t be bound by curfew rules. You have to note, however, that it can be a much more expensive option. So be sure to weigh the pros and cons of getting an off-campus apartment. One workaround is to look for an apartment with a roommate. This way, you can split up the costs of maintaining a house.
Limit Caffeine Breaks
Coffee is often a medical student’s best friend. Late night studying, preparing reports, and even going on rounds can make you sleepy all the time, but having frequent coffee breaks won’t do you any good. You know that, while caffeine may be a stimulant, it can also cause your glucose levels to go down suddenly. Plus, it is not easy on the budget, particularly if you like grabbing it from Starbucks or even the vending machine. If you can’t help getting a shot of coffee to keep you awake for the morning rounds, go for the cheapest option: making your own coffee.
Offer Tutoring Services
This tip is particularly advisable if you believe that you have the right knowledge to do so. Maybe if you are in your third year of medical education, well, that is if you plan to teach younger medical students. However, if you plan to mentor high school students, that’s an entirely different story. Make sure that you are not compromising your time for your studies. You don’t want to jeopardize your medical degree for a couple of bucks. Keep that in mind.
Don’t Take a Student Loan
Whenever possible, don’t be tempted to take on a student loan. While it is true that almost all medical students take out student loans and they do have their benefits, it is not cost-effective. From a financial point of view, it isn’t worth it. Just consider this – you end up paying twice as much of the loan during the four years you are earning your medical degree, so it is not really worth it.
Think of a Business to earn money
If you have any other talent that you can turn into a business, do it. If you are a gifted painter, make money out of it. If you are a writer, hire yourself out for business blog posts. There are also healthcare apps that you can use as a reference where you learn and make money at the same time. Best Study Apps for Medical Students
There are tons of ways that you can save and make money while pursuing your medical degree. You just have to be a little creative about it.