As a resident specializing in the field of Anesthesia, Emergency Medicine, Oncology, Dermatology or any of them really you are now earning upward of $50,000 annually. Fantastic but do you find yourself scrambling to figure out where your paycheck went at the end of the month? If so, you are not alone. According to the Center for Financial Services Innovation (CFSI) almost half of you say that your expenses are either the same or greater than your incomes. That is a rather startling figure.
They also go on to say that, well over half of you are struggling financially. For many of you the cause is mounting school debt compounded by monthly living expenses. There are additional costs that you can control zapping your wallet. You know what they are (admit it or not). Those trips to the coffee shop, impulse purchases when you only went in for 1 or 2 items, water bottles, dining out too much the list goes on. All this may seem elementary but sometimes we need to take a hard look in the mirror and recognize that we can effect positive financial change for ourselves with some simple alterations. Here are some tips to help you start keeping more of what you make.
- Stop buying water bottles. Get a Britta or the like and take your water with you.
- Start making your coffee at home. I know you don’t have time in the morning. Get a thermos make it the night before and it will be hot and ready in the morning.
- Treat yourself to eating dining out every so often the same goes for drinks at the bar.
- Negotiate a better rate for your cellular, and cable providers.
When you thing about it I am sure you can come up with a list of your own. Small changes now will go a long way toward giving you financial peace of mind. Not only that but you won’t have to wonder where your money went at the end of each month. At Income Protection Specialist we have spent over 30 years helping young physicians not only protect themselves from the financial effects of a disability but we also set up plans that enable you to begin building a secure financial future.