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Making ends meet during residency

Discussion in 'General Residency Issues' started by El Duderino, Jun 26, 2002.

  1. El Duderino

    El Duderino Senior Member
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    I am a Swedish medical student considering going to the US for my residency.

    Looking at the current salary levels for residents, I am somewhat surprised at what I see, especially considering the living expenses in the US. I'm curious to know how US residents do financially. Do you struggle to make ends meet, or are you doing ok?

    Thanks for any input...
     
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  3. Jim Picotte

    Jim Picotte Senior Member
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    Well, I'm just starting residency and my salary is $39880 for the first year plus a little book stipend and health as well as some other perks. I lived on about $17000 a year as a med student so this is actually a decent salary boost for me personally. I also am fortunate to have a wife that works full time and makes more than I do, but I'd say that if your'e single you should be fine and even if you're married. If you have kids, you probably have to be on a much tighter budget. You can also do residency in lower cost areas (Midwest, South) rather than the coasts. A lot of residents here in Michigan have enough in salary to purchase a house and live fairly comfortably, but this salary would be tough in New York, Chicago, Boston or some places on the West Coast
     
  4. Winged Scapula

    Winged Scapula Cougariffic!
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    While living expenses vary widely across the country (as do resident salaries), I make a few thousand less than Jim but live comfortably. I can afford a 2 bedroom, 2 bath "Luxury" apartment, a 3 year old car, and most of my necessities of life.

    Fact is that you are often so busy as a resident that you don't have time to fritter your money away as you mnight if you had more free time to shop. With the exception of those with enormous bills, or living in extremely expensive cities (ie, NYC, SF), most residents are able to get by ok.
     
  5. droliver

    Moderator Emeritus 10+ Year Member

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    With the strict ACGME guidelines for residency work hours set to take effect in 2003, I would also expect many programs to formally prohibit moonlighting
     
  6. Annette

    Annette gainfully employed
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    Hmm, and with the work hour guidelines, that will mean more time for shopping . . .
     
  7. GreatPumpkin

    GreatPumpkin Mystical Treatbringer
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    Sure am glad I have a "sugar momma" wifey. :)

    Of course she says she is retiring as soon as I finish. DOH!
     

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