OFFICE OF
FINANCIAL AID

Living arrangements

Telephone

aShop around for a long-distance carrier. Carefully compare programs and select and monitor your billing. If you make many long distance calls, you might want to consider SPRINT, as they are currently offering 50 free minutes per month for current PCS users for their home telephone. That's only 2 cents per minute!
aDial 10-10-987 before any long distance call. Cost is 5 cents per minute at any time.
aWrite notes and letters or e-mail; they can cut down on the high cost of long distance.
aConsider only getting a cell phone. Make sure there is good service in the area before signing a contract.

Clothing

aTake clothes home to mom’s house where doing laundry is free.
aBuy only necessary clothing and watch for big sales, especially end of season clearances.
aDon’t buy clothes that need to be dry cleaned. Minimize dry cleaning costs by using sale flyers and coupons.
aFind a laundromat that doesn’t overcharge for the use of their washers and dryers.

Transportation & Insurance

aCar-pooling will save money on gas. Public transportation, cycling, or walking may be a possibility. (note: most everywhere is accessible via the RTA bus and rapid system)
aTake higher deductibles on your auto insurance. Drop collision insurance on older cars.

Entertainment

aCable is NOT a necessity. If you "must" have it only order basic cable. If you order it and barely watch it, cancel service.
aHave pot luck dinners, where each friend brings a dish, are fun and economical or eat at a buffet.
aChoose low cost entertainment: zoo, picnics, roller-blading, museums, free concerts, and festivals.
aIf you enjoy reading, make good use of libraries or use a book exchange rather than buying new books.
The university bookstore sells discounted amusement park and movie tickets so utilize them!
aGo out for lunch rather than dinner. You often receive the same portion for less money.
aBorrow movies (VHS or DVD) from libraries for free instead of paying enormous rental charges.
aGo to matinee shows or go to the movies shown on campus.
aGo to bars that don’t charge a cover to get in OR go early so you don’t get charged the cover.

Furnishings

Ask around (family, friends, and neighbors) to see if anyone may have things that they would love to give away.
aTake advantage of garage sales.
aWatch for sales where you can get items at discount prices, or extra items free
aDo-it-yourself projects: ask a friend or family member who may have experience in fixing things (i.e. Electricity or plumbing). Make sure they know what they are doing.
aMoving: get friends and family to help; it can save the cost of hiring professional movers.
aIf you’re just looking for basic furniture just for the duration of medical school, try the salvation army or other student who are moving.
aFor decorating, there are poster/print and plant sales on campus.

Electricity/Gas/Water

Books & supplies

aBuy used books whenever possible when school starts and watch for flyers from upperclassmen looking to sell theirs which are usually in good condition.
aCheck with upper class members to see which books are necessary, or if there are books that can be borrowed. Professors often have extra copies of the books required for class.
aThe library may also have a copy you can use.
aBuy your microscope used OR share with a classmate.
aBuy your supplies at discount stores (Marc’s or target). Campus bookstores tend to be more expensive.

Food & shopping

aPrepare and bring your lunch to avoid and/or minimize vending machine, fast food, and convenience store use.
aLearn to be a savvy shopper. Clip coupons and comparison shop. But, don’t buy an item just because you have a coupon; store brand or generic products may be cheaper than the name brand with a coupon and not of less quality.
aWatch for sales and buy non-perishable items on sale in bulk.
When preparing meals, make larger portions and freeze them for later consumption. Ready-made or frozen dinners cost more per serving.
Use leftovers (20% of all food produced in America is thrown away).

Additional $ tips:

aUse credit cards sparingly and wisely. Use the credit cards with no annual fee and pay your bill when it’s due. Avoid paying the astronomical interest rates that are applied when you don’t pay your balance on time and in full. Check your budget to be sure that you will be able to pay for items you want to charge before you charge them. For example, if you buy a shirt on sale, saving 15% but then put it on your credit card with a 20% interest rate and don’t pay it off, you just paid 105% for the shirt that was supposed to be a good deal. That is more than the original price.
aCarry larger bills. The smaller the bill, the easier it is to spend.
aPut loose change in a jar and save for a rainy day because there always is one.
aDo not use credit cards to extend your monthly budget.
aConsider credit cards that offer frequent flyer miles, refunds, money towards a car, savings bonds…..
aAlways add a "post-it" note in your checkbook showing credit card purchases. aSubtract the amount from your checking balance to help you stay within your budget.
aConsider keeping your money in insured, interest-bearing accounts. Shop and compare the interest rates on CD's and money market accounts. Choose the one best suited for your needs. Look for checking accounts that give interest. Read and understand all requirements and penalties.
aLook for accounts with free checking because monthly service fees can add up to a lot over of a year.
aKeep your checking account balanced. Checks that bounce cost up to $25 per check along with the returned check charge at the place where it was written and defeat the purpose of saving.
aComparison-shop by phone. Check for sales and think ahead.
aWatch for airfare wars/specials well in advance of the time you’ll want to fly home for a weekend/break so you can take advantage of the price breaks.
aTalk with others and read consumer-oriented publications to learn how others save money.