Your MD Advisor can develop a financial roadmap that will support you through medical school, residency and into practice. Here are few tips to help you get started.
1. Develop a detailed budget
Work through a detailed budget before the beginning of each year of medical school by estimating your costs and potential income. A budget will also help you determine how much you need to borrow and help you manage your money better.
- Complete a quick and easy to use debt assessment. It will provide a snapshot of your current financial health and be the starting point of your financial planning journey.
- Share these results with an MD advisor. Together with your MD advisor, you can build a financial plan that will support you throughout medical school, residency and into practice.
- Learn more about how to lower your debt. (download PDF)
2. Get the insurance coverage you need
Protect your future and gain peace of mind by providing yourself with adequate insurance. Your MD advisor can help you determine if you need:
- Disability insurance - to protect your earning potential
- Life insurance - to protect your, and your family's, finances
- Critical illness insurance – to protect your savings
- Exclusive and competitive insurance solutions - available where MD has a special alliance with the provincial medical association.
3. Access banking and credit card services
Take advantage of these special banking and credit card services, tailored to the needs of medical students:
- Chequing account with no monthly fees1, unlimited electronic transactions, up to 200 free cheques per year, access to over 2100 ATM machines across Canada2, overdraft protection3 and much more.
- CMA/MD Platinum MastercardTM3 with NO ANNUAL FEE for the first 2 years4 and extensive travel offers and other rewards. Learn more…
4. Evaluate costs and benefits of purchasing a home or a car
There are several important considerations to make before you start looking for your dream home. Learn more about Buying a home. To see how purchasing a car or a home fits into your financial plan, contact an MD advisor today.
1Banking products are provided by National Bank of Canada's Partnership Branch through a relationship with MD Physician Services.
2Does not include Interac™ or CIRRUS® user fees.
3Subject to credit approval by National Bank of Canada. Certain conditions apply.
4After the first two years, the annual fee in effect at that time will be billed automatically and will appear on the account statement. The credit terms and conditions can be found in the application form. The standard interest rate of 19.5% applies (as of January 1, 2011).
TMMasterCard is a trademark of MasterCard International Inc. Authorized user: National Bank of Canada.
