It’s time to move.
- Maybe you just got accepted to a residency program.
- Maybe you finally finished your residency and you’re getting ready to accept your first medical professional position.
- Maybe you want to move cross-country to join an exciting practice or facility, where you’ll be able to do a lot of good.
- Or maybe you’re moving to start your own practice.
Whatever the reason, you’re going to need to budget carefully in order to make the relocation happen. Here are some tips on what you can do to save during the relocation process for your medical career.
Obviously plans change. You can’t always plan for everything.
But if you know you’re going to be relocating for your career, then you need to start planning. You’re going to want to keep your plans written in an organized way, so that you can utilize them whenever you need to.
Start your plan by determining where you’re going to be relocating to, and when you’re going to be making the move. Find the area where you’ll be working and identify where you’re going to be staying when you arrive there – whether that’s at a friends, a hotel, an apartment, or a home. Then you’ll need to coordinate the logistics of moving your belongings, booking transportation, and other important details.
Having this done in advance will help you to feel less stressed, and you’ll also increase your chances of being able to reduce costs for transportation and moving, by booking ahead of time.
Is one of the nearby moving companies having a deal? Do you have friends or family that can give you some furniture items that they don’t need, so you can furnish your new living space at your relocation area, without having to spend the cash?
There are plenty of small ways that you can find to cut costs during your relocation that really add up fast. If you know someone that is taking a residency or relocating near where you’ll be going, see if you can share some of the cost, or live together (depending on your situation). Some times it can take some out-of-the-box thinking, but every cent you can save can be really helpful lately, when you’re acclimating in your new place.
It doesn’t matter where you’re going – there are going to be other medical professionals or medical students in the place you’re relocating to, that have wisdom and insight from going through the experience themselves. And they’ll probably be able to tell you which neighborhoods are good to live in, places you should avoid, and other valuable information that can save you on relocation costs.
If you’re moving for your medical school, then see if the university can connect you with another medical student. Or if you’re moving to work for a practice, ask to chat with a co-worker or someone that handles human resources, and pick their brain for valuable information that you’ll need during the relocation process.
Would you believe that there are actually companies that specifically provide relocation services for medical physicians and dentists?
It’s true! There are several different companies out there that can help coordinate your relocation, and many times it’s less expensive that trying to do it yourself. Especially when time is money, and you’ve got a rigorous schedule, having experts that frequently handle the logistics for relocation will save you big time.
Relocation companies will connect you with real estate agents that can find you a home or an apartment while you focus on getting ready for your new job. And if you’re planning on buying property in the place you’re relocating, they can also connect you with lenders that specialize in funding home loans for medical professionals. They’ll also find you affordable movers, which will help get you moved in properly.
So if you’re ready to relocate for your medical program, or to start a new leg of your medical career, play it smart and you can save yourself some serious cash. Especially with student loans and other expenses that pop up, you’re going to be glad that you were able to save on the relocation process.
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Colin is the CEO & Co-founder of LeverageRx, a personal finance company exclusively for healthcare professionals. A former investment banker turned entrepreneur, Colin has well over a decade of experience in the financial services industry and is also a licensed life and health insurance agent. He was named Midlands Business Journal’s 2019 Entrepreneur of the Year and his work has been featured in Forbes, Council for Disability Awareness, Medical Economics, Dental Products Report, HCP Live, and more.