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Savings Strategies for Residents

As a resident, building your savings may seem challenging but there are several strategies you can adopt early to keep tracking towards your goals. From budgeting to saving for an emergency, explore more ways to keep your savings on track during residency.

12 Resources

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1.
Father and son learn about high yield savings accounts

Maximize Savings and Minimize Risk with a High Yield Savings Account

A high yield savings account (HYSA) is a tool you can use to steadily grow your money with minimal risk. In this guide, you'll learn more about HYSAs...

12 min read

Read
2.
A doctor creating a budget by using a calculator and notebook.

Budgeting 101 for Physicians

For physicians, a 50/30/20 budget can help you track toward your goals.

8 min read

Read
3.
High-Yield-Savings-Calculator

High Yield Savings Calculator

Whether you’re saving for an emergency fund, down payment, or a large purchase in the future, making deposits into a high yield savings account coul...

3 min read

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4.
Residents Dr.Nicolet Finger and Dr. Shiv Vyas

Overcoming Financial Challenges During Residency

Dr. Nicolet Finger and Dr. Shiv Vyas discuss the financial challenges they've had to overcome during residency and the strategies they use to find fin...

34:26 min

Episode 18
5.
Icon depicting a calculator and a bill

Quick Budgeting Tips for Doctors

Many doctors don’t keep a formal written budget, but they should. Even high earners need a plan.

01:22 min

6.
Doctor holding a white piggybank at the hospital.

Why Residents and Early Attendings Need to Budget

Whether you’ve finally reached an attending physician salary or are still getting by on your resident salary, it’s only human...

18 min read

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7.
Smiling mature doctor talking to woman in hospital

How Much Doctors Should Save for an Emergency Fund

As a doctor, you may often hear reminders to check up on your mental and physical health. But what about your financial health and well-being? Explore...

12 min read

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8.
woman and man learn about how direct deposit can be a helpful tool as they pursue their savings goals

How to Use Direct Deposit to Reach Your Savings Goals

Let's explore how you can use direct deposit to optimize your savings process – particularly when you link to a high yield savings account (HYSA) �...

11 min read

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9.
Dr. Nicolet Hernandez and Dr. Joshua Hernandez join us to discuss couples finance.

Love + Money – How Complicated Is This Relationship?

In this episode, we're joined by a doctor couple – Drs. Joshua and Nicolet Hernandez – to talk about financial compatibility in romantic relations...

33:34 min

Episode 24
10.
Icon depicting a scale with a wallet and purchases balancing against one another.

Managing Lifestyle Creep

Watch this short video to understand how "lifestyle creep," or “lifestyle inflation,” can lead to uninhibited spending.

01:08 min

11.
Rich couple making a toast with champagne glasses while eating canapes aboard a private jet.

What Every Medical Resident Needs to Know About Lifestyle Creep

Lifestyle creep is when higher income leads to higher discretionary spending — in other words: the more you make, the more you spend on experiences...

9 min read

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12.
Stethoscope sitting on charts and a notebook.

The Five Basics of Financial Success for Physicians

Financial success starts with making good choices. Whether you’re in your first year of residency or are an established attending,...

6 min read

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