FAQs
What is Budget Your MD?
Budget Your MD is a student driven initiative, seeking to improve the financial literacy of medical students in Canada. The medical school curriculum is understandably focused on teaching medicine, but as physicians, finances becomes a large portion of our lives. We truly believe that a better understanding of finances will reduce physician burnout and improve overall career satisfaction.
Why did you start Budget Your MD?
The UBC curriculum encourages students to participate in a FLEX project during their 1st, 2nd, and 4th years of studies. We noticed a lack of financial education and the need for more conversations surrounding finances as it related to medicine. This led us to begin the journey of creating Budget Your MD.
Do you sell this information to third-parties?
As a fellow medical student and future colleague, I want to empower one another to make the best financial decisions. The data collected through the Debt Projection Tool remains completely in-house. If you are ever contacted by anyone regarding a tool or resource made by Budget Your MD that is not highlighted on our “About Us”, please contact us immediately.
How does the Debt Projection Tool work?
We have created a large algorithm that tabulates your responses collected on the form. It then spits out a chart displaying the year you will be “debt-free”.
Assumptions within the algorithm:
When purchasing a home, you will be using a mortgage to finance the purchase.
Having a child costs approximately $13,365.63 per year until the child reaches the age of 18.
Taking parental leave will remove all forms of income during that time. If you make $200,000/year and take a 6 month leave. The algorithm will remove $100,000 from that years salary.
Residency and career salaries are referenced from MD Management website.