Guide to Budgeting
Phase 1: Audit Your Lifestyle
Use the Budget Tool below to map out your total cost of attendance and corresponding resources.
We are excited to announce a pilot budget tool for our students. Please carefully review the tool and reach out to our team with any questions!
The Budget Guide can help you prepare a budget to manage your educational and living expenses and to manage the resources available to meet your expenses. The guide also provides specific budgeting recommendations for living frugally in medical school.
Phase 2: Budgeting Tips
Once you determine your Cost of Attendance for the year and pay tuition and associated fees, you then need to calculate monthly living expenses. Some budgeting tips to help reduce monthly expenses:
- Pay off car loan and credit card debt before you start medical school
- Share apartment expenses with a roommate
- Establish a detailed and accurate budget using the following websites:
- Open a savings account and a checking account. Deposit your semester refund into your savings account and transfer your monthly allowance electronically to your checking account. Do not allow ATM access to your savings account.
- Don’t purchase books and supplies with a credit card, but charge bookstore expenses to your student account.
- Master the Commute: Don’t pay for gas and parking. Use the Brown University Shuttle and track it in real-time with the BUS Tracker App.
- Go Grocery-Pro: Use Welly Wag Weekends for free shuttles to major grocery stores. Also, your Brown ID gets you on the RIPTA bus for free—take advantage of it!
- The "One-Screen" Rule: Do you really need a tablet, a laptop, and a desktop? Streamline your tech to reduce insurance and replacement costs.
- Automate Your Savings: Set up a High-Yield Savings Account (HYSA) for your semester refund. Transfer a monthly "allowance" to your checking account so you don't accidentally spend your entire rent budget by October.
- Student Discounts are Everywhere: From Spotify to scrubs, never pay full price without checking for a student rate first.
Phase 3: Special Considerations for Cost of Attendance
Should your Cost of Living be higher than our allowable amount, we are able to make some modest accommodations to your budget. To begin the review process please reach out to our office at md_finaid@brown.edu. Adjustments may be made to student budgets for the expenses listed below with Director approval. Generally, budget adjustments are covered with additional borrowing. Please note we are not able to cover relocation costs and/or periods of non-enrollment, i.e. summer holidays. Examples include:
- Transportation allowance up to $2,000 per academic year
- One-time computer allowance up to $2,000 in four year period
- Unusual medical and dental expenses up to $5,000 per year not covered by health insurance or otherwise reimbursed
- Child care expenses are considered for single parents, or when a student's spouse is working outside the home or attending college/graduate school on a less than half-time basis
- Away electives to cover out-of-state elective expenses related to transportation, registration and related fees. Receipts detailing expenses incurred and method of payment are needed.
- Residency application and related expenses where fourth-year students may request a budget increase to cover application fees, interview travel and hotel accommodations. Receipts detailing expenses incurred and method of payment are needed. Please contact our office to discuss.
Phase 4: Apartment Insurance
Your landlord's insurance policy does not cover your items if something happens in your building. Renters insurance, however, can protect you from having to replace lost or destroyed items. Consider purchasing renters insurance to protect your personal property.