By Matthew Homewood, Consultant and Head of Doctors in Training Team, Bongiorno Group
Twelve months ago, you started internship with a new ID badge, a full roster and probably a long list of financial goals. As you finish your first year as a doctor, it's worth taking a step back to review your financial progress and make sure you're heading into 2027 with confidence and clarity.
Did my bank balance keep up with my ambitions?
Think back to the goals you set at the beginning of internship. Perhaps you wanted to save a certain amount, reduce debt, build an emergency fund or simply feel more in control of your finances.
If you've achieved those goals, take a moment to celebrate. If you haven't, that's okay too. Internship is often the first year of balancing professional responsibilities with a regular income, shift work and a busy lifestyle.
The important question isn't whether you hit every target. It's whether you're in a better financial position than you were 12 months ago.
Review your savings, debt levels and spending habits. Understanding where your money has gone over the past year can help you make smarter decisions moving forward.
Is my salary packaging working hard enough?
Many interns working in public hospitals have access to salary packaging benefits, yet not everyone is making the most of them.
As you prepare for a new clinical year, review your current arrangements. Are you maximising the available benefits? Have your circumstances changed? Could you be structuring some of your expenses more effectively?
A simple review can make a meaningful difference to your take-home pay. Even if you've already set up salary packaging, it's worth checking that your strategy still aligns with your lifestyle and financial goals.
What's my next career move and what will it cost?
As you enter your second postgraduate year, career planning becomes increasingly important. Whether you're considering physician training, surgery, general practice, anaesthetics or another specialty, each pathway comes with different financial commitments.
These may include college application fees, examinations, courses, conferences, professional memberships and study resources.
You don't need every answer today, but understanding the likely costs of your future training pathway can help you prepare ahead of time. Setting aside funds now can reduce financial pressure later and allow you to focus on what matters most: your career development.
What's my big financial goal for 2027?
The most valuable outcome of this financial health check is identifying one meaningful goal for the year ahead.
Perhaps it's saving for a home deposit, paying off debt, building an emergency fund, starting to invest or funding future specialty training.
Whatever your goal, make it specific, measurable and realistic. A clear objective gives purpose to every financial decision you make and can help keep you motivated throughout the year.
As you finish internship, remember that financial wellbeing is a journey, not a destination. You've spent the last year building the foundations of your medical career. Now is the perfect time to build the foundations of your financial future as well.
The best time to start planning isn't when you're earning consultant-level income. It's now. Taking the time to sit down with a financial adviser can help you clarify your goals, understand your options and create a roadmap for the years ahead. Good financial habits, combined with clear planning, can have a powerful impact over the long term and it's never too early to start.
As this general advice has been prepared without taking account of your objectives, financial situation or needs, you should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.
