Financial well-being, especially in the context of medical education, is a critical aspect of overall wellness that cannot be overlooked. For my family, the combination of utilizing governmental resources and adhering to a strict budget has been essential in maintaining our financial stability and well-being.
One of the most significant ways I have been able to pursue my dream of becoming a doctor while providing for my growing family is through the use of governmental resources like WIC, SNAP and Medicaid. These programs have been instrumental in meeting our basic needs, allowing me to focus on my studies without the overwhelming stress of financial insecurity. However, accessing these resources has not always been straightforward. Despite my high level of education, health literacy, and English being my first language, I have encountered several challenges in navigating these programs.
From understanding eligibility criteria to completing extensive paperwork, the process can be daunting. As a rule of thumb, if you are in medical school, have a child, and your spouse is not working, you qualify for these programs. If you are having trouble navigating these processes, seek out help in the community.
We have also been able to utilize other resources and discounts these programs provide. For instance, the YMCA provides discounted memberships based on income level and provides up to 4 hours of childcare a day. This gives my wife time to exercise and work on personal hobbies and projects every day while our toddler enjoys playing with other kids. I also take him and use the time to study in the lobby.
In addition to utilizing community and governmental resources, my family and I live within a carefully crafted budget. As a new parent, I initially felt immense pressure to provide my child with every possible experience, often equating these with expensive outings or toys. However, I soon realized that creating memorable experiences doesn’t require a hefty price tag. What truly matters is undistracted, quality time with my child. Simple activities, like playing with thrifted sand toys, going on walks, and visiting parks have become cherished moments for both me and my son.
While we are mindful of our spending, my wife and I also recognize that money, when spent wisely, can be beneficial to our relationship and personal well-being. Our budget includes both minimum and maximum spending limits, ensuring that we live within our means while still allowing for occasional splurges. Each month, we set aside funds specifically for ourselves, our child, and our relationship. For instance, we prioritize regular date nights, which we believe are crucial for maintaining a strong and healthy marriage. Instead of hiring a babysitter, we’ve made friends within our local church congregation and take turns watching each other’s kids. This arrangement not only saves money but also strengthens our community bonds.
Navigating the financial challenges of medical school while raising a family has been a journey of growth and learning. Resources have provided essential support, while budgeting has allowed us to create a balanced and fulfilling life. Through these experiences, I have developed a deeper understanding of the barriers many face in accessing support and a greater appreciation for the simple joys that come from spending time with loved ones. As I continue on my path to becoming a physician, I am committed to carrying these lessons with me. The challenges I’ve faced have not only strengthened my resolve but also instilled in me a profound sense of empathy for those navigating similar struggles. Financial well-being is not just about managing money; it’s about creating a life that allows us to pursue our dreams while caring for those we love.
Author Bio: Daniel Bellingham is an MS2 at the Long School of Medicine interested in pursuing a career in Ophthalmology. Prior to medical school, he graduated from BYU with a BS in Finance and spent two years as an investment banker at Goldman Sachs in Manhattan.