Residents Salaries!!

[FaddyAcids]

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For anyone who wanna share his financial experience during the residency years?? Is the resident salary enough for apartment rent + car rent + food + clothes + cigs lol, etc...??

 

[DrMom]

Depends on where or how you live.

My entire family lived on my intern salary last year. That included paying private school tuition for the kiddo & a 5-day inexpensive vacation. We were really tight otherwise, though, and it is much better now that I can moonlight.

 

[FaddyAcids]

Thats great!! but anyone wanna give specific numbers here?? monthly budget?? I'm sorry if its a dirty topic..

 

[skypilot]

I think the key to the equation is rent. Do you live in a city where you can rent a nice 2 bedroom apartment for $800 like Pittsburgh? Or will you be in New York and have to spend most of your money for a place to live?

 

[DrMom]

Thats great!! but anyone wanna give specific numbers here?? monthly budget?? I'm sorry if its a dirty topic..

Our budgets will likely be irrelevant to you as they differ so much from place to place and person to person. I know residents where I am who have no kids plus a spouse that makes more than we residents do that swear that they can barely survive on what they make.

I'd say most PGY1 salaries are in the $40-45k range. Divide that out, figure taxes, and look up cost of living stats (especially housing) for areas you're interested in.

 

[Doowai]

If you are a single guy rent (in my opinion) is not as important except in a few hubs like Chicago and NY.

You will not spend alot of your time in your apartment or house during your intern year especially, if you are single male.

A single male needs : bed, TV, Car. You don't need framed pictures, apartments come furnished with refridgerator etc. In fact in my opinion a normal single male could easily be happy with a good couch (it triples as your dining room table, your couch for watching TV and is a bed), a good $600 flat screen TV from Walmart and a 2003 Mercedes Benz CLK ($500 month payment). I am not sure what else a single male needs. If you have a decent residency you can eat all your meals at the hospital. Your other big payments will be health insurance and car insurance ($200/month if you have a semi-decent record).

 

[danielmd06]

I am not sure what else a single male needs.

Prophylactics from the local pharmacy always come in handy. You might consider saving a couple of bucks for those...

Seriously, I spend over $1100 a month for rent, drive a 2005 Mustang GT convertible, and eat out alot. Have a second vehicle (Ford Ranger) as back up in the snowy months. Never had a problem on $41,000 starting (plus $1,000 per year "educational expenses" and lots of freebies). And as you move up the ranks the paycheck goes up about $1,500 per year at most institutions.

It's doable. And you can have plenty of beer money on the side. Just make usage of the lunches or dinners (that are probably free) at your hospital, and all those nifty drug rep dinners at the sweet steak houses and yuppie singles' bars in town.

I've even managed to start paying off loans from medical school at the same time.

You'll be fine. Look before you leap.

 

[FaddyAcids]

Thx guys!! What is the intern year by the way? is it the first year of residency or the internship that most programs require it before starting residency???

 

[DrMom]

internship = first year after medical school = PGY1

 

[pjb1973]

I'm a second year DO student and have a traditional Phd in Neuropharmacology and Neuroscience and was wondering if the Phd would increase the standard residency salary any? Thanks in advance

 

[Winged Scapula]

I'm a second year DO student and have a traditional Phd in Neuropharmacology and Neuroscience and was wondering if the Phd would increase the standard residency salary any? Thanks in advance

Nope (unless you were doing some work outside of residency with the PhD).

Resident salaries are institution wide...that is, they are the same for every level of resident, regardless of specialty. You don't get anymore for having an advanced degree.

 

[TRAMD]

Every two weeks I have $1500 auto-deposited in the bank. I pay $1065 a month for my mortgage, $166 per month for my car payment and around $400-$500 dollars for utilities. I also save about $200 per month. Add to that gas, groceries and fun stuff and I support myself, my wife and my two kids on this salary alone. If I had to pay back my student loans now I don't think I could do it.

 

[FaddyAcids]

Thanks for sharing that!!