Easing into Residency: Transition Tips
Manage Your Finances
- Determine when and how you will be paid—weekly, bi-weekly, or monthly. If direct deposit is available, take advantage of it -- it’s the easiest way to have your paycheck deposited into your bank account.
- Understand the repayment terms and relative cost of your loans in your portfolio. Take full advantage of your borrower rights. If you have questions, contact your loan servicer(s).
- Establish a system for maintaining financial records. Get organized. Review the fact sheet.
- Determine your insurance needs. What type of insurance do you need -- disability, accident, life, malpractice, or anothr type of insurance? How much insurance will you need.
- Create a budget. Budgeting will help you live within your means. Review the fact sheet.
- Establish financial goals. Having goals will help you focus and be intentional about the steps you take to achieve your goals.
- Determine your housing needs. Weigh and consider the advantages and disadvantages of renting vs. buying.
|Lower Intitial cost||Less privacy|
|Fewer or no maintenance responsibilities||Provides no collateral (no equity)|
|No long-term commitment (beyond lease term)||Rental costs may increase with each lease term|
|With a fixed rate mortgage, monthly payment will remain constant||Maintenance is the homeowner’s responsibility|
|Builds equity over time||Ability to quickly relocate may be reduced|
|interest and property taxes may be tax deductible||Generally requires higher initial cost (down payment and closing costs)|
Manage Your Time
Develop a healthy work/life balance. Determine your work/duty hours as well as any vacation time that is available to you. Take time for yourself.
Know your employer’s policies. Learning the details regarding sick leave, FMLA, maternity/paternity, military service leave, and other types of benefits can help you should you need to take advantage of these employer benefits. Understanding how your employer’s continuing medical education policy can also help you prepare for future expectations.
- Read major texts and journals specific to your area of training. You won't have time to read everything.
- Leave the hospital on your time off and do something that you enjoy.
- Exercise professionalism always. Remember: you are part of a health care team
- Make a copy of your diploma before framing it.
- Read your contract carefully.
- Keep track of student loan information. Utilize the .
- Save money and prepare for USMLE Step III.
- Know what support services are available. Your residency program coordinator can assist you.
Financial Information, Resources, Services, and Tools (FIRST)
MedLoans® Organizer and Calculator (MLOC)
655 K Street, NW, Suite 100
Washington, DC 20001-2399