At the beginning of this month, I sent in a check to my mortgage company that was going to cover the “outstanding principal amount” for my mortgage. This may not be my last check–the amount listed was not the payoff amount–but the fact remains that I should soon have a lot more money available in my monthly budget.
This is likely the last time I will get such a salary bump, and I want to be smart about how I use it. Though I wrote about this one month ago, I am still turning over in my mind all the possibilities for using this extra money. The amount is not insignificant: the payment towards principal (including an amount to “round it up”) and interest is 22% of my take-home salary each month.
Since I am still thinking about it, I thought it might help me to be very specific about what I could do with it. If there are any recent residency grads about to start their new attending jobs, with their new attending salaries, I am hoping that this may help them think through what they will do with their bigger income.
Continue reading “Spending That Future Raise”