It’s June! Many medical students have graduated already, and the rest will be getting their diplomas very soon. Possibly via Zoom this year. What this means is that for the vast majority of new MDs, internship year will start in the next 30 days.
If you are one of those lucky new doctors, you have a lot on your plate: licensure, ACLS, orientation, possibly moving to a new town. Figuring out a reasonable budget should also be on your list of to-dos.
If you are a traditional student who went straight through high school, college, and medical school, this may be the first time you have earned a decent salary that you had to live on.
Though many people pay attention to the big jump in salary that comes with the end of residency and the start of the attending paycheck, you are also enjoying a huge income increase this summer. You are going from no income, or negative income (borrowed money), to a positive income. How you handle this change in fortune can lay the foundation for a financially successful future, or make your finances more difficult once you finally reach the attending stage.
Continue reading “What Should You Budget For Intern Year?”