Summer is here, which means many medical students are preparing to relocate for their residency. Congratulations! Medical residency means you are one step closer to a completed medical education, but of course – there are a number of costs to consider. Read on for a look at the major moving expenses medical residents should prepare for, plus a few tips on how to keep costs down.
Moving from A to B
Whether your medical residency is taking you three hours away or across the country, you’re going to need a moving budget to get yourself and your stuff from A to B. The average moving cost for families in the U.S. is around $1,400, and over $2,200 for long-distance moves. Costs will increase or decrease depending on what you’re moving and how much you can pack and load on your own. To manage expenses, consider purchasing secondhand furniture in your new location, and see if you can get a few friends to assist with loading and unloading the moving truck.
Everyday Living Expenses
The prices of groceries, gas and other everyday necessities continue to fluctuate across the country, but some areas are being hit harder than others. Do some dedicated research into your new community so you know what to expect, and revise your monthly budget accordingly. Be sure to talk to locals before you arrive. The residency program should be able to put you in touch with current residents, who can offer advice on the best places to shop for certain items or where to find the cheapest gas. With a little insider knowledge, you’ll be able to reduce daily spending as soon as you arrive.
Home Sweet Home
Housing costs typically account for the lion’s share of any monthly budget. Before deciding whether you want to rent or buy, do some research into your new community and its real estate market. Buying can be a fantastic means to secure stable housing while also building personal equity, but at the same time, high interest rates represent a challenge for many buyers. It’s also worthwhile to consider the potential burden of home upkeep during a medical residency. A qualified real estate agent with local expertise should be able to offer guidance on the smartest, most cost-effective strategy.
Transportation
Once you arrive in your new home, you’ll need a way to get around. If you’re moving from a car-centric area to one with public transportation or great bike paths, it could be worthwhile to go car-free a few days per week. You might even try to eliminate a vehicle from your household. This can equate to major savings on gas, insurance and parking fees – as long as you still have a safe, dependable way to get to and from your medical residency!
Moving With Kids
If you’re moving for the medical residency as a family, there are additional costs to consider. Playgroups and preschools may be more expensive in your new location, and depending on the public school system, you might find yourself investigating private options. There’s also the question of sports and hobbies, which can vary widely depending on where you live: so be ready to budget for ice hockey gear or swimming lessons, depending on where you land. Most importantly, check out parent-centered Facebook groups in your new community, where you will no doubt find a wealth of information and people who are happy to answer questions and help you build a budget as a family.
Managing Student Loan Debt
While moving for a medical residency usually necessitates a tighter budget, don’t let that be an excuse to get behind on student loan payments or any other existing debt. If you do find yourself struggling to keep up with rising living expenses and loan payments, talk with a loan officer about your options. You may be able to refinance or consolidate loans to reduce your monthly payments. On the other hand, you might consider taking out a new personal loan or a student loan specifically designed to help medical residents handle relocation costs. In any case, be sure to get in touch with a qualified financial professional to evaluate your options.
