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Med Student Budget Example

catchlynall

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catchlynall Newbie

catchlynall

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Hey!

Would someone consider sharing their full monthly/yearly itemized budget for med school?

The bank would like one to estimate a LOC, and it would be really helpful if a current student could share theirs so I can get a realistic idea. Extra points if you're a Dal student!!

Thanks!!

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catchlynall Newbie

catchlynall

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Thanks so far everyone.

The detailed budget is as much for me as it is for the bank. Also, RBC told me that they want me to go through the process of estimation to make sure that they are lending me enough. She said the last thing they want to do is lend me insufficient funds, and I don't complete the degree.

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rmorelan Community Regular

rmorelan

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1 hour ago, DALMED2021 said:

Hi catchlynall!

Dal's "Don't panic guide" offers a sample budget that I found to be super helpful in starting to think about Medical School and finances :)

Check out pages 53-57!

I hope this helps!

https://medicine.dal.ca/content/dam/dalhousie/pdf/faculty/medicine/departments/core-units/admissions/dont-panic-guide2016-1a.pdf

seem pretty close for most part with a few points - that ends up with around 225K debit without any other bursaries or government loans etc. 

Put on the OSAP/provincial loans from the UG and possible grad work and you can see why you have to be careful with a 275K max and the possibility of interest rate hikes. Plus that budget doesn't include any fancy vacations etc that often med students take at some point, and I don't see anything in there about the CARMS costs. 

Now to be clear you can spend a lot less in most cases than if you want (I certainly did). I mean at many places the car is somewhat optional at least early on (which by their  budget saved me 36K), and wasn't spending the equivalent then of 1000 now in rent (saved another 24k - location specific of course), didn't almost no books (6K), only had internet (4K)......... 

But still it is pricey so plan and be careful :) Remember you may need that LOC for as well flexibility in residency, fellowships and until you have a settled final job. The road is long........

 

 

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rmorelan Community Regular

rmorelan

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2 hours ago, Lonney said:

Booze : 400 $

yeah.......actually that sometimes is a problem in all seriousness (outside of the scope of the thread all joking aside of course). You will find most of the talks on doctor wellness/substance abuse dead boring in medical school, and then you find yourself at 2am face to face with dealing with someone you know doing something silly. 

Life has a strange way of sneaking up on you :)

 

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rmorelan Community Regular

rmorelan

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48 minutes ago, catchlynall said:

Thanks so far everyone.

The detailed budget is as much for me as it is for the bank. Also, RBC told me that they want me to go through the process of estimation to make sure that they are lending me enough. She said the last thing they want to do is lend me insufficient funds, and I don't complete the degree.

Yup - to paraphrase

"make a budget, even if you don't follow it".....

ha, I have to get those signature functions working again

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hannahv Newbie

hannahv

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8 hours ago, catchlynall said:

Thanks so far everyone.

The detailed budget is as much for me as it is for the bank. Also, RBC told me that they want me to go through the process of estimation to make sure that they are lending me enough. She said the last thing they want to do is lend me insufficient funds, and I don't complete the degree.

Don't get sucked in too far with this and do not show you will need more than $275K before graduation in your budgets.  RBC did the same thing to me last year, I am a mature student with a family so when working through my loan they also asked me to give a detailed budget and also strongly encouraged me to ask for more than the max if I thought I'd need it.  So I laid out a 6 year budget (4 school years + residency (i'm planning on doing family), my budget showed I would feel more comfortable with a $300-350K max.  Then after being reviewed by whoever actually approves the loan, the RBC advisor came back and said nobody gets more than $275, it's based on what they estimate a "physician's salary" upon graduation, an arbitrary salary they've come up with and won't deviate from. Then RBC requested that I demonstrate how I would make up the difference between the $275K max and what I had shown I'd need, because they didn't feel comfortable loaning me money if I was doing to run out before I'm done school.  It was such a ridiculous run around!! 

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MarsRover Apprentice

MarsRover

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10 hours ago, catchlynall said:

Hey!

Would someone consider sharing their full monthly/yearly itemized budget for med school?

The bank would like one to estimate a LOC, and it would be really helpful if a current student could share theirs so I can get a realistic idea. Extra points if you're a Dal student!!

Thanks!!

I just asked them to make a budget for me 

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NLengr Newbie

NLengr

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58 minutes ago, hannahv said:

Don't get sucked in too far with this and do not show you will need more than $275K before graduation in your budgets.  RBC did the same thing to me last year, I am a mature student with a family so when working through my loan they also asked me to give a detailed budget and also strongly encouraged me to ask for more than the max if I thought I'd need it.  So I laid out a 6 year budget (4 school years + residency (i'm planning on doing family), my budget showed I would feel more comfortable with a $300-350K max.  Then after being reviewed by whoever actually approves the loan, the RBC advisor came back and said nobody gets more than $275, it's based on what they estimate a "physician's salary" upon graduation, an arbitrary salary they've come up with and won't deviate from. Then RBC requested that I demonstrate how I would make up the difference between the $275K max and what I had shown I'd need, because they didn't feel comfortable loaning me money if I was doing to run out before I'm done school.  It was such a ridiculous run around!! 

Moral of the story: RBC is a bunch of tools and don't give them your business. Go with Scotia  

They jerked me around for no reason when I was buying my house in the town where I am staff. No real reason for it, they just felt like being dicks as far as I could tell. They lost all my business because of it.  I closed everything I had with them.

 

 

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Pippa756 Newbie

Pippa756

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On 6/9/2017 at 10:33 AM, DALMED2021 said:

Hi catchlynall!

Dal's "Don't panic guide" offers a sample budget that I found to be super helpful in starting to think about Medical School and finances :)

Check out pages 53-57!

I hope this helps!

https://medicine.dal.ca/content/dam/dalhousie/pdf/faculty/medicine/departments/core-units/admissions/dont-panic-guide2016-1a.pdf

Thanks for this :-)

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LittleDaisy Newbie

LittleDaisy

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On 6/9/2017 at 8:33 AM, catchlynall said:

Hey!

Would someone consider sharing their full monthly/yearly itemized budget for med school?

The bank would like one to estimate a LOC, and it would be really helpful if a current student could share theirs so I can get a realistic idea. Extra points if you're a Dal student!!

Thanks!!

I would ask for the max 275 k, med school is a very long journey!!! 

I am not saying that you should spend 275 K, but having a LOC of 275 K is handy during your long medical journey, in case emergencies happen.It is reassuring that you will always have emergency cash fund available through your LOC, accessible 24 & 7

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lulu95 Newbie

lulu95

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14 hours ago, daniorerio said:

Being aware that salaries vary by province, approximately how much are residents paid each year?  I would like to get an idea of how fast I can start paying everything back :)  Thanks!

CaRMS publishes this info by province for all PGY levels, as well as additional relevant information (leave, call, insurance, etc): https://www.carms.ca/en/match-process/your-application/salaries-benefits/

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