💰As students and especially for those of us who want to go to medical school and are expecting to take out huge loans—learning money management is SO important! Here are a few tips that have helped me be 100% financially independent and manage my own finances all through undergrad and with my first job.
1. Necessities first. 💯% is the time
It’s really easy to want to take that paycheck and put it towards that cute jacket or new TV that you’ve been wanting for so long. But without a doubt the easiest way to prevent stress both in the present and in the future is to make sure you settle all of the necessities first—if I got a stipend that I was supposed to budget over the semester, I would immediately pay off my rent, set aside money for anticipated utilities so that I knew what I was actually working with. It took a weight off my shoulders and ensured that I didn’t overspend!
2. Actually learn to meal prep 🥘
This is easily one of the hardest and least straightforward tips—especially in undergrad, who has time on top of everything else? Make it a part of your schedule and use your grocery shopping and cooking time as a necessary break from a hectic week. Or, if you can’t, throw on some lectures or run through some flash cards while you stir the pasta or fold some laundry while you wait for your veggies to finish roasting. These small initiatives will save you HUGE money in the long term and teach you discipline that’ll be beneficial for years to come. Plus-it’s healthier!
3. Balance splurging and saving 💵
You may not be in a position to save a lot or splurge a lot, but it’s important to get into a habit of doing a little bit of both! After you take care of all of your necessities —rent, utilities, laundry, groceries, insurance payments etc—take whatever you have left and separate it between savings and checking. The ratio can be anything you want it to be, but a good rule of thumb is for 10% of a paycheck to be in savings if possible.
#financefriday #moneymanagement #money #budgeting #moneytips #studentfinances #medicalassistant #healthcare #healthcarejobs #blog #medicalblog #motivation #premed #premedmotivation #futurephysician #docto