When you are becoming a doctor, there are many challenges that will present themselves. Perhaps the biggest is that studying and going to school to follow a career as a doctor requires a lot of time and a lot of money too. That means that you might not be able to devote enough energy to accumulating a student fund as your physician career blooms.
There are several things you can do and many avenues of help you can pursue, such as your friends and family, and other specific organizations like the student doctor network, which has helped up-and-coming student doctors pursue their careers for a long time.
There are other things to keep in mind and certain paths you should follow if you hope to successfully grow your student fund as you create a future for yourself as a doctor.
Budgeting
You should put a strong effort into building a budget that will take into account all of your expenses and the income you receive. After that, you’ll need to keep close tabs on your spending and search high and low for certain areas where you can cut back to save more money.
Read: Infographic Guide to Successfully Secure Your Funding Round
Part-Time Work
Many young budding doctors have multiple jobs in order to make ends meet and pay the bills. You can explore part-time work at a local business or you could also look for freelance opportunities that work better with your very busy school schedule. There are many part-time professions you can look to, like working at a restaurant, tutoring, ride-share apps, and more.
Live Frugally
One of the biggest and most reliable tips when it comes to personal finance is to never live above your means. This is doubly important for student doctors who are looking to live comfortably. How can you maintain a frugal lifestyle? You can cook at home, make sure that you get every discount that you can, and also cut some of the over-the-top expenses that you simply do not need. Think of cutting down on your cell phone plan or not streaming as many shows. Can you take the bus instead of driving and pay for gas? What is a favorite meal that you can prepare at home? All of these things should be considered if you want to be frugal.
Investing
It’s never too early to start investing and a great way to build your student fund and financial well-being during this part of your life is to explore investing. Take a smaller portion of your savings and put it into low-risk investments. Things like mutual funds or index funds would be perfect for a young student doctor in training. They could generate a lot of income over time and they don’t require too much work or upkeep.
Conclusion
It is important that you don’t expect too much when investing and you certainly need to be smart about any choice you make. These days, it’s never been easier to invest thanks to a number of user-friendly apps. This could be key to holding more money in your account as you become a doctor.
