Someday, after years of school (then more school) and residency training, we will start earning doctors’ salaries. In the meantime, finances can be tight, but there are ways to cut costs, optimize the money you do have, and maybe even bring in a little extra on the side.
There’s an old moniker you can’t change what you don’t acknowledge. It’s hard to make a budget if you don’t know what you’re spending currently. Take a few weeks and keep track, ideally a full month. Write down everything, regardless of how you pay for it – cash, check, credit card, bitcoin. . . Even if you have a 0% interest credit card and won’t be paying it off for a while, write it down. Then, consider your monthly income. If you’re ending the month in the black – congratulations! You’re on the right track. You may still want to decrease your expenses to reduce your overall loan burden. If you find your monthly cost of living exceeding your income, it is definitely worth your while to take a hard look at what you’re spending and how to cut back.
Megan Riddle, MS MD Ph.D., is board certified in both adult psychiatry and consult liaison psychiatry. She attended Western Washington University and received a Bachelor of Arts in Spanish with minors in Latin and English before deciding she wanted to pursue a career in medicine and research. She received a Master’s in Biology at Western Washington University with an emphasis in genetics and then went to Weill Cornell Medical College where she earned a medical degree as well as a PhD in neuroscience. She completed her residency training in psychiatry at the University of Washington, where she was chief resident, before completing a fellowship in consult liaison psychiatry, also at the University of Washington. She is currently a Courtesy Clinical Instructor with the University of Washington Department of Psychiatry and Behavioral Sciences and enjoys teaching and supervising residents.