Navigating Finances as a First-Year Medical Student: Lessons from Living on Loans

As a first-year medical student, living on loans for the first time can be a daunting experience. Here are some key lessons I learned to help manage finances effectively!

1. Budget Your Loans

Creating and sticking to a budget is essential. Determine your monthly expenses, including rent, gas, and groceries. If you enjoy eating out, you don't have to stop entirely—just budget in a way that accommodates this. For instance, during exam weeks, I found myself eating out every day, which wasn't ideal. Meal prepping can be a great way to save money and time. There were definitely months were I got a little lazy with keeping up with how much I was spending outside of essential expenses and I think if you are someone who does not have an additional income outside of loans this is something to be mindful of! Spend your money wisely!

2. Seek Additional Funding

Don't rely solely on loans. Explore various scholarships and grants available to medical students. Look for internal scholarships offered by your institution and external ones from organizations. Additionally, consider picking up a part-time job that doesn't interfere with your studies, such as paid research or tutoring. Many medical students end up solely relying on loans but you can literally find money anywhere. Additionally, if you can get money elsewhere it can help lower your loan borrowing amounts and help you in the long run!

3. Save Money

It's crucial to have savings for emergencies and unforeseen expenses. Medical school comes with costs you might not anticipate, like board exams (Step 1 and 2), practice tests, third party resources and research expenses between M1 and M2. A valuable piece of advice I received was to save at least $1,000-$2,000 from each loan installment to cover these additional costs. Speaking from experience as someone currently budgeting for a summer research experience, do not underestimate how helpful saving this money can be.

4. Take Advantage of Student Discounts

Many businesses offer discounts to students. Whether it's on software, food, transportation, or entertainment, always check if a student discount is available. These small savings can add up over time.

5. Utilize Campus Resources

Many universities offer resources that can help you save money. This can include free gym access, career counseling, tutoring services, and mental health resources. Take advantage of these as much as possible.

6. Be Mindful of Third-Party Resources

Before investing in third-party study resources (AMBOSS, First Aid, Sketchy, Osmosis, Boards and Beyond), speak to upperclassmen at your medical school. They can provide valuable insights and opinions on which resources are truly worth the investment. Some resources can be very expensive, and it's important to make informed decisions to avoid unnecessary expenses. I personally took the plunge and invested in a lot more resources than I actually ended up using and wish I had taken more time to really evaluate my options and what worked best for me before buying!

By budgeting carefully, seeking additional funds, saving strategically, tracking your spending, taking advantage of student discounts, utilizing campus resources, and being mindful of third-party resources, you can manage your finances more effectively as a medical student living on loans.

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