Tuesday, March 9, 2010

BUDGETING DURING RESIDENCY

I am up super late budgeting. I think one of the keys to sticking to a budget is putting in the time. It is easy to budget if I put in time every day, every other day, or even every third day, to update it with new expenses. Knowing the exact current running totals in each of my budget categories also helps me to stick to the budget.

If I let it go though, and let the receipts just pile up, the budget doesn't serve me much. However, it does give me a headache and stress me out during the month as I realize how behind I am in totaling our expenses.
The Millionaire Next Door

In the book, The Millionaire Next Door, it says that a huge percentage of millionaires, particularly self-made millionaires, spend a significant amount of time budgeting, (well, actually the wives do).

Interesting! (I'm definitely not there yet!)

This is a great book, it even contains some specific advice directed toward physicians. The main point of the book is to learn how to save, to use the money you earn wisely. I pick it up and read it again every once in a while because the advice in it really motivates me to save, (I get very excited about it). My dad has always told me, "People don't save money, they don't know how. Learn how to save your money." It's definitely not an easy thing during these years of training, but it is a great goal. I figure if we don't learn how to save now, we never will.

2 comments:

Anonymous said...

Finances... budgeting... I hate it! I know we talked at the beginning of intern year about how they (whom ever it may be) expect us to live off of what out husbands make. They work so hard and I think they deserve a lot more. It kills me that we are already paying back some of our loans on top of everything else. Needless to say I went back to work and am currently working 5 nights a week... yes, 5 nights a week. We are both exhausted but in the end, not that money is all that matters, it will be nice to live comfortably and not have to be stressed out of our minds about every penny that we spend, that's comforting right?

Ashten said...

I found your blog from a friend of mine who's hubby is a dr in residency. I hope that doesn't freak you out. :S But I love hearing about your life and struggles. I work FT go to school FT and have one little boy. I am studying finance and I LOVE LOVE LOVE to budget. I know it is sad, but I have an addiction. One thing that I found that makes budgeting really easy is mint.com I am NOT a fan of debit, so i don't like some of their stuff that contributes to debt, but it makes budgeting easy. I am a HUGE Dave Ramsey supporter (if you haven't heard of him, he has some awesome things as well). Thanks for letting me read, and I hope that maybe those can help!