Medical school is hard and expensive; but even more so if you are an international student studying medicine abroad in English. You will have to pay for food, rent, tuition, conveyance, etc. Thus, as a medical student, you will be living on a tight budget.
Here is some financial advice to help you manage your budget as an international medical student.
- Create A Budget
First of all, you should always create a fixed budget for all the basic expenses like tuition fees, accommodation, and meals. Create a realistic budget and try your best to stick to it. Budgeting helps you stay on track and to avoid overspending on things you do not really need.
- Don’t Buy New
A lot of international students spend hundreds of euros on buying new books and medical equipment. However, you will always find an upper-classman looking to sell his stuff at a very cheap cost. By buying used instruments and study material, you can save a lot of money!
- Get A Part-Time Job
Working part-time while you are in a medical school is extremely hard. However, we are not suggesting that you get a 6-7 hour job because the medical school requires hours of studying. Either you can do a part-time job that only requires you to work a couple of hours or you can do freelancing. The goal is to have some extra income flowing in which will allow you to cover your expenses without any stress.
- Save Receipts
Initially try to save every receipt for a few months. This will help you get a proper picture of where and how much you spend. By knowing where your money is going you can determine where you can cut back to save extra. For example, you might not realize your daily coffee intake but totaling up the receipts from the café will give you a wake-up call.
- Cook Your Own Meal
A big amount of money you spend is on food. So it is recommended that international students get their own groceries and cook their meals instead of eating out three times a day. Try to stick to a weekly grocery list for a meal plan. To make it even better you can avail coupon and discount apps to pay less!
- Understand Your Expenses
Understand your expenses and divide them into fixed and variable expenses. Fixed expenses are those that are unavoidable such as rent and tuition fees. Whereas variable expenses change each month such as entertainment, food, or conveyance. You should always pay for your fixed expenses first and then allocate the remaining budget on variable expenses.
Budgeting during medical school is important whether you are a local student or an international student. Living on a budget will help you minimize student loans and help you have a stress-free college experience. So, maintain a healthy budget by making sensible and responsible spending choices. This will help you pay less and reap the benefits of saving.