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Transcript - MedEd Money - Why you need a budget

Transcript

Henry: Hi everyone I am Henry Annan a final year medical student and I am here with Leah Aulenlach from MD Financial Management and we are here to talk money. So. Leah as you know, most medical students are not earning money. Actually, they are getting further and further into debt. Can budgeting help?

Leah: Budgeting can absolutely help. It is a really important tool to kind of help keep you on track. It is not it doesn’t have to be complicated. It is a matter of sitting down and figuring out how much you spend approximately per month and trying to keep your spending within that limit.

Henry: So, it is kind of like a road map.

Leah: Exactly. Like a benchmark, like a guideline and it is okay if you deviate off of it because life does happen, and we recognize it but it is always good to have an idea of where you would like to keep things close to.

Henry: Okay and this is something that all medical students should do. It is important?

Leah: It is very important especially when you look at how long you need access to the line of credit and to the funding that you have. The line of credit that you have does not need to last you just four years of medical school, it needs to last you into your residency. So, if you specialize you might need access to those funds for ten years. So, it is important to try to not overspend. Be reasonable knowing that you know you still need to live. So that you don’t overspend, and you have not reached your limit and the money is there for you if you need it when life does happen.

Henry: Awesome and life does happen.

Leah: It certainly does.

Henry: Thanks Leah.

Leah: You are welcome Henry.