![]() Many schools offer campus meal plans but compare the average cost of these to. Saving even $5 per week will eventually add up. Food expenses are something that can be controlled with budgeting and planning. Save small amounts The idea is to get in the habit of saving, no matter how little the amount. Bring a list to the grocery store and stick to it! Stay out of the mall unless you have a specific item you need to purchase. Limit your grocery shopping trips to every two weeks. Shop carefully Many of our spending leaks are a result of impulse buys. You may be surprised to find that you're spending as much as $150-$300 per year on these items. Plug up your spending leaks Pay attention to all of those seemingly minor expenditures, like your morning cup of coffee from Starbucks or the afternoon candy bar from the vending machine. You may be able to afford the payment, but also consider the cost of insurance and maintenance when making your purchase. Don't underestimate the cost of ownership This is particularly important when purchasing a car or a home. Make provisions for larger expenses Plan for expenses that come up only once or twice per year, like auto insurance, by factoring the monthly amount into your budget and setting that amount aside. Use windfalls constructively Use the rule of thirds: one-third to your savings account, one-third to pay down debt, one-third to spend. Take it with you only when you plan to use it. If you do not trust yourself, do not carry your card in your wallet. Pay off your balance in full every month. Choose a credit card with the lowest fees and interest rate possible. You are responsible for repaying everything you borrow, including interest and finance charges. Avoid overuse of credit Credit is convenient, but it is not free. ![]() Having an emergency fund means you will be less likely to be forced to charge these bills on a credit card. Keep a cash reserve for emergencies Unexpected expenses, such as car repairs or medical bills, are unavoidable. A spending plan can also help you identify future expenses so that you can put money aside to pay for them. If you know where your money goes, you are less likely to spend more than you have. Key Financial Strategies Have a spending plan This does not mean you have to keep track of every penny, but you should have a plan for how you want to allocate your resources. Remember that the goal of budgeting is to live within your means and avoid unnecessary debt. Good money management is a learned skill. The amount of indebtedness you are willing to incur, and.How you will finance your medical education,.Once you have decided to enroll in medical school, be sure to consider:
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