Managing Debt While in Med School: 7 Essential Tips for Students and Their Partners

Balancing family life, debt management, and a busy school schedule can be overwhelming, but fear not, there are ways to navigate through this challenging time with grace and financial savvy. Here are some helpful tips for managing debt while juggling med school, family, and everything in between.

Before jumping into the list of "practical advice," I heard a statement from a friend of my husband's. He said something along the lines of "We will only be in our twenties once, we will have lots of years to pay back our loans, and if it takes an extra six months to pay off, it will be worth not stressing now and having a fun time in our twenties." I LOVED THAT. Why pinch pennies when you can enjoy your twenties? Now that being said, don't go crazy and vacation in Hawaii every break you get. Although that sounds pretty dreamy, the key is don't build any resentment because it is your life too!

1. Create a Budget: Start by listing all your sources of income and expenses. This will give you a clear picture of your financial situation and help you identify areas where you can cut back on unnecessary spending.

2. Prioritize Debt Repayment: If you have multiple debts, such as student loans, credit cards, or medical bills, prioritize them based on interest rates. Focus on paying off high-interest debts first to save money in the long run.

3. Look for Ways to Increase Income: Consider taking on part-time work, freelancing, or selling items you no longer need to bring in extra income. Every little bit helps when it comes to paying off debt.

4. Cut Back on Expenses: Identify areas where you can cut back on expenses, such as dining out, subscription services, or luxury items. Look for ways to trim your budget without sacrificing essential needs. I am guilty of all of these and am still working on this one...

5. Seek Financial Aid: There are SO many opportunites for financial aid scholarships, or grants that may be available to med school families, law students, MBA students, ect. Every bit of financial assistance can help lighten the burden of debt. (See my blog post on specific scholarships to apply for)

6. Save for Emergencies: Building an emergency fund can help you avoid going further into debt when unexpected expenses arise. Aim to follow Dave Ramsey and have a $1000 emergency fund. My husband and I have an emergency fund and it really does give us peace of mind.

7. Stay Positive and Motivated: Managing debt can be stressful, but staying positive and focused on your financial goals can help you navigate through tough times. Celebrate small victories along the way to stay motivated. Remember, managing debt as a med school student, wife or mom is a journey that requires patience, discipline, and determination. By implementing these debt management tips and staying committed to your financial goals, you can pave the way towards a more secure financial future for you and your family.

   
   

If you have little or NO money coming in:

1. WIC: (IF YOU HAVE A CHILD): You will probably qualify for WIC (Women, Infants, and Children). If you make under $48,000 (depends on your state), you will qualify for around $120 worth of groceries every month, and free books!

2. Food Stamps: If you are a student and your BF/GF/Spouse is in medical school, there are work programs at your college that will qualify you for food stamps. Unfortunately, grad students do not qualify for food stamps.

3. Subsidized Housing/Government Housing: If you apply quickly, you may be able to snag subsidized housing where you pay 30% of your income towards your rent if you qualify as low income. For my husband and I this made a HUGE difference for us by utilizing these tools.

Finally: While budgeting and cutting expenses are effective strategies, remember to also engage in activities you enjoy now. Prioritize your well-being and happiness first, while being thrifty!