Management Budget Planning

Budgeting as a student is different than as someone receiving a regular paycheck. It is easier because you pay set amounts for tuition and fees. However, it is more difficult because budgeting based on funds from loans is complicated by the fact that student loans are  made in two or three annual lump-sum payments. Faced with a large amount of cash-on-hand, you may find it difficult to remember that a loan of several thousand dollars must cover expenses for nine or twelve months. Prudent money management will insure that you do not use all of your loan money within the first few months of receiving it. Two important strategies for dealing with lump-sum payments are:

  1. Sign up for Direct Deposit on MyUI for the fastest, most secure access to your disbursement.
  2. Investigate the possibility of using an account or fund that pays a higher rate of interest than a checking or savings account. Since you will not need all of the funds provided by your check immediately, and some not for several months, put them to work for you. 
  3. As soon as you know the amount of your resources for the year, you should determine your academic year budget. It is crucial to plan your budget before you make hasty spending decisions. A positive attitude will help to make budgeting successful. Try to view the budget as a means of insuring that you can meet all of your obligations with your available resources rather than as restricting your lifestyle. The more attention you give to it as the year progresses, the better your chances are of success.  The Med Student budget worksheet is intended to assist you in effectively budgeting and analyzing your monthly cash flow.  Some students prefer to use on line budgeting tools such as

PDF icon Budget Worksheet.pdf

PDF icon AAMC First Interactive Worksheet.pdf