Financial management in a medical career

Abstract

Medical students often graduate with substantial debt, receive low incomes early in their careers postgraduation, and commence work having had little or no training in financial management. Furthermore, medical trainees fail to budget, have poor debt management, and hold overexpectations of increased income. Poor financial management can be a source of stress and has a negative impact on the quality of life. This article addresses some of the strategies for improving personal financial management, focusing on tracking of finances, creating a budget, debt management, and savings.