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.
The Nav.it team offers the following as a few tips for getting started:
- 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.
- Create a budget: A budget can help you keep track of spending, allocate money towards debt repayment, and save for the future.
- Automate savings: Setting up automatic transfers to your savings account can help you stay on track with your savings goals while paying off debt.
- 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.
- 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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