My Budget Plan

May 2010
Current debt: $20,000
Current bank account: $4,700
(awaiting $750 from council - $430 for SL=$320, $250 from student organization)


Let's get something straight - students are in a lot of debt.


This much money? Yeah, right!

It's said that the average Canadian medical student graduates with $100,000 of debt. In the States, this number is around $150,000. My financial planner likes to quote these numbers to "help me" get a line of credit and plunge further into the borrowing pool.

I don't buy it.

This is my journey to buck the high-spending, debt-spiralling student lifestyle. I am going to live well, eat well, and dress well while taking on my medical education, being incredibly busy, and trying to maintain my sanity.

I plan on graduating medical school with a minimum from my line of credit, and minimizing my spending to as close to zero as humanly possible. My goal is to pay off my debt by the end of residency, and have at least started an annual savings account contribution by my last year of medical school.

I'll give you some background. I come from a single-parent family, I don't have an inheritance, I don't have high-value stock options or a high-paying under-the-table student job. I also dress well, buy clothing from BCBG, French Connection and Club Monaco, carry a Chanel purse, and eat organic. I refuse to sacrifice my lifestyle, but I try to make smart choices.

Let's see how this plays out.