Collection of MSP Members Budgets

By: KathrAnn Lee


Budgeting is great because you can tell your money where to go, rather than getting to the end of the month and wondering where it went!

We know budgeting can be a daunting task. Some people love to budget and have a full penny-for-penny budget, some people do a simple budget, and some people don’t really budget at all.

We have had so many questions about budgeting, loans and basic finances when it comes to Medical School. The truth is there isn’t one good answer that works for everyone. There are so many different financial backgrounds and situations that our members come from.

We decided to reach out to different MSP members and asked them if they would be comfortable filling out a basic anonymous budgeting sheet. The budgets you will find below are from real MSP members whose significant other attended RVU-SU. These budgets were for the school year; 2022-23, 2021-22, or 2020-21. These are all “loose” budgets; meaning they may not be penny-for-penny, but they are being shared to give other members an idea of what to expect financially.

Please keep in mind that these “loose” budgets were for that particular family unit. Your family unit may not be in the same situation. We tried our best to find members from all different backgrounds;

- MSBS, 1st Year, 2nd Year, 3rd Year, 4th Year, 1st year Residency

- HPSP Route

- Loans taken out: None, partial, full, has a stipend

- No kids, family unit of 1, family unit of more than 3

- HPSP route

- Works: Full-time, Part-time, doesn’t work, has a small side job

- Qualifies for EBT, doesn’t qualify for EBT

- Qualifies for Medicaid, doesn’t qualify for Medicaid

- Living status: Rents, rents from family, lives with family, has a mortgage

Disclaimers:

All the MSP members who filled out these budgets filled out as much or as little as they wanted. The identities of these members will be kept anonymous, so please don’t ask.

These budgets could be from school years 2020 all the way to 2023, meaning they were created for that year, that family unit, at THAT time period. Your situation and finances may not be the same as theirs was or is.

These “loose” budgets were created to educate our members on different budgets, during these past 3 school years, to hopefully enlighten them on what to expect or give them a better idea of what they can do to improve their budgeting. Everyone’s financial status and current circumstances are different. What worked for these family units, may not work for yours. It is up to you to figure out what works best for your family unit and your unique situation.

Consider contacting a financial advisor for more help with budgeting if you feel you need help.


 

MSBS



 

1st Year



 

2nd Year



 

3rd Year



 

4th Year



 

1st Year Residency


 


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