Let’s face it. Most of us will come out of med school drowning in debt, so why not try to be in a puddle instead of the Pacific? Managing money can be intimidating, so we wanted to start a discussion and make med school finances less mysterious and stressful. Listen in to this episode as Zach and guest Lindsay Darkins talk through the unique financial situation of medical students and share their experiences navigating spending, saving, and budgeting during medical school.
Time stamps:
- 1:20 - Why we care, why you should, and why money in medical school is weird.
- 11:48 - Common myths about med school money
- 16:14 - Having a job in medical school
- 19:40 - Where spending money is worth it (in our opinion)
- 36:57 - Where spending money isn’t worth it (in our opinion)
- 41:20 - Budgeting basics and why it doesn’t need to scare you
Some quick tips from residents and medical students:
- USMLE exams are expensive, so plan ahead in your budgeting!
- Consider taking advantage of travel credit card rewards, especially for big expenses like medical school/residency applications and standardized exams. Always pay these off early!
- Enroll in automatic payment or set reminders for recurring expenses such as rent, credit card, or internet.
- Many medical schools offer in-state tuition after a certain amount of time, so figure out what you need to do to get that discount!
- Depending on your financial situation, you may qualify for Medicaid as a medical student so do your research!
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