FinanceAdvice #FinancialPlanning #MedicalStudent
Reevaluating Your Expenses
As a first-year medical student, it’s essential to closely examine your expenses and make necessary adjustments. Here are some key areas to consider:
- Rent: $925 per month before utilities. Consider finding a more affordable living situation or exploring roommate options to reduce this expense.
- Car Loan: $7,000 over 48 months at 6.3%. Look into refinancing options to potentially lower your interest rate and monthly payments.
- Car Insurance: $116 per month. Shop around for better insurance rates or consider increasing your deductible to save on premiums.
- Health Insurance: $65 per month until age 26. Verify if you’re eligible for any student health insurance plans that may offer better coverage at a lower cost.
- School Parking: $25 per month. Explore alternative transportation methods like biking or public transportation to cut this expense.
- Student Loans: Just over $100,000. Consider creating a comprehensive repayment plan and look into income-driven repayment options.
Revisiting Your Income Sources
- Plasma Donation: Consider the time commitment and compensation from donating plasma as an additional source of income.
- High Yield Savings Account (HYSA): Utilize a HYSA like Wealthfront to maximize your interest earnings on savings.
Planning for Savings and Retirement
- Maxing Out IRA: Ensure you contribute the maximum amount to your IRA for the year to start building your retirement savings.
- Maintaining Savings Accounts: Keep only the minimum balance required in your bank accounts to avoid fees.
Final Thoughts
In conclusion, it’s crucial to track your spending, explore potential savings opportunities, and continuously reassess your financial situation as a medical student. By making informed decisions and being proactive in managing your finances, you can set yourself up for financial success in the long run. Good luck on your financial journey! 🌟#GoodLuck #FinancialSuccess #BudgetingTips
Personally plasma donating may due more long term damage than it’s worth.
Are you making any money in med school besides that?
What’re you bringing in is the missing piece