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Resident Budget Planner

Build a monthly budget that fits a resident or fellow salary.

Editorial review in progress · How we review

Uses 2026 figures
Income
$
%

Use your effective (average) state rate. Enter 0 for states without an income tax, such as Texas, Florida or Washington.

%
$
Monthly spending
$
$
$
$
$
$

Your results will appear here.
Adjust the numbers, then press Calculate.

Assumptions
  • Federal tax uses the standard deduction; state tax uses the flat rate you enter.
  • Health premiums are treated as pre-tax (Section 125).

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Free for any website, blog or residency program page. It's ad-free, resizes itself, and matches light or dark mode. Add ?theme=dark or ?theme=light to the iframe URL to force a theme.

Residency is the first time many physicians, dentists and pharmacists earn a real paycheck — and it arrives with long hours, a move, and loan payments starting up. A simple budget is one of the best ways to lower money stress during training. This planner turns your salary into realistic take-home pay and shows what's left after the essentials.

What this calculator does

It estimates your monthly take-home pay from your salary, filing status, state tax rate, pre-tax retirement contribution and health premium. Then it subtracts your monthly spending in six buckets — housing, transport, food, loans, childcare and everything else — and shows:

  • what's left over each month,
  • your savings rate, including retirement contributions, and
  • how much of your take-home pay goes to housing.

The chart shows where each month's pay goes.

The formula in plain English

Take-home pay = salary − pre-tax retirement − pre-tax health premiums − federal income tax − Social Security and Medicare − state tax.

Federal tax uses 2026 brackets and the standard deduction ($16,100 for single filers). Social Security is 6.2% and Medicare 1.45% of your wages. State tax uses the flat rate you enter, which keeps the calculator simple and works for any state.

Left over = monthly take-home pay − total monthly spending.

Savings rate = (left over × 12 + pre-tax retirement) ÷ salary.

A worked example

Priya is a PGY-1 in a mid-sized city earning $70,000. She contributes 3% to her 403(b), pays $100 a month for health insurance, and her state rate is about 4.5%.

  • Her monthly take-home pay is about $4,380.
  • Rent and utilities are $1,800, transport $400, food $600, loans $50 (she's on an income-driven plan) and everything else $550, for $3,400 a month.
  • That leaves about $980 a month, and her savings rate, counting her 403(b), is roughly 20%.
  • Housing takes about 41% of her take-home pay — above the 30% guideline, so rent is the first place she'd look if money gets tight.

Why it matters at each career stage

If you're: Student

Use this planner to preview your first year of residency. Look up your likely PGY-1 salary and local rents now. Knowing the numbers helps you decide how much to borrow for living costs in your final year.

If you're: Resident / fellow

Aim for three things: a starter emergency fund of one month's expenses, any employer retirement match, and the right student loan plan. After that, a Roth IRA is a strong next step while your tax rate is low. Don't feel you must save aggressively — the main goal in training is stability.

If you're: Employed

Your income will jump after training, but your budget doesn't have to. Many planners suggest living close to your training budget for two to five years after training while you pay off debt and build savings.

Tips for a budget you'll actually keep

Start with fixed costs. Rent, car and loans are hard to change month to month, so get them right once.

Use your actual pay stub. Your first paycheck will show your real deductions; update the numbers when it arrives.

Plan for the lumpy stuff. Board exams, licenses, interview travel and moving are predictable. Set aside a little each month instead of reaching for a credit card.

Leave room for life. A budget with no fun money tends to break. Build in something for meals out, travel home and rest.

Next, set an emergency fund target, see what extra shifts are worth with the moonlighting calculator, and check whether PSLF fits your plans.

Frequently asked questions

How much do residents make in 2026?

First-year resident salaries in the U.S. generally run from the mid-$60,000s to the mid-$70,000s, depending on the hospital and city, and rise a few thousand dollars each PGY year. Check your program's posted salary scale.

How much rent can a resident afford?

A common guideline is to keep housing near 30% of take-home pay. On a $70,000 salary that's often around $1,300 to $1,500 a month — hard in expensive cities, which is why many residents use roommates.

Should residents save for retirement?

If you can, yes — even a small amount. A Roth IRA is especially attractive in training because your tax rate is low. At minimum, capture any employer match.

Are my numbers saved?

No. Everything runs in your browser. If you set a profile, only your role and stage are remembered, not your budget.

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