Keep in mind the location of your housing, as a place closer to the hospital will reduce the length of your commute and save you some money in transportation. Choose your home or apartment wisely, as an extra $100 / month in rent would cost you $3,600 during a 3-year residency, even before interest. This is the largest single line item on your budget. With each item, I’ll highlight some quick tips to help save you some money. Let’s look at the major budget items and form a sample budget. If you’re a single taxpayer and making $50,000 a year as an intern, you will probably keep approximately $42,000 per year after taxes, or $3,500 per month. Now that you’re making what most would consider a middle-class income, you should be forming a budget and tracking your spending. As medical students, there was never any hope of breaking even with a monthly budget. You’re making your first paycheck, and now you have to put that money to work to pay your expenses. Budgeting is an important aspect of any resident’s finances.
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