Tag: physician finances
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Avoiding Lifestyle Creep as a Physician Household
Situation Guardrail Planning use A raise or new contract Raise the savings rate by 1 to 2 percentage points with each raise Agree the increase before the first larger paycheque arrives, so it never reaches your spending. Building a cash cushion Liquid funds covering three to six months of expenses Fund this before upgrading housing…
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Budgeting When Your Income Jumps After Residency
What to do when doctor income increases after residency: keep spending near resident level at first, confirm your insurance, then send the raise to loans and savings in a set order before you upgrade anything. A first attending contract arrives, and the pay stub dwarfs the resident one. The risk is not the jump itself…