The best financial roadmap for young doctors, medical workers, and other young professionals goes far beyond just paying off debts. Being smart about money begins with being smart about what you want out of life. What would you do if you weren’t limited by time or money? Do you want to start a nonprofit, travel around the world, or take a year-long work break to pursue a passion project? To generate ideas, brainstorm with family and friends.
Once you have those big goals in mind, it’s time to figure out a way to get there, which starts with a budget. Most people find that two-thirds of their after-tax income goes towards three big costs: Food, housing, and transportation. If possible, minimize that pricey trifecta by living in a smaller home, taking advantage of public transportation, and eating at home as much as possible. That will give the rest of your budget more freedom.
Your budget, which you can track easily on free websites such as mint.com or on a simple spreadsheet, will probably look something like this:
- The basics: food, housing, and transportation: 50 percent
- Debt payments: 5 to 10 percent, depending on the size of student loans
- Savings: 25 percent, including retirement savings
- Professional expenses, including professional association fees, publication subscriptions, and attending conferences: 5 percent or less
- Household expenses, including services such as cleaning and general upkeep: About 5 percent
- Entertainment: 5 percent or less
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