catchlynall Posted June 9, 2017 Report Share Posted June 9, 2017 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!! Link to comment Share on other sites More sharing options...
Lonney Posted June 9, 2017 Report Share Posted June 9, 2017 Booze : 400 $ Link to comment Share on other sites More sharing options...
JohnGrisham Posted June 9, 2017 Report Share Posted June 9, 2017 your med school should have a list or breakdown of costs. I.e tuition, estimated rent. the bank doesn't need anything fancy: tuition:19,000/yr rent:x$/yr food: x$/month x12 general monthly expenses: x$/month x12 Link to comment Share on other sites More sharing options...
Snowmen Posted June 9, 2017 Report Share Posted June 9, 2017 If your bank asks for that, you should get a different bank. Link to comment Share on other sites More sharing options...
thestar10 Posted June 9, 2017 Report Share Posted June 9, 2017 18 minutes ago, Snowmen said: If your bank asks for that, you should get a different bank. I would disagree. Nothing wrong with appropriate lending and financial planning. Link to comment Share on other sites More sharing options...
catchlynall Posted June 9, 2017 Author Report Share Posted June 9, 2017 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. Link to comment Share on other sites More sharing options...
DALMED2021 Posted June 9, 2017 Report Share Posted June 9, 2017 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 Link to comment Share on other sites More sharing options...
rmorelan Posted June 9, 2017 Report Share Posted June 9, 2017 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........ Link to comment Share on other sites More sharing options...
rmorelan Posted June 9, 2017 Report Share Posted June 9, 2017 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 Link to comment Share on other sites More sharing options...
rmorelan Posted June 9, 2017 Report Share Posted June 9, 2017 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 Link to comment Share on other sites More sharing options...
NLengr Posted June 9, 2017 Report Share Posted June 9, 2017 4 hours ago, Lonney said: Booze : 400 $ Per month Link to comment Share on other sites More sharing options...
RichardDegrasseSagan Posted June 9, 2017 Report Share Posted June 9, 2017 7 hours ago, Lonney said: Booze : 400 $ 3 hours ago, NLengr said: Per month Lightweight. This should be daily. If not hourly. Link to comment Share on other sites More sharing options...
hannahv Posted June 9, 2017 Report Share Posted June 9, 2017 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!! Link to comment Share on other sites More sharing options...
MarsRover Posted June 9, 2017 Report Share Posted June 9, 2017 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 Link to comment Share on other sites More sharing options...
NLengr Posted June 9, 2017 Report Share Posted June 9, 2017 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. Link to comment Share on other sites More sharing options...
Pippa756 Posted July 19, 2017 Report Share Posted July 19, 2017 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 :-) Link to comment Share on other sites More sharing options...
daniorerio Posted July 20, 2017 Report Share Posted July 20, 2017 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! Link to comment Share on other sites More sharing options...
LittleDaisy Posted July 20, 2017 Report Share Posted July 20, 2017 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 Link to comment Share on other sites More sharing options...
lulu95 Posted July 20, 2017 Report Share Posted July 20, 2017 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/ Link to comment Share on other sites More sharing options...
Pippa756 Posted July 26, 2017 Report Share Posted July 26, 2017 On 7/20/2017 at 0:39 PM, lulu95 said: 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/ Thanks for this as well :-) Link to comment Share on other sites More sharing options...
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