As a medical professional, your hours are long and the paperwork is constantly mounting. The last thing you want to spend your free time doing is sorting your finances.
But sort your finances you must! That could mean just checking in on your savings accounts (are you saving as much as you could be?) and taking stock of any debts you might have. What kind of debt? Is it manageable? Should you consolidate? All of these are questions that lead to an even bigger question:
Do you need a financial reset? If you haven’t looked things over in a while, more than likely. Here are some clues:
- You’re really not sure exactly how much money you owe. I’m talking down to the penny here. Credit cards. Mortgage. Student loans. That $20 cash your neighbor lent you for those Girl Scout cookies. Everything. If you’re not sure about that debt number, it’s a good indication you need a reset. A place to start from to get all your ducks in a row.
- You’re saving less than 20 percent of your income.It sounds like a big number, but that’s about what you want to be aiming for. If you’re saving less—or, worse, not saving at all—it’s time to have a long hard look at things. True, 20 percent is ambitious, but with a reset, you can start to at least work toward that number.
- You haven’t evaluated your retirement-investment strategy in a while.How are you tackling this big savings goal? What are your projected savings and have you set smaller goals in order to achieve what you need to by the time you retire? Have you decided when you plan to retire? All of these questions are essential for ensuring you’ll be as prepared as you can be when the time comes.
- You’re not living comfortably. Most healthcare professionals don’t make Wolf of Wall Street money, but that doesn’t mean there aren’t ways of managing your money to ensure that you’re comfortable. Are you able to stow away some cash for leisure, vacations, dinner out? Or are you a week or so late on the cable bill? If little money ailments like those are keeping you up at night or—worse—keeping your head in the sand about your finances, then it’s definitely time for a reset.
Wondering what a reset entails, exactly? Well it starts with knowledge. Digging into the nitty gritty details of your finances. Knowledge is power, right? And when you know exactly what you’re working with, you’re empowering yourself to make changes. Only then can you start to make a plan. That plan is your reset.
Debt consolidation is a great first step of any reset plan. It’s not easy to juggle multiple credit card payments and due dates. Between late fees and mounting interest, you can find yourself in a bind really quick. A debt consolidation loan is a smart way to bundle all your revolving debt into one, affordable fixed payment with a lower interest rate. It can save you money in the long run. And it can help free up some cash flow in the interim.
Thinking a debt consolidation loan just might be the right thing for you as you head into the new year? Bankers Healthcare Group is the nation’s leading provider of financing for healthcare professionals—and debt consolidation is our specialty.