From right here at Physicians Practice to forums like LinkedIn, Twitter, and literally hundreds of practice management websites the comments and laments carry a common theme: Taking control, even mentally, of the medical business you run or own is no longer a luxury and is required for your survival. You must understand and have a basic business plan including cash flow and budgets.
Insurance premiums, taxes, inspections, a parking ticket, medical visits — yikes! Hence my rather large emergency fund.
I tried waiting it out, but in the end, the pain won. You should never have to battle over money or your health, either. Especially when something major goes wrong. Trips to the vet are rarely inexpensive, and the cost of surgery can skyrocket quickly.
Watching your pet suffer is one of the most horrible things to go through, and I saw so many tragic endings during my time working at an animal shelter because of a lack of funds. Please be a responsible pet owner and set money aside for these things.
Plus, I highly doubt you want to go more than a few days hours without it. Having that money set aside allows you to make a hopefully well-researched purchase immediately without the stress or debt. Funny side note, my mom actually texted me while I was writing this to let me know their TV just died.
As I drove away from my apartment and tried getting onto the highway, it would. Thankfully, I lived 2 miles away from my job, so I babied it until I made it to work. Moral of the story: Or worse, if it needs to be replaced.
Growing up, my parents lacked savings, so whenever something went wrong, it went on the credit card. The HVAC unit malfunctioned and died a few times, the washing machine overflowed, the plumbing needed to be fixed, termites invaded, etc.
Save yourself the worry and bulk up your emergency fund for home repairs. Take inventory of your home and consider what might need to be replaced in the short and long term. For example, when I got my first full-time office job out of college, I needed to buy a professional wardrobe.
On a not-so-nice note, some employees are expected to front the cost of travel expenses and get reimbursed from their company later on.
Could you handle something like that? Do you have disability insurance? Do you have enough of a cash buffer to go a week or more without paid time off? There are a lot of expenses associated with theft.
Instead, plan out birthdays, anniversaries, holidays, and any other events is anyone you know getting married or giving birth soon? This is a great tip for any of you who tend to forget important events and need to buy a gift at the last second! Extracurricular activities, travel for sports, theater, ballet, or chorus, school field trips, class dances — they all add up over the years.
Our year book, class ring, dances promsenior trip, college applications, trips to visit colleges, and graduation attire cost a pretty penny. Take some time at the beginning of each school year to try and anticipate what costs may be headed your way. What unexpected expenses seem to get the best of you?
Was there ever a time when an unexpected expense threw you for a loop? How did you handle it? Join our online community and get our automated budget spreadsheet absolutely FREE!
Track your expenses automatically and start making the best use of your money!In this lesson, we'll look at the rise of the Gothic novel and its popularity, identify some of the major characteristics and themes of the gothic, and discuss a few examples from classic literature.
Doctors, nurses and practitioners in medical clinics can organize financial plans and predict profit and loss for their auto sales in the public and private sector with this free, printable business plan. As a member, you'll also get unlimited access to over 75, lessons in math, English, science, history, and more.
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