Finance – Physician In Numbers

Planning Is A Saving Super Tool

This past month has been a parade of high costs, what with a funeral, a professional exam (with a hotel stay the night before), and now a last minute vacation

The amount of money flowing out of the house has been…. amazing to me. Luckily, each time we pulled out the check book or plunked down the credit card, Mr. PiN and I were able to say: we have the money, this is what it’s for.

However, by seeing how expensive it is to do things at the last minute, it becomes clear that our habit of (usually) planning ahead has saved us a good chunk of money over the years.

In Praise Of Great Friends

Since early in the pandemic, I have been meeting weekly with a group of girlfriends via video.

We all knew each other before the pandemic, but even my closest friend didn’t meet up with me every week. After 4 years of (nearly) weekly meetings, I think we are all closer friends than before.

We are not all doctors, but we enjoy talking a little about medicine (for some reason, we especially love references to syphilis–don’t ask). Most weeks we just catch up on each others’ lives, our work challenges, our family woes, and lately our vacation plans, and support one another.

In the past 4 years, two of us have gotten promotions at work, and another took a new, more senior position. The last one, my friend with One More Year Syndrome, cut back on work and has her last day of work in her sights.

Shampoo Bars, Little Splurges And Big Deals

A few months ago, I took the plunge (so to speak), and decided to try using a shampoo bar instead of the liquid stuff sold in plastic bottles. I was mostly inspired by Michelle at Boomer Eco Crusader, who argued that shampoo bars were better for the environment and less expensive, too.

I started using my first bar about 3 and 1/2 months ago, and I see it’s about time to replace it, so I thought it might be time to reflect on my experience.

The more I think about it, the more I realize that I have contradictory thoughts about the impacts of small changes.

The Sticker Price Is Not The Full Cost

It’s currently early in the academic year, when newly graduated medical students finally get a paycheck, and newly minted attendings finally receive their “Doctor Salary” income.

I think it’s worth reviewing the ways in which the sticker price of a purchase is not the same as the full cost of ownership.

Money Thoughts For Early July

If you look for it, money lessons are everywhere.

This weekend, I was working with the brand new interns. They had a tough morning, rounding with a tired attending, with lots of new-to-them patients. As we finished, I was ~~hungry~~ starving. I asked them if they had anything for lunch lunch: they did not. The hospital cafeteria was closed.

Building A Budget For Intern Year

Many doctors go straight through school, meaning that they haven’t had to live off of their salary, ever. This suggests that they may need (want) some guidance in figuring out how to live off their first salary, once they are receiving their first paycheck in internship.

It’s always better to have a plan. Or, as people periodically tell me, failing to plan is planning to fail.

I’ve written about a budget for intern year before, in some very wordy posts. I thought I might recap those posts with a few words, and a few tables.

Would You Rather?

My friend with One More Year Syndrome has finally decided to retire.

She met with her financial advisor earlier this year, and was assured that she has plenty to support herself (and spouse) if she stops working.

However, she came back from that meeting with a notebook and a mission to track her spending. I guess she didn’t really know what she was spending her money on.

In the weeks since, I have heard about her canceling subscriptions, and cutting back on smaller purchases.

Which leads me to wonder: would I rather screw down the clamps on my spending early, perhaps feeling pinched (or at least careful) for most of my high-earning years; or would I rather start watching my spending in the 6 months leading up to retirement?

A sketch of an 18th century woman pouring steaming coffee from her cup into her saucer. — Enjoying your doctor income to the fullest

A young woman with brown hair, wears a light brown turban, a dress (blue with large flowers) with a large red collar, leaning on a table with a book. — Enjoying your doctor income to the fullest

Future Me, May 2024

Not long after the start of this blog, I cut my hours very slightly, and wanted to make sure I didn’t waste the extra time I was paying dearly for. I had started reading about preparing for retirement in non-financial ways, and I realized that it was time to start (re-) building a life that didn’t revolve solely around medicine.

I started this series of posts at the end of October 2018 with lots of big goals, but even at the beginning, knew that I couldn’t follow all those dreams all at once.

Every few months, I try to look at what I have accomplished, and see if I can adjust course to focus my free time in the directions I wish I would go: increasing fitness, building (or maintaining) connections with friends, family and community, engaging with the arts, and, lately, keeping up with financial tasks.

My last update was in January 2024.

How did I do over the past 4 months?

You Never Know

My oldest cousin called me over the weekend, just to say hi and check in.

locket with a portrait of a woman with grey hair, in a black dress with a lace fichu — This lady does not at all resemble my cousin. Really.

In the last few years, whenever I say anything about possibly retiring early, she responds quite strongly, something to the effect of: you’re not old enough to retire! And, what would you do with yourself?

Since she is quite a bit older than me, and her husband is older yet, and they are still working…well, I don’t say much more.

Today she let drop that she will probably retire at the end of next year.

At that time, the grandchild she is putting through college should be graduated.

Hm.

Food for thought when people offer opinions: you often don’t really know where they are coming from.

When Habits No Longer Serve You Well

Over the past 10 years or so, I have set up my life to avoid shopping.

Well, avoiding shopping is maybe too strong a term.