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Budget workbook healthcare free#

You will have to subtract all taxes that are applicable to balance out your budget. The Costs of Uncle Sam (Taxes)Īs much as we love him, Uncle Sam can be pretty costly. Now comes the bad part… money coming out. The money coming in is the good part of being a resident. For example, Thomas Jefferson starts at $63,181 for PGY-1 (2022-2023).

If you’re from the Philadelphia area, it is a little bit higher here (not uncommon in larger cities due to the higher cost of living). Throughout this post, we will use the national average salary, $64,000, when talking about numbers in examples like taxes or deductions. Let’s start with the basics: your salary. Prefer video over the blog? We’ve got you covered! Watch our YouTube video as we dissect this blog post for you:īuilding a Medical Resident’s Budget: Start With Salary

Budget workbook healthcare free#

FREE budget spreadsheet! Yes, free! Keep reading and it will be waiting for you at the end of the post.

Categorizing your expenses like housing, transportation, student loans, utilities, food, and everything else ensures you are spending your money in a way that aligns with your values and goals.

Taking advantage of tax-planning strategies and employer deductions will organize your finances and ensure your money is working for you.

To start your budget, we’ll take a good look at your salary and categorize your expenses so that you’re prioritizing important expenses.

Budgeting puts you in control of your financial life - and that’s empowering.

On the contrary, it’s a very empowering process. However, you can easily add that extra income (great job!) into our free budget spreadsheet provided at the end.īudgeting is a core pillar of a great financial plan, and it’s actually a lot easier than you may think! When you have a budget, you’re in control of everything- debt, spending, you name it. The main difference is that you finally have some income while in residency! For this post, we will assume you “just” have your resident salary and won’t account for any moonlighting or side gigs. Truthfully, you could probably use the same budget that you had (hopefully) been using in medical school. At this point, we put ourselves in their shoes: if we had to build a medical resident budget, what would it look like?

Their second main financial concern was budgeting. We’ve talked in-depth about student loans, but we wanted to dig a little deeper and find out what else was on their mind financially.

It should come as no surprise that student loans and repayment were these medical graduate students’ #1 concern - and it seems like that trend will only continue. This was a special moment in WealthKeel history, as it was when we started to specialize in Gen X & Gen Y physicians. Not only did I learn more about the medical master’s route prior to medical school, but I was also able to shed light on their biggest financial concerns in their medical school years and their subsequent residency. After that realization, I deemed the three of them the first official focus study group of WealthKeel. It just so happened that they were medical graduate students at Drexel University. One of the most common questions we get is “how do I build a budget as a medical resident?” This came up when we first moved to Philly in 2015, and we had our new neighbors over for dinner.