resident salary and survival - dr_zafranfarooq

[ArchivalUser]

how much salary do we get during residency after paying taxes?how to survive on resident salary if you are married with having two small kids

[ArchivalUser]

Usually it depends on program total salary. An average program that pays $ 53,000 per year gives a pay stub of $ $4500 per month after taxes/insurance/deductibles etc.

Housing for a small family - $ 1500 ( inc heat and water and cable)
Food expense --------------$ 1000 ( a wild guess because I dont know about children)
Car/Gasoline/insuarence $ 500 ( if you dont drive much and has a good insurance)
Cell phone bill/other expenses $ 500
My guess is you will need total a family will spend 3000 per month on basic survival. If you find affordable housing, shop smart for grocery and watch expenses carefully, this can go down.

[ArchivalUser]

First of all thanks for your reply so 53 thousand per year it means close to 4500 per month is 4500$ per month before taxes or after taxes

[ArchivalUser]

This greatly depends on where your residency is. If it is in NYC, $55K, is barely getting by for a family of 4.NY has high state taxes. It is possible, but it will be a very,very tight budget. You dont need a car there, but the rent is the killer and food is not cheap there. But if you are in rural America in the middle of nowhere, you will be living ok on $50k. But you need a car there.

My classmate is a resident in FL.Married with 1 kid. He gets $51K (after taxes and health insurance taken out:about $3,500 left per month) No state tax in FL. The other big expense is daycare for your kids. I dont really know how much, but it is not cheap.If your wife stays home, no problem. But if your wife works, you must add in this expense.

[ArchivalUser]

Most residents I know end up with about $3400 a month after taxes. Depending on where you live and what standard you desire, that could be enough for homeostasis.

[ArchivalUser]

You get a loan like every other resident.