Living on a resident's salary

[Hendlefe]

Anyone start thinking about how they will manage their money for their PGY1 yet?

I calculated that I will make $16380 after taxes from July 1st to December 31st for my residency

I will make around $26833 before paying taxes for the next 7 months of my residency.

Luckily I will probably live with my parents so I won't have to pay rent. I'm wondering if I should defer my loans or start paying them off since I will not be spending money on rent.

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[xiphoid2010]

That's plenty. Your pay is probably higher than the average residency rate. Besides, you shouldn't have any time left to spend money anyway. Lol.

As for loans, apply for income based repayment. It came out only ~$300 a month during residency, and the interest is tax deductible.

 

[xxxcheckxxx]

I have the option of living at home as well, debating whether or not I want to do that. I will definitely be putting money towards my loans either way. Having interest growing for a year is not something I want.

I see it as basically living as a student for another year, and putting as much as I can afford towards loans. Unfortunately we don't have low interest rates anymore, those things will snowball.

 

[PharmAnimal89]

You all are SO LUCKY you can live at home. I have to pay rent, gonna scope out some sweet cardboard boxes around the hospital.

 

[patmcd]

Its not as bad as you think; you'll be making just under the median US household income.

 

[Narrowstairs]

Its not as bad as you think; you'll be making just under the median US household income.

This. I've done the math and I will be making plenty to live at the same level as I did as a grad student, if not better.

 

[confettiflyer]

Resident's salary is plenty...my loans didn't start repayment until December, and when that came around I just hopped on IBR so the payment was managable.

The only time I think it'd be an issue is if you lived in SF, NY, or other dense city so you'll have to get creative with housing.

You probably aren't going to be buying a new car, but I have enough to eat well and take a week vacation to New Zealand in a few weeks.

It'll be fine.

 

[Farcus]

Resident's salary is plenty...my loans didn't start repayment until December, and when that came around I just hopped on IBR so the payment was managable.

The only time I think it'd be an issue is if you lived in SF, NY, or other dense city so you'll have to get creative with housing.

You probably aren't going to be buying a new car, but I have enough to eat well and take a week vacation to New Zealand in a few weeks.

It'll be fine.

Really and a vacation? you guys getting 50k or what?

 

[GoldfishPharmD]

How can you guys not survive on a resident's salary? I've been living on just student loans and I get by okay (when I'm not shopping like cray).

 

[Kenzi11611]

Lots of people make less than $40K a year. My husband and I have been living on less than that since I started school. There's two of us, two dogs, two cats and now a 17 month old baby. We figure we'll be living the good life once I start getting paid since we'll be more than doubling our total income!

 

[jyw003]

Glad i get a meal stipend and subsidized housing---but 40k is plenty to live by. You can save 25% for loans, 25% into bank, 25% for living cost and food---25% for extras or you can save more! At least this is how I plan to do it while in new york!

 

[confettiflyer]

Glad i get a meal stipend and subsidized housing---but 40k is plenty to live by. You can save 25% for loans, 25% into bank, 25% for living cost and food---25% for extras or you can save more! At least this is how I plan to do it while in new york!

i hope you mean after taxes, haha...good luck living on $1334/mo in NYC though, even with a stipend. ($40k/yr - 20% for taxes roughly, that's being generous).

EDIT: nm didn't read the subsidized housing part...yah fine then $1334 is fine. And for IBR/loans it's more like 10-15% of your income not 25%.

 

[UES Girl]

Have you started looking around in NYC ? You'll be living in Bronx right ? Cuz Manhattan is really expensive even for groceries, you might have a hard time. They do have Costco though.

 

[Hendlefe]

I decided to live at home. That will save me a good $700 a month, which I can put towards paying off my crazy loans.

 

[jyw003]

Have you started looking around in NYC ? You'll be living in Bronx right ? Cuz Manhattan is really expensive even for groceries, you might have a hard time. They do have Costco though.

When I was there, groceries were relatively the same...not like super expensive compared to california.

 

[confettiflyer]

When I was there, groceries were relatively the same...not like super expensive compared to california.

weird, i'm paying less for groceries in CA than I did on the east coast. i'm talking like normal groceries + farmer's markets, not high end whole foods or anything either.

sometimes i just go to the farm itself, haha.

 

[Sparda29]

I wonder if any of these hospitals would hire a guy on as a per diem and then he applies for the residency and does the residency full time while per-dieming as a staff pharmacist.

 

[confettiflyer]

I wonder if any of these hospitals would hire a guy on as a per diem and then he applies for the residency and does the residency full time while per-dieming as a staff pharmacist.

Probably wouldn't work - policy would have this pharmacist as one job description or the other, not both. Also, if you're putting in 1.0 FTE (40hrs) as a resident, any extra time you do is technically OT.

So in a salaried resident position, you'd be staffing for free.
In an hourly resident position, you'd be earning 1.5x which is still WAY less than what a full per-diem rph makes.

 

[patmcd]

Probably wouldn't work - policy would have this pharmacist as one job description or the other, not both. Also, if you're putting in 1.0 FTE (40hrs) as a resident, any extra time you do is technically OT.

So in a salaried resident position, you'd be staffing for free.
In an hourly resident position, you'd be earning 1.5x which is still WAY less than what a full per-diem rph makes.

My residency program allowed residents to pick up extra staffing shifts and paid more or less the same hourly as a "regular" pharmacist.