Looking back at finances during residency:
This post has been cross posted from Student Doctor Forum, the site I originally posted this budget. I’ve been getting more and more into personal finance since I am a soon to be attending. Since the new interns are going to be starting soon, next week, I figured I would post my budget and update it over time after I become an attending in a month or two as I will not be doing fellowship.
Debt in my name:
Initial debt going into residency was $110k @ 3.35% from med school and 3k @ 5.5% also from med school
I currently file single on my tax return but am engaged and this will likely change next year. I also live in Houston for residency which of course will change some of your numbers for living expenses. **Houston is not as cheap as I thought it would be around the med center when I moved here**
All budget numbers are per month and have been averaged per year excluding moonlighting shifts since those are sporadic and I do not count them as my regular pay.
My current gross pay: $4,657
Net pay after taxes: $3,492.86
TV/Netflix + Internet: $135
Loans: $1,000 (as my income increased per year during residency I increased contributions here)
Parking for work in med center:$189
Total Fixed Expenses: @2,788
This gives me $704 left over for everything else:
Food/drinks 500 per month
Savings/ emergency fund is the rest: ~$200
Debt at the end of residency is currently
84k @ 3.3 %
$800 on the 5.5% loan
Note*** Moonlighting pay also contributed to decreased debt load
I have paid off $28,200 during residency of my student debt. I opted not to do take advantage of IBR or other programs and to refinance my loans right out of med school from 6.8% to 3.3% as above via a private small town bank. I will cover why I opted to not take advantage of the IRB in a subsequent post.
Other one time large expenses: Engagement ring: $9,000 (probably not the smartest choice but whatever)
Money saved up for move and transition to become an attending: ~$9,000 at end of residency thanks to numerous moonlighting shifts