keat90210 Posted June 13 Report Share Posted June 13 Incoming Toronto PGY1. Running the numbers and my budget is tight. Have $200k+ debt. Have hard that the goal in residency is not to borrow more, but not sure how feasible that will be for me based on what I'm seeing. Or is it and I'm not being frugal enough? Would appreciate any advice as I'm feeling helpless right now. Quote Link to comment Share on other sites More sharing options...
Bambi Posted June 14 Report Share Posted June 14 I was in your precise situation at PGY1. In residency, I rented a lovely apartment in a location good for me, I took my vacations and although I did not live extravagantly, I was not frugal at that point. My LOC increased. I am a surgeon now with a quite high income. Now, my LOC is totally paid off and I have a mortgage in the 7 figures, more zeros to deal with. And just bought a family vehicle in the 6 figures. Do what you have to do to live comfortably! keat90210 1 Quote Link to comment Share on other sites More sharing options...
keat90210 Posted June 15 Author Report Share Posted June 15 Thanks that is reassuring! When people say not to incur more debt, does that include loans payments? Or just to live off a PGY1 salary? Interest on my LOC alone is killing me at $1000/mo... Quote Link to comment Share on other sites More sharing options...
MedicineLCS Posted June 15 Report Share Posted June 15 I'd advise joining Physician Financial Independance (Canada) on FB. You'll find tons of similar posts showing you're not alone plus advice. Quote Link to comment Share on other sites More sharing options...
Snooz Posted June 15 Report Share Posted June 15 Is that full $200K in a LOC? If you have any Ontario student loans there is a resident loan interest relief program (https://www.ontario.ca/page/resident-loan-interest-relief-program) requiring ROS. On the national loan you only pay back the principle in monthly payments. I'd recommend verifying if you have any tuition tax credits - those have been really helpful personally in paying off the LOC. Quote Link to comment Share on other sites More sharing options...
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