Residency is demanding—your time is stretched thin, and so is your paycheck. The ability to save and plan for the future feels—and truly is—limited. That’s why it’s so important to take small wins where you can. Every step you take now, no matter how small, helps lay the foundation for your financial future.
♦ The goal is simply to have more money coming in than going out.
♦ Monitor your cash flow to stay in control and avoid accumulating debt.
♦ As your budget allows, start building an emergency fund—even a small buffer can help provide stability.
♦ If your employer offers a match, contribute at least enough to get it—this is free money and an automatic return on your savings.
♦ Residents generally benefit most from Roth contributions, so if your employer offers a Roth 401(k) or 403(b), start there.
♦ Employer matches typically go into a traditional pre-tax account—verify that your contributions are match-eligible.
♦ You hear it all the time, but for good reason: your ability to work is your greatest financial asset.
♦ A disability can be an inch-wide but mile-deep risk—unlikely, but catastrophic if it happens.
♦ It’s infinitely better to have coverage and never need it than to need it and not have it.
♦ As a resident, you’re likely eligible to contribute to a Roth IRA, but that window closes once you become an attending.
♦ Roth IRAs provide tax-free growth and withdrawals in retirement, making them a valuable long-term tool.**
♦ Even small contributions now can compound into meaningful savings later.
We know that paying for financial guidance isn’t always practical during residency. But we also know this phase of your career is critical for making smart financial choices. That’s why we offer no-fee, no-obligation consultations for residents. Our goal is to provide support now so you can build confidence in your financial future as you transition to attending.