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Physician Resource

Financial Guides for Medical Residents

What to do with money in residency: a PGY-1 checklist, disability insurance, student loans, moonlighting, and your first budget.

Residency is when small financial decisions start to compound: how you handle student loans, whether you buy disability insurance while you’re healthy, and the habits you build on a resident salary.

These guides walk through your first 30 days, resident pay by year and specialty, loan repayment during training, moonlighting, and whether to rent or buy.

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  1. 1PGY-1 Financial ChecklistWhat to set up in your first 30 days, in order.
  2. 2Resident Physician SalaryWhat residents earn by year, specialty, and location.
  3. 3Student Loans During ResidencyKeep payments low and make training years count.
  4. 4IBR vs. RAP for ResidentsChoosing an income-driven plan on a resident salary.
  5. 5Moonlighting as a ResidentPay, taxes, and contracts for extra shifts.
  6. 6Should Residents Buy or Rent?The housing math for a three- to seven-year stay.
  7. 7The Resident’s Financial MasterclassThe full picture, once the basics are in place.

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Should Residents Buy a Home or Rent? The Real 2026 Math

The complete rent vs. buy analysis for medical residents in 2026, featuring the true costs of homeownership, break-even timelines, and physician mortgage impacts.

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What Happens to Your Student Loans During Residency? (2026 Complete Guide)

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PGY-1 Financial Checklist: The First 30 Days of Residency (2026)

The financial decisions you make in the first 30 days of residency matter. Here is the specific, ordered checklist of what to do.

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IBR vs. RAP for Medical Residents (2026)

If you are a medical resident with federal student loans, compare the exact math on IBR and the new RAP plan to see which saves you the most money.

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The definitive curriculum for residents. Master loans, contracts, and behavioral finance.

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Moonlighting as a Resident: Taxes, Contracts, and How Much You Can Actually Make (2026)

Moonlighting is the only lever a resident has to meaningfully change their financial situation. Learn about typical rates, 1099 tax traps, the Solo 401(k) advantage, and what to watch for in your contract.

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Frequently Asked Questions

What should residents do with money first?

Start with the basics: a simple budget, an emergency fund, the right federal repayment plan for your loans, and disability insurance while you’re young and healthy. Our PGY-1 checklist puts these in order for your first month.

Should residents buy disability insurance?

Many physicians buy an individual own-occupation policy during residency, because premiums depend on age and health and some carriers offer resident discounts. Coverage can often be increased later as income rises. Our disability insurance guides explain what to look for.

Can residents moonlight?

It depends on your program’s rules and your visa and licensure status, and moonlighting hours count toward ACGME duty-hour limits. When it’s allowed, moonlighting is often paid as independent-contractor income, so set money aside for taxes. Our moonlighting guide covers pay, taxes, and contracts.