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

In the aftermath of Hurricanes Helene and Milton, doctors across Florida, North Carolina, and Georgia are navigating unprecedented challenges. These devastating storms disrupted the daily lives of many and compounded

3 blue chevrons

The National Resident Matching Program (NRMP) Match is a crucial step in the journey of medical students and graduates seeking residency positions in the United States. This comprehensive guide will

3 blue chevrons

As the residency interview season approaches, it’s essential to equip yourself with the right strategies and insights to stand out among your peers. This year presents unique challenges and opportunities,

3 blue chevrons

Join Dr. Josh Lumbley as he delves into an insightful discussion with Greg Ellsbury, the strategic partnerships manager at Pattern, a company committed to guiding physicians through the intricate maze

3 blue chevrons

Exciting News: Personal Loans Now Available for Pharmacists, Veterinarians, and Optometrists!  Ready to level up your career and life? We are thrilled to announce the expansion of our personal loans

3 blue chevrons

Author: Josh Lumbley, MD, MBA Managing personal finances is as essential for doctors as managing patient care. By adopting a structured approach, physicians can take control of their expenses and

Please select listing to show.