Going to medical school has been one of the most exciting and nerve-wracking experiences that I have undertaken.
I am the first person in my family to attend university and am from a low socioeconomic background. I remember opening the email, finding out I was going to become a doctor, then being hit with nerves about how to fund the degree. Medicine is already a demanding course that comes with hidden costs such as DBS checks, scrubs, transport to placements, and so on.
It is very important we have clinicians from different backgrounds to represent the general public, with it being quoted as 5% of medical students in 2021 being from low socioeconomic backgrounds.
Finances shouldn't stop you from being amazing clinicians, so here are some tips that can help during medical school.
Tips on stretching your budget
Track your income and outgoings
The best starting point is to budget what you already have. Add up how much money you will receive for the year (student finance and NHS bursary), then deduct essential costs from that, like rent, bills, food. The Royal Medical Benevolent Fund's (RMBF) calculator is a great tool to organise this in a simple way.
Look at the dates when you receive your incomings too, and check whether you have enough money between each payment to cover these essential costs.
Shop smart, use what is already available
Books are very expensive, and your curriculum will have recommended reading. But before you splash out on these books, look online, as there are often free digital versions which you may be able to access through your institution's library.
Additionally, keep an eye on your university's medicine social media pages. Final year medical students often sell their books for a discounted price or give them away for free! These are on a first come first served basis, so you will have to be fast.
Depending on where you study, your university might pay for question banks such as Passmedicine or pay for them in select years of your degree. Reach out to your head of year and ask whether this is an option, or keep an eye out for any discount codes that medical societies in your university may advertise.
Transport tricks
In your clinical years, there will be a lot of travelling to placements. You can often get some travel costs from the NHS bursary, but this means you have to pay the cost up front to be able to claim it back.
If you know people on the course who drive, ask to carshare with them. Universities may pay for taxis if the hospital is particularly far, so check if this applies to you.
Preparing for the future
Your term times can differ from other undergraduate courses, so try to take this into account when planning for student accommodation. The academic year for accelerated courses ends in July, whilst private housing contracts end on 30 June.
Private housing often requires a period of time to clean the house before you can move in. Make sure you don't get caught out by this and speak to your housing provider if applicable, to ensure you are covered between these dates.
Additionally, your funding will decrease when switching from student finance to a mixture of student finance and NHS bursary. You can plan ahead by checking the estimate of how much you will receive by using the BMA's student finance calculator.
Income opportunities
Medicine is a busy course, but there are income opportunities which may be feasible in the less busy periods of the year. Many students join the healthcare assistant bank (which often doesn't require an interview if you are a medical student) and pick-up shifts over the weekends, with Saturdays and Sundays paying more than within the week.
Universities such as Swansea have paid teaching jobs available for medical students (anatomy teaching demonstrators) where you can flexibly teach anatomy to students on other undergraduate degrees or in the younger years of medicine. Additionally, other flexible remote and in-person jobs include being a student ambassador and tutoring online.
Additional resources
There are bursaries and grants available from charities and your university if you meet academic or widening participation criteria. Check your university's website to see if you are eligible.
If you're a medical student in your final two years, and you're facing financial hardship due to a change in circumstances caused by illness, injury, disability or bereavement, you may be eligible for financial support from the RMBF.
Good luck in your studies, and I hope you found some of these tips useful!
Get help from the RMBF
The Royal Medical Benevolent Fund (RMBF) provides financial support, money advice and information when it is most needed due to injury, illness or bereavement.
This page was correct at publication on 30/06/2025. Any guidance is intended as general guidance for members only. If you are a member and need specific advice relating to your own circumstances, please contact one of our advisers.
by Keioni Essex
Keioni Essex is a penultimate year medical student at Swansea University who is passionate about widening-participation and academic medicine. Keioni has interests in otorhinolaryngology and ophthalmology. In his free time he likes to rock climb and play piano.