$100 Now ≈ $1,800 Later
If you reduce your monthly spending by $100 for a year, you save nearly $1,800 during repayment.
* Assumed borrowing from the Federal Direct Graduate PLUS loan
Have you committed to take The $100 Challenge? Let us know about your commitment in the poll below.
How much have you committed to reduce your monthly expenses by?
Below is a listing of endowed & external scholarships applicable to medical and graduate students at PCOM. Note that the scholarship information listed in this document is for the 2012-2013 school year. Updated information for external scholarships can be found at the listed websites.
Saving small amounts money over a short period of time can result in substantial savings in the future. Take some time to run the numbers yourself to see the impact of savings over time with this Benefit of Spending Less Calculator:
Often times when students consider saving money, they immediately think about small expenses. Instead, it is worth noting that cutting one major expense could save the student a great deal of pain in cutting their budget in other places. We would encourage students to review these top three expenses incurred by most students:
Split the cost of your rent and utility expenses by half or more by living with roommate(s). The Office of Student Affairs provides resources for PCOM students to find roommates through Nucleus.
Don't Limit Yourself to Apartment Complexes
Private landlords often offer affordable alternatives and many PCOM students have been pleased with their experiences with area landlords. You can find the best listings of local private landlords through the PCOM Student Housing Group on Nucleus.
Lists, Menus, and Budgets
Plan a weekly dinner menu to figure out what your major meals will be. Always shop with a grocery list and stick to the list and your budget. Also, eat a snack or meal before going grocery shopping to avoid impulse buying on an empty stomach.
Cook in Bulk for Lunch Leftovers
Double or triple the serving size of your dinner cooking. Then refrigerate or freeze the leftovers to have lunch to bring to school or work for the rest of the week.
Other Grocery Tips
Buy frozen fruits and vegetables to save money. Try store brands over name brands. Keep an eye on the register as you are checking out.
Read more ways to save on your grocery shopping:
Re-Shop Your Car Insurance
Rates vary widely from insurer to insurer. Use a comparison site to help find the best deal. Shopping around is especially important for young adults because rates usually drop as you approach age 25, build a credit rating, start a career, and get married.
Bus, Bike, or Walk
If you live closeby to your PCOM campus, consider using public transportation, biking, or even walking in fair weather. If you are taking a trip to the city, consider public transportation instead of driving and parking.
Take The $100 Challenge. Discuss how you are saving money with other PCOM students. Find resources on how you can save money on housing, food, and transportation.