13 May The 9 Steps to Unlock Your Post-PA School Financial Success
Graduating from PA school is an incredible achievement—and landing that first job is an exciting milestone. After years of rigorous education, clinical rotations, and sacrifice, many of you are stepping into your professional career with a steady income for the first time.
But let’s be honest: while you’re trained to assess labs, diagnose conditions, and develop treatment plans, most of you didn’t get formal education in personal finance. The transition from student to practicing PA comes with a unique set of financial opportunities and challenges; especially with student loans, relocation expenses, and the temptation of lifestyle upgrades.
As healthcare professionals, you understand the value of intentional planning when it comes to patient care. That same mindset applies to your financial life. Here’s a step-by-step guide we’ve put together for PAs who want to build a strong, intentional financial foundation in the beginning.
- Start With Your Net Income, Not Your Salary
You might have accepted a $105K or $120K salary, but what actually lands in your bank account each month is significantly less after taxes, benefits, and retirement contributions. Use a paycheck calculator to determine your net income, then build your spending plan based on that number—not your gross salary.
Understanding your take-home pay gives you clarity and helps prevent overspending early in your career.
- Seek Guidance
You don’t need to have all the answers. Consider working with a financial advisor, who understands healthcare professionals. A good financial advisor will help coordinate all financial aspects of your life. We are here to help you.
- Set Clear, Meaningful Financial Goals
Ask yourself: What do I want my money to help me achieve in the short, medium, and long term?
For most new PAs, goals typically include:
- Paying off student loans
- Building a safety fund
- Insuring your income
- Saving for a home or relocation
- Funding travel or continued education
- Starting to invest for long-term wealth
Put these goals in writing. They’ll help anchor your financial decisions and provide a roadmap for the months and years ahead.
- Create a Flexible Spending Plan That Reflects Your Values
A formal budget isn’t necessary for everyone, but a basic spending plan is essential. Consider the 50/30/20 framework as a starting point:
- 50% Needs: Rent, utilities, groceries, loan payments, insurance
- 30% Savings & Debt Repayment: Safety fund, retirement, extra loan payments
- 20% Wants: Dining out, subscriptions, travel, entertainment
Adjust these percentages based on your priorities. The goal isn’t perfection—it’s intentionality.
- Build Your Safety Immediately
Job transitions, medical expenses, and unexpected moves happen. Start by setting aside $1,000–$2,000 as a basic safety net. Your longer-term goal should be to build 6 months’ worth of essential expenses in a separate, high-yield savings account. Think of it as self-prescribed financial protection.
Speaking of financial protection, your income is your most important asset. Contact us for quotes on obtaining disability income insurance. Do not delay.
- Create a Plan for Your Student Loans
Most PAs graduate with substantial student debt. Don’t ignore it, but don’t let it paralyze you either. List out all your loans, including interest rates and minimum payments. From there, choose a strategy:
- Pay off the highest monthly payment first.
- Pay off the highest interest loans first.
- Pay the smallest loans first.
- If pursuing aggressive repayment refinancing is an option.
Align your repayment plan with your broader career and life goals.
- Start Investing—Time Is On Your Side
As PAs, you may have a later start compared to other professionals—but the earlier you begin investing, the more time compound interest has to work in your favor.
- If your employer offers a 401(k) or 403(b) with a match, contribute enough to receive the full match.
- Consider opening a Roth IRA for tax-free growth and flexibility.
- Even $50–$100/month now can make a significant difference later.
- Avoid Lifestyle Inflation
It’s tempting to celebrate your first real paycheck with a new car, upscale apartment, or extra vacations—and to some extent, you should. But be careful not to let lifestyle upgrades eat up your entire paycheck.
Instead, practice conscious spending: enjoy your success, but keep your future goals in view.
- Use Systems That Make Money Management Easier
Whether it’s a budgeting app, a spreadsheet, or automatic transfers, build systems that reduce friction and keep your finances on track with minimal effort. Set a monthly “money date” to review spending, goals, and progress.
Good systems turn discipline into habit.
Final Thoughts
You spent years preparing to care for patients—now it’s time to care for your financial well-being with the same level of intentionality and professionalism.
Whether you’re starting your first job or transitioning to a new role, the way you handle money in the first few years of your career can shape your options and freedom for decades to come.
Plan with purpose, spend with clarity, and give yourself room to grow. Your future self—and your financial future—will thank you.
We want help you build a personalized spending plan and evaluate your loan repayment options? Let’s connect! We have experience working with PAs and other healthcare professionals. Contact us today!