How to achieve financial wellness after residency

By Kate Gillian | Citizens

Congratulations. Can we have a round of applause for everything you’ve accomplished thus far? You’ve worked so hard as a medical resident, and now we want to make sure your money works hard for you. With one year of residency left, we want to provide you with the info you need to have a successful medical career.

Your journey to get where you are today has been filled with grit and determination, twists and turns, and we are sure many sleepless nights of studying. According to the American Association of Medical Colleges (AAMC), roughly 73% of students will fund their medical school education through student loans, so you’re in good company. The amount of debt you face could also be altered, depending on what type of college you attend. “Those who do borrow for medical school face big loans: the median debt was $200,000 in 2019. The average four-year cost for public school students is $250,222. For private school students, the cost is $330,180."

It could be time to create a budget

Once you enter into your chosen specialty, it’s expected that your paycheck will rise. You’ve been a student needing to make ends meet for so long that when your first paycheck lands in your account, it might take some serious pinching to convince yourself you aren’t dreaming. Once you become a full-fledged doctor, you won’t want your medical school loans eating up your paycheck. You’ve been in saving mode for so long, you might be tempted to make a large purchase to make up for lost time. But once you get that out of your system for a few months, try to exercise some control. If you haven’t done so already, it could be time to create a budget.

A grace period

It’s important to note that while different student loans will carry different stipulations, with a Citizens Medical Residency Refinance Loan, there’s a grace period after you complete your residency, so you’ll have a chance to catch your breath. After you complete your residency, you have six months afterwards where you will continue to pay the $100 per month* towards your loan. Afterwards you will start paying principal and interest.

Career prospects: how to put your best foot forward while budgeting for your new salary

According to the AAMC, it may be time to assemble a stellar resume. If you’re a resident who is job searching, you may find it helpful to create a resume, biographical statement, and executive summary. For certain types of roles, you may be asked to create a teaching portfolio. Searching for a new job may invoke different feelings of stress, but remember, managing your debt will help you open the door to your future job opportunities, and free up time for your job search. By now you probably have a job lined up, but if not, there are simple online sites such as CareerMD.com or Career Connect — the AAMC’s online job board — to help you on your journey to employment.

But what’s the difference between a biographical statement and executive summary? We break it down for you below.

Biographical statement

Your biographical statement should include your current position, experience, and any major accomplishments. You want to make sure you direct the statement to a specific area, such as clinical, research, or education.

Executive summary

For your executive summary, try keeping it to one page. It’s essentially an overview of your credentials that gets sent with your resume and highlights your strengths, accomplishments, and qualifications related to a specific position. It’s also a way to help recruiters sort through the noise and ensure you get noticed.

Wherever you are on your path to completing your residency, it’s important that you continue to take care of your physical and mental health by streamlining your budget, and organizing your job search.