Fresh perspective for success in healthcare

5 Tips For Financial Success in the New Year

The job of caretaking is stressful. And you do it every day—helping others live healthier, safer, happier lives. So to do that job as well as you can, you want to be showing up as free as possible of your own worries, anxieties, and frustrations. 

To help ease your financial burden, we’ve put together a few tricks for living a healthier money life, freeing up some of your brain space to read a book, meditate, or spend quality time with your kids. 

Money can be extremely stressful, but it doesn’t have to be. A little planning and smart maneuvering should land you in a position of strength and confidence. 

About those credit cards … 

First things first. Know which credit card is right for you. Think about your goals and consider your habits. Do you want to earn rewards on purchases, get cash back, or rack up miles? Do you plan to make large purchase? Are you trying to build your credit? Some cards are better for your specific needs than others. Do your research.

Being informed doesn’t end after you choose your card either. It’s critical to stay in the know about your available balance and your payment due dates. Keep your credit utilization under 30% of your available credit.

And if you’re feeling overwhelmed by your revolving high-interest credit card debt, you should consider a debt consolidation loan. While taking out a loan to pay off debt seems counter intuitive, it’s actually a smart strategy. Clean credit card slate. One fixed affordable monthly payment.  Money saved.

Speaking of saving … 

It can be tempting to throw all your money at your bills. That pressure is huge. But make a point of putting a little aside for savings before you do anything else. Many financial advisors and planners recommend that you pay yourself first—prioritizing your saving above all of your other bills. This approach makes sense. Saving becomes a necessity rather than simply a wish. When you put your future first (especially when you think you can’t afford to) you wind up with more savings and you do what it takes to not default on those other bills. 

And yes, it’s hard in the moment, but when that unexpected expense arises, you’re going to be thrilled to not need a credit card to take care of it. Work on your savings as you manage your other accounts. 

Is your money working for you?

Learning how to invest your money will pay off in the long run, potentially in a big way. Read up on the smartest ways to leverage money and start looking for opportunities around you. Your money’s doing you no good just sitting in the bank. Make it work for you.

Ask for a raise!

You work hard and you put your heart into that work. If you haven’t asked for a raise in the last year, it’s time to ask for one now. Cost of living goes up every year, and your salary or wages should be keeping up with inflation. Make the case that your work is valuable to the practice and you deserve to be compensated appropriately. 

Jump in on the gig economy. 

As the gig economy expands, so do opportunities for freelance work and consulting. There’s so much work available that you can essentially make your own side-gig hours, if it’s worth it to you to bring in a little extra income. As a professional, you have skills and experience that are valuable to lots of other healthcare professionals. Capitalize on that. 

Really think about these five tips and take them to heart. Just one of them could be the thing that changes everything for you in the new year.

And, if you want to get a jumpstart on paying off your credit card debt, building your cash reserve, or investing in a business opportunity or real estate, Bankers Healthcare Group specializes in custom, hassle-free loans for healthcare professionals like you. Take control of 2019 by taking control of your finances first.