When entering medical school you will most likely fund your education with loans and scholarships. You will be given a certain amount for living expenses and it’s important that you budget. Budgeting can be difficult initially and takes time to “master,” but you have to make an effort and take the extra step every month! I create a monthly budget and do my best to adhere to it, I still have some work to do but I’m getting better and better. By budgeting you can ensure you take out the exact loan amount you need and not max out on your loans, because remember you have to pay it back with interest. Additionally if you are on scholarships you may get a certain amount so you still have to budget to ensure you don’t run out each semester.
Here are a few tips and advice for budgeting:
- Create a form to document everything:
Create a document sheet such as a google doc, Microsoft excel sheet or word document to document everything. It doesn’t matter what you use it’s up to you what you decide to create. I chose to make a google excel doc because it autosaves, it links to my email and I can simply make a new tab every month!
- List all of your expenses:
You want to list all and I mean all of your expenses, which typically includes bills and allowance. Here is an example list:
| Expenses | Amount | Paid |
| Rent | ||
| Renters Insurance | ||
| Utilities | ||
| Gas | ||
| Credit Card 1 | ||
| Credit Card 2 | ||
| Car Insurance | ||
| Car Payment | ||
| Toiletries | ||
| Spending Allowance | ||
| Health insurance (plan dependent) | ||
| Groceries | ||
| WIFI | ||
| Personal Up Keep |
Keep in mind this is just for example purposes. You can add more rows or delete rows that don’t apply to you. It should be individualized.
- Make a section for revenue and savings:
Revenue would include any funds that you are receiving every month. You want to document the amount and when you received it. Savings is very important to document especially if that’s part of your budget to put aside a certain amount to save. You always want to start with savings amount before the month and savings added each month to keep track. Here are examples below:
Revenue Example:
| Revenue | Amount | Received |
| Stipend | ||
| Another source | ||
| Another source | ||
| Total |
Savings Example:
| Savings Goal | Amount |
| Savings Before | |
| Savings Added | |
| Total Savings left |
You want to do this format above every month, so simply copy the layout and paste it in the next months tab and start budgeting again. Doing this task month by month will allow you to create a healthy habit that will in the long run save you money!
How do you best budget? What’s your tips & tricks? Feel free to share!
Any specific questions for me? Feel free to message me and I will do my best to answer!
Disclaimer: The tips and advice I provide are my own and based solely off of my experience with budgeting. I by no means am an expert. There are so many ways to create a budget, I’m just showing you what works for me!
Mahogany & Medicine 