Cost of starting residency?

[kaos]

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I'm already running low on dinero, thanks to the fabulousness of interview travel, and I'm just starting to hear more about the cost of graduation. I was wondering what other unforeseen costs I'm about to run into when getting into residency (i.e. moving, housing, etc). What kinds of things have you guys found you've had to account for in a dwindling budget before your first paycheck?

 

[path15]

I needed an amazing amount of money when I graduated medical school as I relocated to NYC - in addition to the first month's rent, security deposit, AND last month's rent, I needed a 15% broker's fee! (will never use a broker again, if you are moving to a place that typically uses brokers give yourself some extra time to find a place on your own - you will save a ton of money). Other than this, the only expense I had was intial utility fees -
Hope this helps -

 

[Winged Scapula]

There are the costs of living...

ie, rent, security deposit, utility turn ons (including cable, gas, electric, etc.); morgage and closing costs if you are buying; furniture if you don't have it, food to stock your new place, cleaning supplies etc.

There are costs of starting residency...

ie, hospital parking pass, you may be charged for coats, books, state medical training license, new shoes or clothes for work, food (many places have a small if non-existent meal allowance). Generally there aren't a lot of costs, but you can be nickel and dimed to death.

 

[whatsthat?]

And don't forget that you have all these expenses BEFORE you get your first paycheck. One of myclassmates spent that nice little 1-2 mo lull between med school and residency working at the GAP when the rest of us were out partying. Smart move.

 

[greenbean]

umm, im confused but what do u mean when u say "costs of graduation"? do u mean moving to a new apartment after graduation or vacation?

sorry for a basic ?, but plz enlighten me

gb

 

[fuzzyerin]

I think the biggest wake up call to me (even after I took out the Residency Relocation Loan) was the fact that you won't get your first paycheck until the END of July.

 

[kaos]

umm, im confused but what do u mean when u say "costs of graduation"? do u mean moving to a new apartment after graduation or vacation?

sorry for a basic ?, but plz enlighten me

gb

The usuals: cap and gown, the ring, announcements, diploma frame, etc. Graduating is expensive!

I didn't realize there was such a thing as "Residency Relocation Loan." Methinks I'll definitely be taking some of that! I guess those people who wind up buying houses pretty soon after graduation must be those who spent wisely during med school. Ai me. 🙁

 

[f_w]

Make sure to have a good credit line with someone for the first 2 months of residency. I didn't get my first two paychecks until 2 years after I finished residency (no kidding). It was a union-shop and they had some bizarre rules about how many months of vacation you had to accrue until you could get your first two paychecks. I left the place before I had the requisite vacation so they figured they would keep the money. It took an 'intent to sue' letter from my attorney to make them pay up.

 

[Winged Scapula]

f_w's post reminds me...

Some programs do not have health insurance that starts on July 1. My residency did, so imagine my suprise to find that my fellowship required that I work for two months before getting health benefits (as it required for all housestaff here - some rule for State of New Jersey employees, despite the fact that I am not paid by the State of New Jersey but by a Cancer Institute private grant).

So consider that you may have to pay for COBRA (which was $345/month for 1 person) if you find yourself in the same situation.

 

[greenbean]

oh , perhaps this is my frugality at its best(or worst) but i have no intention of going to graduation, have never been to any of them now that i think about it(hs, ugrad). they are $$ and boring, so i sorta agree with you, ..my solution is not to go, they can mail my diploma, thank u very much
😴

 

[justwondering]

we're not getting paid till the end of JULY?!?!??????!!!!!!!!!!!!

 

[Winged Scapula]

we're not getting paid till the end of JULY?!?!??????!!!!!!!!!!!!

In most cases and that is not at all unusual for any job. It takes time to get the paper work set up and it depends on where in the pay period you start (ie, the end of the pay period usually is the Friday before the actual payday (so 1 week earlier). Probably more common is working 3 weeks and getting paid the 4th, or a month after you started.

If the first week is in the middle of the pay period you might get a check for the first week after two weeks, but it depends on the hospital policy. Better start saving $$ for that first month's rent, security deposit, bills, other deposits, etc.

 

[Tigger14]

greenbean,

our attendance at graduation was required to actually graduate. Be sure you don't skip it, only to find out that you couldn't.

To the OP...
My "starting residency" costs were close to $10,000, which I saved during medical school. That included closing on my house, some basic contract work (the floors were terrible, thus had to be done before everything was in its place), a washer/dryer (the best part!!😀 ), new home stuff that I think Kimberli pointed out... food, cleaning stuff, curtains, etc. I did take out student loans, but also worked during medical school. Now, I am going to sell my house, make a tidy sum, and go to fellowship with just the deferred student loans and the new mortgage. The sale of the house will provide "starting fellowship" money.

Oh, and our health insurance started July 1, but that probably varies.

 

[Coordinator]

When you graduate - get at least 10 certified copies of your diploma from your school. It may be cheaper to have a notary public certifiy copies rather than order them from your school.

Your Program Coordinator should send you a packet of information / forms etc which delineate addtional costs to you such as but not limited to:

Deposits for parking / badges / scrubs / etc.
Cost for white coats / laundry.
State training license / license fees (you can also check on line)

As well as all the items that are COVERED for you:

malpractice insurance / benefits
scrubs
books / book funds
pagers
parking
etc...

You should also consult a tax professional who works with med students / residents / physicians to determine what amount of your travel and relocation costs are deductable. In addition they can help you set up a good system to track deductable costs incured during residency.

DO NOT FORGET THAT COSTS ESCALATE DURING RESIDENCY...

You will have step III and then your boards as well as a full medical license, DEA registration and you are charged to get credentialed.

PLEASE NOTE - our residents are paid montly and the first check is for one week, which means the last check is for THREE weeks NOT four!

Best of Luck

 

[yaah]

If you change states, you have to change your drivers license, car registration, new insurance. Don't forget moving expenses. It's amazing how much stuff adds up.

And yes it is pretty common to only get paid at the end of the month.