Budgeting After Graduation
It will be important to continue your budgeting process your last year of medical school, after graduation and as you move into residency. If you borrowed loans during medical school, and you plan to make payments during residency, preparing for loan repayment may be a part of your budgeting process.
As you think about graduation, you will also likely start to think about transitioning to residency which may include thoughts about managing your finances during residency. Some financial tips to consider while easing into residency include:
- Determining how and when you will be paid.
- Understanding the repayment terms and cost of your loans.
- Establishing a system for maintaining accurate financial records.
- Evaluating your insurance needs and taking the steps to purchase necessary insurance.
- Creating a budget based on your resident stipend and expenses.
- Setting financial goals for residency and post-residency.
- Realistically assessing your housing wants and needs.
Any life change can impact your finances, and marriage is certainly one example of a change that may occur for some graduates and/or residents. Getting married during residency may make a difference in how you manage your finances, just as it can play a role in determining your monthly budget or how much of your budget will go toward your loan payment (based on certain repayment plans). It’s wise to think about possible changes before they happen so that you can prepare for the change and the potential financial impact so that you can ultimately meet your financial goals as a couple.
In addition to getting married, there are many other possible life changes that may have a financial impact throughout your training years. Your financial goals may change as you begin to think about steps for making big purchases so to help you prepare, you may want to review some of the FIRST videos below: