How Doctors Can More Easily Budget
Many of our young medical clients want to become better at managing their cash flow, including reducing their expenses.
While some try to track this manually by way of a spreadsheet for example, the reality is that you need to automate it as much as possible.
There are various platforms such as Myprosperity and MoneySoft that make this exercise much easier.
Many of your expenses will be auto-reconciled to categories such as utilities, entertainment, etc leaving other expenses to be reconciled by yourself – typically you can set up an auto-rule for similar transactions in the future, so you will only have to do this once.
After a few months you will start to get an idea of where you spend your money, so you can take targeted action if required.
It can be quite confronting, but at the end of the day, without a correct diagnosis, your finances won’t get any better.
If you are interested in discussing this, please get in touch with us. We use myprosperity for our clients.
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