From Graduation to Residency: A Checklist

You’ve graduated! Congrats!

Your first thought upon exiting stage left probably wasn’t “financial planning” but, as you know, residency comes fast.

So here are a few things that are worth getting in order before the next phase of your career begins.

☑ Set up FHSA/RRSP for house downpayment

The sooner you can start using tax-shelters for a future downpayment, the better.

Even if “buying” is still a few years off for you, your most tax-effective means of saving for it is as soon as you start your residency.

Setting up the appropriate accounts and making the most of them (so you pay the least tax) takes only a few minutes and will add real dollars towards your future home.

☑ Secure discounts on disability insurance

This is basically free money if you’re planning on getting disability insurance anyways (and for the sake of your future income, I suggest you do).

It’s also free money that goes away if you don’t capitalize before your residency starts.

Insurance firms are keen to get new graduates signed up fast and, in order to actually incentivize, they really do hold the line on discount deadlines.

So don’t miss out on free money! Take that 15 minutes and sign yourself up.

☑ Save $$$ on your student loans

With graduation comes many good things.

One of the not-so-good things though is that you’ll start repaying your student loans.

While you might continue on with your current loan arrangement, there’s also the possibility that transferring some or all of your student loans over to a personal-line-of-credit would save you money.

What makes sense for you will depend on your professional situation as well as current interest rates in private markets.

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