International Medical Students Financial Planning Manual

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Forming a monthly budget plan is very important. With a good estimation of monthly expenses you and your financial sponsor will be able to prepare for the 6 years that you will be investing in your education. If you are one of the fortunate for whom finances is not an issue, first thank God for your fortune (!) and then plan your budget anyway! Financial responsibility will be part of your growth as an individual as you embark upon this adventure. It’s not difficult or complicated to design a monthly budget plan. After a little practice, you will become a master at taking care of your finances.

Where to begin?

We have prepared a simple guide here for you to financially prepare for the move to your destination country. Upon arrival in the country, naturally there are going to be some start up expenses, which you will not have to worry about once they are taken care of. There are also annual expenses, like visa extension and possibly travel if you wish to visit your family in your home country or explore the beautiful country you’re studying in. And of course your ongoing monthly expenses, which is the most important of the three to get right. Keep a financial journal and note down every little expense. One day you may want to pay your financial sponsor back; or have an idea of what a great opportunity you were given; or just keep personal records for yourself.

Unplanned costs and opportunities. Start saving!

You may encounter opportunities to travel around the country with fellow students. Experiencing the new culture, seeing the beauty of the land and people, are far more rewarding than a pair of designer shoes or jeans. Why waste your money away on socializing in bars and nightclubs. These experiences are usually superficial and do little for your personal growth. Sure it’s OK once in a while, but try not to make it a habit. Excess socializing can get expensive and send your well planned budget down the drain. By choosing experiences that teach you something new, you grow as an individual and deepen your character, allowing you to serve in your profession at a higher capacity.

Doctors are not just medical technicians. They have to be people’s people! Use your saved money wisely. There are times when those savings may come in handy for unplanned expenses. Maybe your notebook needs a new hardrive or you want to invest in a new edition textbook. You’re going to need some currency to fund your traveling expeditions and cover unplanned costs, so it is an effective practice to form a budget and save whatever extra you have.

Here I have divided financial planning into the following topics… If there are any suggestions you have on how to improve this or any questions you have that I may not have covered, please click on add comment to say your say.