What I Wish I Knew During Residency – Part 1

Financial Literarcy Counsel (FLC)

Improving your wellbeing this holiday season is a gift that will pay dividends as you make important decisions throughout your medical career. Our team asked Physicians who had completed their residency in recent years as well as residents completing soon for their insights and tips when it comes to their health and wellbeing.

When it comes to balancing work and life during residency…

“I wish I had tapped into the power of building periods of work and rest into my schedule. I learned to avoid procrastination during residency, but it was a slow process. I could have had much more time for myself had I been more effective in completing my non-clinical work tasks and set aside dedicated time to finish them, with a set deadline. Just finish it, whatever it is! There will then be time for other things instead of a protracted period of half-effective work and poor-quality downtime.”

- Anesthesiology Physician, completed residency in 2017

“Taking more time away from work fully (i.e., no phone, computers, etc.) actually resulted in higher quality learning and efficiency when I was working. I would ensure I had 30-60 minutes before bed, a minimum of 4 days a week (due to call schedules) for uninterrupted downtime.”

- Family Physician, completed residency in 2021

“I had some phases where I wanted to keep work and life completely separate, and others where I had coworkers on a certain rotation of similar age and interests when I wanted to keep them aligned. You don’t have to create a hard separation; it’s okay to be flexible and try to expand your personal network within a professional setting too, as sometimes only co-residents understand your exact circumstances.”

- R1 Family Medicine, completing residency in 2024

When it comes to communicating with your partner…

“Advocate for time with the partner outside of medicine with no medicine talk to ensure there was space for intimacy and intentional time and conversations. Ensuring that concerns and feelings are always communicated during this very difficult time and finding a way to balance the feelings of guilt due to the lack of time and ensuring free time is used effectively.”

- Family Physician, completed residency in 2021

“Constant communication is difficult, but the small, frequent check-ins are better than days without contact.”

- R1 Family Medicine, completing residency in 2024

When it comes to money and debt…

“I was quite conservative in my spending but still worried about my debt. I wish I had worried less. I was doing everything I could to avoid excessive debt and quickly settled it once I started working. There wasn’t much more I could have done and the worrying was not productive. I did practice saving, setting aside a tiny amount into RRSPs every month. I think this helped to promote good habits and did contribute to managing anxiety about my debt.”

- Anesthesiology Physician, completed residency in 2017

“Do rural rotations! There are incredible student loan forgiveness programs when applied at the right time and can significantly reduce federal and provincial loans while also getting great learning and exposure. Do your best to reduce unnecessary expenses but also don’t be afraid to do little things for yourself +/spouse or family. Everyone is different with the stress tolerance for debt and what they deem as necessary.”

- R1 Family Medicine, completing residency in 2024

“As a renter, living with a roommate is the most financially significant decision I made in terms of maximizing savings and debt reduction. The rent will inevitably take >50% of your salary in Metro Vancouver, and there’s only so much cost-cutting you can do with food and entertainment in an effort to combat a large monthly rental bill before it becomes futile.”

- Family Physician, completed residency in 2021

In Part 2 of this article, we will share what Physicians wish they knew in Residency regarding self-care, earning money, as well as their biggest mistakes, and wins.

This holiday season take the time to prioritize your well-being, be kind to yourself, and nurture all aspects of your health, which also includes your financial wellness.

Remember to seek help if anything feels off to address any issues while they are still manageable. Your RDBC membership benefits comes with a myriad of health and wellness benefits, including 2 complimentary financial coaching sessions with Financial Literacy Counsel to help improve your financial wellness so that you may focus on caring for others. We also host the annual RDBC tax clinic to help you file your taxes and receive your tax refund.

Please feel free to reach out to Financial Literacy Counsel to book a financial coaching session using our QR code below, online form or contact us at 604.620.6630 or contact@flci.ca

About Financial Literacy Counsel

Financial Literacy Counsel (FLC) is a boutique financial education and financial planning company committed to building a financially literate world of stronger families and communities. FLC began educating doctors in 2003 through the UBC Faculty of Medicine. FLC was contracted in 2011 by VCH Employee Wellness and in 2020 by Resident Doctors of BC to increase the financial literacy of doctors and healthcare professionals. Their programs are also delivered through UBC Transition into Practice, UBC Medicine CPD, BC Anesthesiologists’ Society, Burnaby Hospital Medical Staff Association, Vancouver Division of Family Practice, BC Doctors of Optometry, UBC Professional MBA, and Continuing Legal Education Society of BC (CLE-BC). Learn more about FLC by visiting www.financialliteracy.ca