This document summarizes a budgeting project completed by two medical residents. They were required to budget a fixed income to cover expenses like healthcare, food, insurance, and taxes. Through research, they gained a better understanding of the importance of saving. While the project was not entirely realistic, it showed that living in South Carolina on a resident's salary could allow them to afford rent and utilities, as well as continue extracurricular activities through correct budgeting. The project provided valuable lessons about financial planning that will help them in their careers.

1. Unlike other projects we have completed, this assignment forced us to apply our knowledge to the real world. We were forced to take on a fixed income and allot a particular sum of money toward various facets of our lives. Granted, it was somewhat fictional, as the two of us have not had to budget a standard income in the past. After researching about the cost of various things such as healthcare, food, insurance and even taxes we each gained a more wholesome understanding into the value of saving. It truly is a necessity in order to be successful. That said, we each understood that it is critical that we didn’t get carried away with our extracurricular endeavors as we could only stretch one dollar so thin. On a bright note, South Carolina seems to be a very affordable place for a poor medical resident. The cost of living is not excessively high. Moreover the price we found as an average for a particular rental property was fairly low and included quite a bit of amenities; amenities we would not find in Southern California for the same price. Living in South Carolina, seems to be far less expensive than the life we each lead in California. Not only does land seem to sell for a more affordable price but utilities also seem to be more accessible. Everything from gas to food cost seemed less pricey. Considering the above, some of the numbers we calculated seemed to be less than what we had anticipated. As we leave home, we will keep in mind our future salaries and where it is seems most rational and affordable to lead a comfortable lifestyle. Despite our minimal incomes as medical residents we were still able to have enough money to continue to participate in activities we each enjoy. It was really comforting to find that if we budget correctly we could have the luxury of carrying on with our extracurricular activities. We know that this project has not only given us a deeper understanding but also prepared us for our future need to budget our incomes.<br />