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Balancing Savings & Debt: Tips From Nav.it Financial Team, an AMWA Benefits Partner

Posted by | AMWA Blog | No Comments

Balancing savings and debt presents a challenge for most. With the average student loan debt for medical students reaching $203,062, it’s of special concern to those trying to establish themselves in medicine.

Financial planning can feel overwhelming, but it is certainly a case where doing nothing is not the most constructive strategy! AMWA benefits partner Nav.it money coaching app offers tools and advice to help women in medicine develop a healthy relationship with their finances.

While managing student loan debt and building a solid financial foundation may seem daunting, seeking guidance from professionals in progressive investment and wealth planning can provide invaluable support. Companies like Vigilant Wealth Management (vigilantwm.com) specialize in helping individuals navigate their financial journey, offering personalized strategies tailored to specific goals and circumstances. With their expertise, they can assist in optimizing savings and investment strategies to minimize debt and maximize long-term wealth accumulation. By incorporating progressive investment and wealth planning solutions into your financial approach, you can create a comprehensive strategy that addresses both immediate needs, such as student loan repayment, and long-term financial goals, such as retirement planning. With the right guidance and tools at your disposal, you can gain confidence in managing your finances while building a solid foundation for a prosperous future.

In addition to proactive financial planning and wealth management, it’s crucial to address the challenge of student loan debt through effective debt-clearing services. For individuals burdened with substantial student loan obligations, seeking assistance from experts like those found at https://www.maritimetrustee.ca can provide much-needed relief. Maritime Trustee specializes in helping individuals regain control of their financial situation by offering tailored debt relief strategies. Through options such as debt consolidation, negotiation with creditors, or even bankruptcy, if necessary, they can help alleviate the burden of student loan debt and provide a pathway to financial freedom. By combining the resources of the Nav. it money coaching app, the wealth planning expertise of Vigilant Wealth Management, and the debt clearing services offered by Maritime Trustee, individuals in the medical field can take proactive steps towards managing their debt, building a solid financial foundation, and pursuing a prosperous future.

This team offers the following as a few tips for getting started:

  1. Pay off high-interest debt first: High-interest debt such as credit card balances can grow quickly with mounting interest payments. By using the Avalanche Method, you can focus on paying off debt with the highest interest first, breaking the cycle of interest on interest.
  2. Create a budget: A budget can help you keep track of spending, allocate money towards debt repayment, and save for the future.
  3. Automate savings: Setting up automatic transfers to your savings account can help you stay on track with your savings goals while paying off debt.
  4. Consider debt consolidation: If you have multiple high-interest debts, you may be able to save money by consolidating them into a single loan with a lower interest rate.
  5. Build an emergency fund: An emergency fund is essential to cover unexpected expenses. Aim to have at least three to six months’ worth of living expenses saved in a liquid account. Some people call this a “leave a bad boss fund”

What are your budgeting questions or challenges?  Visit our Member Benefits section to learn more about how Nav.it may help you.

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