Short answer
Start from your take-home pay after taxes and insurance, list what you have to pay, and don't spend more than you make. Set aside what's left as an emergency fund, typically give or take three months of living expenses you can reach on short notice.
A short clip from his webinar for residents and fellows, with captions.
Watch the full webinar from 53:26Build the budget from take-home pay
As a medical student you probably went four years without a paycheck. Now you're getting one. Figure out roughly what's left after taxes, insurance and everything else comes out. Then work out what you can put toward rent or a mortgage, a car payment and insurance, food and parking. A spreadsheet or the back of a napkin both work.
The last thing you want to do is spend more than you make, especially without savings, family help or a side hustle.
The emergency fund
Set whatever's extra aside for an emergency fund. Everyone has their own definition, but typically it's give or take three months of living expenses, in money you can access on short notice.
When you move
- Update your mailing address with your student loan servicers, credit card companies and other important places, and forward your mail.
- Put every bill you can on autopay. A missed bill can come back to bite you as a hit on your credit report.
- Read your mail. You'll be extremely busy, but carve out a few minutes a week.
Where Jay covers this
Jump to each moment in his webinars.