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Essential financial moves for residents

Residency Program Insider, April 14, 2017

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With nearly half of residents reporting having more than $200,000 in medical school debt, there are two moves residents can make to reduce their debt and be more financially secure. Residents should first look at their various debts and accelerate repayment of the loans with the highest interest rates. During this time, residents should also see if they are eligible for public service loan forgiveness opportunities or income-adjustment loan repayment programs.

Residents should next consider their spending, saving, and investing habits. This can be done by creating a realistic spending budget for day-to-day costs, including entertainment and dining out. If they are planning on starting a family or purchasing a home, residents need to take that into account in their savings plans too. They should also consider participating in their employer’s 401(k) or 403(b) retirement plan to build up their savings for retirement.

Source: AMA Wire

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