Managing debt and wealth: Basic budgeting
Budgeting your income can prepare you to effectively manage your student loan debt, leaving you with more options during your first years as a practicing dentist. Follow these key strategies and build a foundation for financial success.
Track your spending — Count every penny you spend, and think of every borrowed penny as five.
Budget based on actual income — Don’t budget based on projected income and projected expenses; review and adjust your budget every time you get paid.
Work your budget — Make it part of your routine; every week or two, spend 30 minutes reviewing your accounts and updating your budget.
Avoid spending traps — Impulse shopping, save and splurge cycles, and “you deserve it” marketing tactics are notorious budget-killers.