An International Medical Doctor of Medicine (IMD) Degree is an amazing experience that provides a pathway to Quality Education and Worldwide Experience in Medicine. However, financing an International Doctor of Medicine Degree involves much more than just paying tuition. Many students find that the costs of food, monthly rent, utilities, textbooks and study materials, transportation to and from school, Health Insurance, and everyday living expenses will quickly accumulate. To avoid financial burden for yourself and your family while studying for an IMD Degree abroad, you should create a realistic Monthly Expense Budget and use your savings and disciplined spending habits to make smart purchasing decisions.
By following this Guide, you will learn many effective and proven methods for saving money while completing your IMD degree abroad. You will learn how to keep within your budget and maximize your potential as a future Doctor.
Most Students who pursue an IMD Degree abroad will have to budget for tuition and other related expenses, including housing, food and groceries, utilities, textbooks and study materials, transportation costs, Health Insurance, personal expenses, and Recreation/Entertainment (both inside and outside of the University).
Choosing Affordable Accommodation
Housing typically accounts for a large portion of your overall expenses, next to tuition costs. Choosing wisely when finding a place to stay may result in saving you thousands of dollars each year.
- University Hostels
Most international medical universities provide their students with university hostels that are located on campus and generally charge much less than private apartments. Although hostels may look very basic, they do provide students with the basic amenities necessary for school and have the benefit of being located close to the students’ classes and have the added benefit of creating social communities. The benefit of being able to walk to class saves a student both time and transportation costs.
- Shared Apartments
If a student prefers to live off-campus, a good option is to share an apartment with other students, which can greatly decrease the amount of rent and utilities a student would need to pay if they were living alone. For example, a three-bedroom apartment distributed among three students would cost each student approximately 40-50% less than if they each lived alone. Additionally, when you share an apartment with other students, you are also able to split the costs of the internet, cleaning supplies, and all kitchen items.
- Location
Generally speaking, the further away an apartment is located from a university’s central campus, the cheaper it will be. Additionally, they must calculate if the lower rent justifies the added expense and time it takes to get to and from campus.
- Negotiate Rent
In many countries, especially in the Central Asian and Eastern European regions, it is quite common to negotiate the rent price when renting an apartment. Do not accept the first price offered to you. Politely negotiate your rent price, especially when you are signing a lease for a long period of time.
Mastering the Art of Budget Cooking
Your budget will be affected by how you manage food costs. You can save or overspend depending on how you cook.
- Cooking at Home
The biggest way to save money on food is cooking your own meals instead of dining out. Dining out on average is 3-5 times more expensive than dining in. Buy some basic kitchen supplies and learn how to prepare simple, nutritious meals. There are literally thousands of YouTube videos showing how to cook both Indian and international recipes, and many of them are very easy to do, good for you, and affordable.
- Meal-Assisting Support/Investment Strategies
Spend the last few hours of the week to plan your meals for the upcoming week and prepare them before you go to bed. Cooking meals in larger portions and then storing them for later will reduce daily cooking time, and you will make fewer impulse purchases. Examples of items that can be made in larger quantities are dal/rice, pasta, curries, and soups. These items can be prepared ahead of time and can be served for several days.
- Buying Products
Convenience stores and supermarkets usually charge more for fresh produce than local farmers’ markets and co-op grocery stores. The cost of fresh produce at farmers’ markets or co-ops can be significantly lower. If you buy your produce toward the end of the day, you may be able to purchase items that have been reduced due to spoilage and reduce your carbon footprint.
- Buying in Bulk with Friends
You can save money by splitting up the cost of the bulk purchase of non-perishable foods such as rice, lentils, oil, spices, and flour with your friends.
Textbooks and Study Materials
Medical textbooks can be very costly; however, do not feel obligated to purchase every textbook as a new item.
Most universities have well-stocked libraries with at least one copy of every required text as well as numerous other resources. The libraries should provide all of the reference material you will require for the term of your course. A lot of libraries have now invested heavily in providing digital resources (medical databases) for both student and faculty access via online/electronic means.
- Look for Used Books
Senior students who have taken the same course often sell their used textbooks at discounted prices. These can usually be found on university notice boards, in Facebook student groups, or in WhatsApp communities.
- Share & Rotate Your Textbooks
Establish a study group within your course of study where different members each purchase different textbooks. The rotation system works extremely well for courses in which you study sequentially or do not study sequentially.
- Digital Resources
The online version of e-textbooks is often less expensive than the hardback version. There are a large number of high-quality medical education websites that provide free content, including access to online medical lectures and open-access journals. Platforms such as Khan Academy, Osmosis, and a variety of YouTube channels focused on medicine offer excellent additional study items or study aids.
- Photocopy Strategically
As supporting authors directly via bookstore purchases is preferable, selectively photocopying just those chapters you need for immediate study will save considerable amounts of money.
Smart Shopping and Daily Expenses
Ask if the store offers student discounts to receive 10-20% off your purchase (with a valid student identification). In most cases, the store will not mention the discount unless you inquire.
Find out when your local supermarket has discount days. Many will offer “close-to-expiry” items at marked-down prices on certain days, where food will still be safe for consumption. Similarly, most retailers provide seasonal sale events that allow you to purchase several items you need at reduced prices.
Make sure you implement a 24-hour waiting period before purchasing a non-essential item. When you feel compelled to buy something, allow yourself to wait 24 hours before making the purchase, and most of the time, your desire for that item will have dissipated, resulting in savings.
Although spending money on entertainment is good for your mental well-being, you can do so without spending a lot. Consider free and low-cost activities, such as attending events at your school, entering free museums, taking walks in public parks, hosting movie nights at home for friends, participating in student organization activities, etc.
EOCL India
We understand that MBBS education presents significant physical, mental, and financial challenges for both parents and students. We strive to alleviate and reduce this stress. This entire article focused on managing students’ budgets, including savings benefits and strategies. Our expert counselors also provide detailed guidance to students.
Contact us to get all the information about MBBS Abroad.
