Blog

Three lessons from the first year of residency

Three students wearing white lab coats and backpacks stand together in a well-lit hallway, looking at books and engaging in conversation.
SHARE

In your first year of residency, you’ll be very busy. You know that you’ll be working long hours. But what else can you expect? We have some lessons from doctors who have been there:

  1. Stick to a budget and savings plan. First, get your finances squared away by creating a realistic budget, and make a plan to save some of your money every month. Make a note of your fixed expenses- things you have to pay like housing and loan repayments, and discretionary spending, things like groceries and entertainment. And try to keep your fixed expenses to no more than 50% of your paycheck.  https://resident360.nejm.org/expert-consult/five-steps-to-improve-your-financial-health-in-residency
  2. Create a loan repayment strategy. You have student loans, so it’s a good idea to make a plan to tackle them. Look into loan forgiveness plans like  Public Service Loan Forgiveness (PSLF) https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service . And the best plans are usually pay-as-you-earn instead of income-based repayment, since with pay-as-you-earn, you only pay 10% of your discretionary income.     https://resident360.nejm.org/expert-consult/five-steps-to-improve-your-financial-health-in-residency
  3. Focus on becoming the best doctor you can be. This is important. Your job in residency is to learn the skills and professionalism you need to be the best doctor. Remember why you’re here. https://opmed.doximity.com/articles/10-finance-steps-for-residents-that-will-make-you-over-1-million
Recent Blogs
3 blue chevrons

Having been through the residency matching process and relocation myself, I understand the excitement and challenges of this major transition. Moving for residency is a significant step in your medical

3 blue chevrons

As you transition from medical school to residency, managing your finances may seem daunting. With increasing expenses, loans, and limited time, it’s essential to establish a solid financial foundation early

3 blue chevrons

As a doctor who has gone through the residency process, I understand the financial challenges that come with managing medical school loans. Today, I want to discuss how to refinance

3 blue chevrons

 We are excited to announce the launch of our equity crowdfunding campaign on StartEngine!   At Doc2Doc, we recognize that financial access plays a key role in a physician’s career,

3 blue chevrons

Having experienced residency firsthand, I understand the financial challenges that medical residents face, especially when it comes to housing costs in major cities. Let’s explore the cost of living for

3 blue chevrons

As a physician who has successfully navigated the how to study for USMLE Step 3 exam, I understand the challenges and stress that come with preparing for this crucial test.

Please select listing to show.

Explore a suite of

Financial Products

uniquely designed for Doctors.

Explore a suite of financial products uniquely designed for doctors.