When I was in medical school, money was tight, and the idea of taking a “1-week vacation” felt impossible. I remember the stress of juggling rent, groceries, and exam fees, all while trying to stay focused on my studies. But I learned that managing your money isn’t about perfection. It’s about making a plan that works for you. Now, as a practicing physician, I want to share what I’ve learned about how to create a budget so you can stay afloat during training and build the financial habits that will serve you for life.

Know Where Your Money Goes

Start by figuring out where your money is going. Do you have a stipend, loans, or a part-time job? Write it down. Then list every single expense, even the little ones you forget about (yes, that coffee habit counts). I remember sitting down and adding up what I’d spent on takeout in a month. Let’s just say it was more than I care to admit! That was my wake-up call to start paying attention to every dollar. Also don’t skip on your loans because knowing how much you owe and the interest rates helps you plan smarter. If this feels tedious, think of it as detective work to find your financial blind spots.

Set Goals

What do you want to do with your money? Maybe it’s just paying bills without stress, or perhaps you want to save for exam fees or an emergency fund. My first goal was to save enough for my Step 1 exam fee. Knowing I had that covered lifted such a weight off my shoulders so I could focus on studying without the extra stress. Start with one or two goals that matter most and keep them realistic. You’re not solving everything at once, and that’s okay.

Make a Budget That Works

Now, build your budget. Look at your total income, then divide it into three categories: needs, wants, and savings. Cover the essentials first, like rent and groceries. Then, decide what extras are worth it (you don’t have to give up everything fun, I promise). Even saving a little each month adds up. Apps like Copilot can help if spreadsheets aren’t your thing.

Stick to It

Here’s where the real challenge begins. Automate your bills and savings to take some pressure off. Look for small ways to cut back, like cooking at home or swapping pricey outings for cheaper alternatives. Check in on your spending weekly to stay on track. There was a time during my second year when I wanted to join friends for a weekend trip, but my budget just couldn’t handle it. It wasn’t easy to say no, but I used that weekend to catch up on sleep and save money. It was a win-win in the end.

Watch Out for Common Mistakes

Credit cards can be sneaky. They’re convenient, but the debt builds up fast if you’re not careful. Plan ahead for surprise expenses like car repairs so they don’t derail you. And if you ever feel stuck, reach out for help. Financial counseling is often available through your school, and it can be a game-changer.

Use Helpful Resources

There are so many tools and programs out there to make this easier. Scholarships and grants can reduce your financial load, while budgeting apps keep you organized. Books and blogs on personal finance are packed with practical advice. Lean on these resources so you don’t have to figure it all out on your own.

Bottom Line

Budgeting during medical training isn’t easy, but it’s doable. It helps you feel more in control and less stressed about money. Start small, adjust as you go, and remember that even small wins add up. You’ve got this.