PHYSICIAN RELOCATION GUIDE | FINANCIAL PLANNING AND BUDGETING PHASE
STEP 6: FINANCIAL PLANNING & BUDGETING Smart Moves Now, Strong Foundation Later
🧾 Common Expenses to Plan For: Professional movers or DIY truck rental Temporary housing or Airbnb Travel and lodging for home search trips Home down payment and closing costs Security deposits and utility setup Licensing, credentialing, and exam fees Childcare, school registration, or tutors Furnishing and home setup 📎 Downloadable Budget Tracker available in your MD Match Toolkit (optional section here if you’re including worksheets or links).
Relocation is one of the most expensive—and most important—investments you’ll make in your career. Whether you’re a resident making your first attending-level salary or a seasoned physician transitioning states, a clear financial plan helps reduce stress, avoid surprises, and keep you focused on the big picture.
📊 Know What You’re Working With
Before diving into mortgages or moving trucks, start by understanding your full financial picture. ✏️ Key Starting Points: Current savings available for moving costs Expected salary in the new role (and how it’s paid—monthly? biweekly? bonuses?) Existing debts (student loans, credit cards, car payments) Ongoing expenses (childcare, tuition, spousal income changes) 💡 Tip: Many new attending physicians experience lifestyle creep—income goes up, but so do expenses. A written budget helps avoid overcommitting too soon.
🏡 Budget for the Move
Relocating often costs $10,000–$25,000+, depending on distance, family size, and homeownership plans.
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