{"id":2470,"date":"2021-01-08T16:20:00","date_gmt":"2021-01-08T16:20:00","guid":{"rendered":"https:\/\/www.osmosis.org\/blog\/?p=2470"},"modified":"2025-10-07T09:34:40","modified_gmt":"2025-10-07T17:34:40","slug":"financial-strategies-for-health-professional-students-to-save-and-manage-money-better","status":"publish","type":"post","link":"https:\/\/www.osmosis.org\/blog\/financial-strategies-for-health-professional-students-to-save-and-manage-money-better","title":{"rendered":"Financial Strategies for Health Professional Students to Save and Manage Money Better"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 ez-toc-wrap-center counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">In This Article<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.osmosis.org\/blog\/financial-strategies-for-health-professional-students-to-save-and-manage-money-better\/#Set_a_budget_for_your_expenses\" >Set a budget for your expenses<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.osmosis.org\/blog\/financial-strategies-for-health-professional-students-to-save-and-manage-money-better\/#Use_financial_management_apps\" >Use financial management apps<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.osmosis.org\/blog\/financial-strategies-for-health-professional-students-to-save-and-manage-money-better\/#Dont_make_impulse_purchases\" >Don\u2019t make impulse purchases<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.osmosis.org\/blog\/financial-strategies-for-health-professional-students-to-save-and-manage-money-better\/#Borrow_as_little_as_necessary\" >Borrow as little as necessary<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.osmosis.org\/blog\/financial-strategies-for-health-professional-students-to-save-and-manage-money-better\/#Use_school_breaks_to_earn_money\" >Use school breaks to earn money<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.osmosis.org\/blog\/financial-strategies-for-health-professional-students-to-save-and-manage-money-better\/#Stick_to_what_is_necessary\" >Stick to what is necessary<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.osmosis.org\/blog\/financial-strategies-for-health-professional-students-to-save-and-manage-money-better\/#Take_advantage_of_discounts\" >Take advantage of discounts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.osmosis.org\/blog\/financial-strategies-for-health-professional-students-to-save-and-manage-money-better\/#Make_the_most_of_your_education\" >Make the most of your education<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.osmosis.org\/blog\/financial-strategies-for-health-professional-students-to-save-and-manage-money-better\/#Final_Thoughts\" >Final Thoughts<\/a><\/li><\/ul><\/nav><\/div>\n\n<p class=\"wp-block-paragraph\"><em><strong>In today\u2019s guest post from Surviving College, we will be addressing the big elephant in the room that we wish was invisible\u2014money! During medical school, we tend to ignore financials until after graduation, which can be overwhelming and stressful. It\u2019s important to know what you need, how much to borrow, and learn to save so that in the long run, you won\u2019t be flustered with a large mountain of debt.\u00a0<\/strong><\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For most people entering a health professional program, navigating this new phase of education can be a huge challenge. It\u2019s not just mentally draining: this time will also test your emotional, physical, and financial capacities. Aside from pushing your brain and body to its limits, it will also challenge you financially. With the tuition, miscellaneous fees, projects, and living expenses that you need to worry about, it\u2019s important that you learn how to save and manage your finances better.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here are some strategies that you can implement to help you manage your finances better as a health professional student.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Set_a_budget_for_your_expenses\"><\/span>Set a budget for your expenses<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The very first move that you should do is to set your expected budget. It can be a weekly or a monthly budget that will serve as your guide. To do this, list what essential activities you will be doing throughout the timeline you have set.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Then, estimate the amount of money you will likely spend on your meals, transport, school fees, basic necessities, and other regular expenses that are part of your regular living. You should also see to it that you have a contingency fund in case something unexpected comes up.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Use_financial_management_apps\"><\/span>Use financial management apps<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">To help you set and keep track of your expenses better, it\u2019s a good idea to use at least a simple finance app on your phone or computer. This makes it easier for you to take note of your expenses versus the budget you have set.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Apps like Wally, Mint, and PocketBudget let you securely connect to your bank account and monitor your funds, as well as where your money is going. This way, you\u2019ll have a better understanding of your spending habits and be able to manage your finances better.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Dont_make_impulse_purchases\"><\/span>Don\u2019t make impulse purchases<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">One of the culprits of poor financial management is impulse buying. Anytime you see something that you like, you buy it with no regard to whether you\u2019ll have enough funds for your other needs. When you have a large student loan, sometimes it&#8217;s easy to fall into the trap of thinking, &#8220;What&#8217;s a few more dollars?&#8221; Avoiding impulse buying will need a lot of focus and discipline.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you want to make sure that you always have enough funds for what you need for school, \u00a0keep a tighter grip on your money and think twice before you buy anything. Ask yourself if what you are thinking about buying is actually necessary and if it will be of great use to you. If it\u2019s something that you can do without, then don\u2019t buy it\u2014keep your money for something more important!<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Borrow_as_little_as_necessary\"><\/span>Borrow as little as necessary<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Student loans are unavoidable for most health professional students. Eight in 10 medical students graduate with student loans. However, you can still try to stick to borrowing what is only necessary and what you can get paid off in a reasonable amount of time. This way, you won\u2019t have to remain in debt for longer than necessary and can minimize your interest payments.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Before deciding how much to borrow, try to figure out first if you have any other options to minimize your debts. If you can do some work during your free time or sell some stuff that you no longer use to get enough money, then that might work. Minimize borrowing as much as possible, and never borrow more than what you need.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Use_school_breaks_to_earn_money\"><\/span>Use school breaks to earn money<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">During medical school or any other health professional program, you&#8217;ll have the opportunity to\u00a0<a href=\"https:\/\/survivingcollege.com\/essential-tips-for-effective-time-management\/\" target=\"_blank\" rel=\"noreferrer noopener\">manage your time<\/a>\u00a0for studying and for other things. If you want to earn some money, you may be able to squeeze in some part-time work. You can work at a restaurant, a store, or a library. Or, even better, you can seek out paid research opportunities at your institution. Provided you can manage your time effectively and handle all of your work and studies at the same time, this is a great way to\u00a0<a href=\"https:\/\/www.osmosis.org\/blog\/2020\/03\/10\/how-to-build-an-outstanding-curriculum-vitae-during-medical-school\" target=\"_blank\" rel=\"noreferrer noopener\">build your CV<\/a>.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"701\" height=\"468\" src=\"https:\/\/www.osmosis.org\/blog\/wp-content\/uploads\/sites\/2\/2024\/09\/use-school-breaks-to-earn-money.png\" alt=\"\" class=\"wp-image-2477\" srcset=\"https:\/\/www.osmosis.org\/blog\/wp-content\/uploads\/sites\/2\/2024\/09\/use-school-breaks-to-earn-money.png 701w, https:\/\/www.osmosis.org\/blog\/wp-content\/uploads\/sites\/2\/2024\/09\/use-school-breaks-to-earn-money.png?resize=300,200 300w\" sizes=\"auto, (max-width: 701px) 100vw, 701px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Stick_to_what_is_necessary\"><\/span>Stick to what is necessary<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">To have a better handle on your finances, work on living a simple and basic life. If you don\u2019t have the money to buy anything extra, then don\u2019t. Focus your spending on the necessities only.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is also one reason why a lot of college students and young adults are starting to learn the value of minimalism. It\u2019s a way of life that allows you to make the most of what you have and live simply. If you think this can help you become more frugal and manage your budget better, then you might want to try adopting this practice, too.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Take_advantage_of_discounts\"><\/span>Take advantage of discounts<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If you need to buy something for your personal or educational use, you might want to check your options first and look for some discounts. Many stores, both online and brick-and-mortar ones, offer various discounts, with some even offering additional discounts for students.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The same goes for transport tickets, meals, and other services that college students might need to take advantage of. Just make sure that you have your student ID handy so that you have proof to show that you are a student and you qualify for student discounts.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Make_the_most_of_your_education\"><\/span>Make the most of your education<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Another smart move to make the most of your finances is to study well. Medical school, nursing school, PA school\u2014all of these programs are investments. You invest your time, money, and other resources into them, and they pay dividends when you&#8217;re done!\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Study hard (and study smart!) to ensure your time and money are well spent, or all of your financial strategies and hard work will just go to waste.<\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><a href=\"https:\/\/www.osmosis.org\/ace-classes-and-boards\"><u>\u2192&nbsp;<em><strong>Learn how to ace your classes and board exams with Osmosis.<\/strong><\/em><\/u><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Final_Thoughts\"><\/span>Final Thoughts<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Not everyone who goes to college gets to handle their finances well for a variety of different reasons. This is why a lot of people remain in debt even years after graduating and landing a career. It\u2019s never too early or too late to start being smart about managing your money to minimize your debts.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Learning how to manage your finances is something that everyone should learn as early as possible. Hopefully, with the right financial strategies, you\u2019ll be able to make it through your health professional program with as little debt as possible.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Want to learn more about managing your finances? <span style=\"margin: 0px;padding: 0px\">Watch our\u00a0<em>Financial Planning for New Physicians<\/em>\u00a0webinar with Jim Charshafian and Pinak Joshi, MD<\/span>, where they discuss financial challenges, myths about debt management, retirement strategies, and more.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Financial Planning for New Physicians\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/CD84n23j8vE?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><strong><em>_________________________<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Try Osmosis today! Access your\u00a0<a href=\"https:\/\/www.osmosis.org\/login?type=create\" target=\"_blank\" rel=\"noreferrer noopener\">free trial<\/a>\u00a0and discover why millions of current and future clinicians and caregivers love learning with us.<\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/osmosis.org\/create\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"250\" src=\"https:\/\/www.osmosis.org\/blog\/wp-content\/uploads\/sites\/2\/2021\/01\/Blog_Display_Ads_GENERAL2_2023.png?w=700\" alt=\"\" class=\"wp-image-4405\" srcset=\"https:\/\/www.osmosis.org\/blog\/wp-content\/uploads\/sites\/2\/2021\/01\/Blog_Display_Ads_GENERAL2_2023.png 700w, https:\/\/www.osmosis.org\/blog\/wp-content\/uploads\/sites\/2\/2021\/01\/Blog_Display_Ads_GENERAL2_2023.png?resize=300,107 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/a><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In today\u2019s guest post from Surviving College, we will be addressing the big elephant in the room that we wish was invisible\u2014money! During medical school, we tend to ignore financials until after graduation, which can be overwhelming and stressful. It\u2019s important to know what you need, how much to borrow, and learn to save so [&hellip;]<\/p>\n","protected":false},"author":228,"featured_media":2471,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[22,46],"tags":[],"class_list":["post-2470","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-health-and-wellness","category-student-stories"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Financial Strategies for Health Professional Students to Save and Manage Money Better - Osmosis Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.osmosis.org\/blog\/financial-strategies-for-health-professional-students-to-save-and-manage-money-better\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Financial Strategies for Health Professional Students to Save and Manage Money Better - Osmosis Blog\" \/>\n<meta property=\"og:description\" content=\"In today\u2019s guest post from Surviving College, we will be addressing the big elephant in the room that we wish was invisible\u2014money! 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