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.