I would say one of the biggest stressers that comes with college for ME is paying for it. Due to some circumstances, when it comes to school costs, the last three years of my undergrad, I've been all by myself.
My first year paying alone was tough! I was new at this whole "being responsible for my own finances" and I took out a crap ton of private loans (with ginormous interest rates) yet didn't really understand the concept of being frugal. From those first loans I've already accrued at LEAST $700 in interest. Yeah IN INTEREST! Pretty gnarly if you ask me. It kind of makes me itch just thinking about it.
As I was building up that exorbitant amount of interest last year, I learned a few things about saving and making money, and I like to think of myself as more independent and wise if you will.
So if you too are alone in your finances (or even if you are still under your parents money wing, I'm sure you'll be on your own one day), here are some of the things I am doing to quite literally scrape by.
First of all, find ways to make money that fit in with your regular schedule. I have 5 jobs, and 3 of them are ones that I integrate into my schedule. Tutor on your hours off, TA if you can, any job that's flexible and works with your schedule can make a huge difference and won't drive you crazy.
Second, I know this goes without saying, but working jobs that pay more an hour will take you a lot farther (whattttttt). Revolutionary I know. But when you are looking for jobs, maybe don't spring for one that's minimum wage when you could (and should) be getting paid more. I know that's some pretty hard advice to follow because money is money, but stay on the look out for positions that pay you what you deserve because it will make a big difference when that paycheck comes.
Third, as pre-med peeps, we have to fulfill a large amount of patient care hours, lab hours, and everything in between. Try multitasking in both making money and fulfilling those requirements. Get your certifications, find any job in a hospital or care center, scour job boards for anything to do with healthcare and boost your resume WHILE actually getting paid for it.
Fourth, I'm assuming if you are pre-med you're pretty smart. Try tutoring. You can make big bucks or acquire other perks. I tutor for the athletic center and I get into all home games for FREE. Big football fan so it's nice my jobs pays for me to get in. Tutor the classes that you know will be on the MCAT as well that you maybe took your freshman year and need a constant refresher. That way you can go over everything you need to AND get paid for it. Plus studies show that when you teach material, you retain it better. Win-Win-Win all around.
Fifth and finally, with jobs and school and volunteering, it's so vital to be able to manage your time. As college students you should be fairly able to do so, but a few times I went to one job instead of the other, or spaced on an appointment. But I learned quickly and it hasn't happened again because I discovered planners. Pretty planners with a lot of room to write is what I've found works best for me. But it's not for everyone. Find your organization niche and stick with it. Write everything down and go through your day every morning. Take the extra 5 minutes and your sanity will thank you for it.
The number one advice I would give is make connections. This goes across the board but will also help you get higher paying jobs and make that money. I can't tell you how many opportunties I've received just from classmates, teachers, parents, etc,. People are willing to help if you are willing to ask for it.
After you GET the money, I guess it's all about saving it. And lemme tell you... I am the WORST at saving money. If it's in my bank account and I don't need it for the near future, consider it spent. I have a rule now that I can't have any card information saved in online stores so it's harder for me to online shop (my absolute weakness).
And you know what? I like food. There I said it. I spend too much money on food when I know full well I have a full cupboard at home.
I've learned the hard way this year that if you have a hole in your pocket that you just can't close, set aside a certain amount of money each week/month that you can spend on food or clothes, or random amazon finds. When you have a set amount of budgeted money, it's easy to stick with it.
Another thing I do, is when I'm ready to buy something I don't actually need, I take a look at my loan statements and *quickly* change my mind.
For the stuff you can't pass on LIKE rent, food, tuition, etc., I've learned to have a nice cushion in my bank account when it's that time of the month so I don't all of a sudden have $.37 to my name until the next pay period (it's happened before...).
I could go on and on about the specifics of my finances, but to be honest I don't even know. I'm simply just getting by. There's so many things I don't know, nor pretend to know, like investing?? What the heck is that all about? 401k's? More like no thank you. I track everything in an excel spreadsheet, and it seems to work okay.
All in all, I don't really know what I'm doing, but it's kind of working. For me, it's all about managing time, multitasking, and just doing all that I can to both make money and make that 4.0. I'm *hoping* it will pay off in the end.
As I was building up that exorbitant amount of interest last year, I learned a few things about saving and making money, and I like to think of myself as more independent and wise if you will.
So if you too are alone in your finances (or even if you are still under your parents money wing, I'm sure you'll be on your own one day), here are some of the things I am doing to quite literally scrape by.
First of all, find ways to make money that fit in with your regular schedule. I have 5 jobs, and 3 of them are ones that I integrate into my schedule. Tutor on your hours off, TA if you can, any job that's flexible and works with your schedule can make a huge difference and won't drive you crazy.
Second, I know this goes without saying, but working jobs that pay more an hour will take you a lot farther (whattttttt). Revolutionary I know. But when you are looking for jobs, maybe don't spring for one that's minimum wage when you could (and should) be getting paid more. I know that's some pretty hard advice to follow because money is money, but stay on the look out for positions that pay you what you deserve because it will make a big difference when that paycheck comes.
Third, as pre-med peeps, we have to fulfill a large amount of patient care hours, lab hours, and everything in between. Try multitasking in both making money and fulfilling those requirements. Get your certifications, find any job in a hospital or care center, scour job boards for anything to do with healthcare and boost your resume WHILE actually getting paid for it.
Fourth, I'm assuming if you are pre-med you're pretty smart. Try tutoring. You can make big bucks or acquire other perks. I tutor for the athletic center and I get into all home games for FREE. Big football fan so it's nice my jobs pays for me to get in. Tutor the classes that you know will be on the MCAT as well that you maybe took your freshman year and need a constant refresher. That way you can go over everything you need to AND get paid for it. Plus studies show that when you teach material, you retain it better. Win-Win-Win all around.
Fifth and finally, with jobs and school and volunteering, it's so vital to be able to manage your time. As college students you should be fairly able to do so, but a few times I went to one job instead of the other, or spaced on an appointment. But I learned quickly and it hasn't happened again because I discovered planners. Pretty planners with a lot of room to write is what I've found works best for me. But it's not for everyone. Find your organization niche and stick with it. Write everything down and go through your day every morning. Take the extra 5 minutes and your sanity will thank you for it.
The number one advice I would give is make connections. This goes across the board but will also help you get higher paying jobs and make that money. I can't tell you how many opportunties I've received just from classmates, teachers, parents, etc,. People are willing to help if you are willing to ask for it.
After you GET the money, I guess it's all about saving it. And lemme tell you... I am the WORST at saving money. If it's in my bank account and I don't need it for the near future, consider it spent. I have a rule now that I can't have any card information saved in online stores so it's harder for me to online shop (my absolute weakness).
And you know what? I like food. There I said it. I spend too much money on food when I know full well I have a full cupboard at home.
I've learned the hard way this year that if you have a hole in your pocket that you just can't close, set aside a certain amount of money each week/month that you can spend on food or clothes, or random amazon finds. When you have a set amount of budgeted money, it's easy to stick with it.
Another thing I do, is when I'm ready to buy something I don't actually need, I take a look at my loan statements and *quickly* change my mind.
For the stuff you can't pass on LIKE rent, food, tuition, etc., I've learned to have a nice cushion in my bank account when it's that time of the month so I don't all of a sudden have $.37 to my name until the next pay period (it's happened before...).
I could go on and on about the specifics of my finances, but to be honest I don't even know. I'm simply just getting by. There's so many things I don't know, nor pretend to know, like investing?? What the heck is that all about? 401k's? More like no thank you. I track everything in an excel spreadsheet, and it seems to work okay.
(an example of my fall budget just for reference)
All in all, I don't really know what I'm doing, but it's kind of working. For me, it's all about managing time, multitasking, and just doing all that I can to both make money and make that 4.0. I'm *hoping* it will pay off in the end.
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