Physician technology to assist with ultrasound procedures.
Physician technology to assist with ultrasound procedures.

CV prep

Five principles of physician frugality

Table of Contents

New physicians who are up to their ears with student debt will find themselves on the cusp of financial ruin if they immediately start spending their newly increased income on huge purchases. It’s possible to avoid this financial ruin, however, by developing the habit of living frugally and within your means. You’ll have more freedom to take the hours you want and to live without fear of missing work. You’ll actually enjoy your work more without the added financial pressure.

Five principles of frugality frugality

These five principles will help you lead a frugal but full life:

  1. Accept that money cannot buy happiness.
  2. Avoid spending money before you earn it. Adrienne Collier, M.D., notes, “Do not buy a new house or a new car within one to two years of completing residency.”
  3. Realize that the big expenses, such as your home, affect your budget most and aim to spend less than 20 percent of your gross income on housing expenses.
  4. Believe that material goods do not define you.
  5. Keep fixed expenses to a minimum to avoid undue financial burden in an emergency situation.

By following these principles, you can start your career on a sound foundation—personally and financially.


Ready to find your next practice? Search our Job Bank of more than 17,000 positions nationwide and apply to promising openings immediately.

user-image

PracticeLink

Easy to Register >> Control your visibility >> 100% free

Take control of your Job Search

Recommended PracticeLink Magazine Articles

Know how to improve physician revenue cycles Know how to improve physician revenue cycles
Improve your revenue cycle
PracticeLink MagazineMarch 1, 2010
Deborah Walker Keegan, PHD and Elizabeth W. Woodcock, MBA, CPADeborah Walker Keegan, PHD and Elizabeth W. Woodcock, MBA, CPA
Learn how to protect your physician assets with malpractice policy options. Learn how to protect your physician assets with malpractice policy options.
Protecting what you’ve built
PracticeLink MagazineMay 12, 2016
James M. Dahle, M.D., FACEP, WhiteCoatInvestor.comJames M. Dahle, M.D., FACEP, WhiteCoatInvestor.com
How to respond to cuts in ACA physician reimbursement How to respond to cuts in ACA physician reimbursement
Protect the value of your f...
PracticeLink MagazineMarch 1, 2011
Michael Lewellen, CFPMichael Lewellen, CFP