None of us entered into veterinary medicine with the sole intent to get rich. Our passion is the wellbeing of animals. However, financial security is an important buffer against stress, anxiety, depression, & burnout, which are prevalent in our profession. Learn the basics of budgeting, saving for retirement, and discovering your financial worth as a veterinary professional as I share financial insight I’ve gained in vet med and beyond.

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Disclaimer: I am not a financial expert. I recommend that you discuss these topics with a personal financial planner, who can tailor your financial plan to your specific needs and provide better educational resources on personal finance.

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Introduction

Money can be a touchy subject. Many are uncomfortable discussing money, viewing it as the root of all evil or greed. However, financial security can be life-changing. Not only can it remove stress and anxiety from your life, but wealth can allow you to better yourself, your family and subsequent generations, and to spread good in the world by helping others. Unfortunately, wealth distribution is unequal in much of the world, including the U.S., with its dwindling middle class and huge gap between the 1% and majority of citizens. Racial, gender, and generational inequality remains a huge issue. I certainly don’t have all the answers, but education is key. I recognize that obstacles remain in the way for many, and some of these pointers can be difficult to attain, especially since the veterinary student debt to veterinarian income ratio is so wide, and veterinary technician salary is often substandard. However, I think talking about money more openly and helping one another as a profession and society reach financial security is long overdue. There’s more than enough to go around, so share the wealth AND the wealth of knowledge.

Veterinary professionals face a disproportionately high debt to income ratio, earning a significantly lower income than our human medicine counterparts despite undergoing similar rigorous training for the same number of years.

Veterinary hospitals are not subsidized by the government or Medicare, and pet insurance is greatly underutilized. Therefore, though veterinary costs for diagnostic tests and treatments may appear high, the exact same tests and therapies in human medicine cost significantly more, but that cost is hidden to individuals by health insurance coverage.

Without these same reimbursements in veterinary medicine, veterinary costs seem high, but they are actually heavily discounted as much as possible to make them more affordable for pet owners while still allowing clinics to turn the lights on and operate.

How are veterinary clinic costs reduced? In part by significantly reducing veterinary professionals’ salaries in comparison to human physicians, who make several times more

This comparatively lower income in the face of high veterinary student debt can lead to financial stress and contribute to burnout and anxiety for both vets and technicians/nurses. Therefore, regaining financial security is an important tenant of good mental health for veterinary professionals.

Join me in this overview on the basics of personal finances for veterinary professionals where we’ll discuss:
1) budgeting;
2) savings, retirement planning, & investing; and
3) knowing your financial worth in vet med, seeking a financial expert, & tips to save money.

While this discussion is primarily aimed at veterinary professionals, the basics can be applied to nearly everyone, regardless of profession.

What do I do first?

A general step-by-step financial plan of action for most individuals include the following 4 steps, gleaned from financial expert Tori Dunlap of HerFirst100K:

Step 1: Build an emergency savings fund in a high yield savings account (HYSA). Setting up a weekly or monthly auto-transfer from your checking to savings can help, even if it’s just a bit at a time.

Step 1a: If your employer matches your contribution to your 401(k) or other retirement account, maximize your contribution after building your emergency fund (and before paying off high interest debt or doing so simultaneously) so you’re not missing out on free money.

Step 2: Pay off high interest debt (i.e. credit card debt). Follow the avalanche method of debt repayment, and start chipping away at the one with the highest interest rate first. (The avalanche method works so much better than the snowball method, which is when the debt with the lowest interest rate is paid off first as quickly as possible.)

Step 3a: Pay off lower interest debt (ex. debt carrying an interest rate of 7% of less, such as most student loans, mortgage, etc.).

AND (at the same time)

Step 3b: Build up your retirement savings by investing.

Step 4: Save for major life events (such as buying a home, building a business, planning for a vacation or wedding, prepping for children, or planning to retire early, etc.). Set aside this money in one or multiple sinking fund(s) (i.e. a special fund within your savings account set aside for a specific upcoming expense).

(This wealth-building method is also referred to as the STRIP method: S = savings, T = total debt, R = retirement, I = invest, P = plan for the future.)

Let’s dig in further…

Budget

Personal finance is exactly that: personal. There’s no one-size-fits-all. However, whether you’re scraping by or are a multi-millionaire, a budget is vital for everyone. The key to building wealth is saving more than you spend; this principle holds up regardless of the absolute amount of moolah we’re talking about. A budget is also a good way of safeguarding yourself against lifestyle creep (a.k.a. lifestyle inflation: when your income increases and you begin to spend more money on luxuries, those luxuries can begin to feel like necessities, which can affect your ability to keep up with your new lifestyle expenses).

So let’s start with a budget by listing your income & expenses.  📝 Spreadsheets are a great way to organize! Start by listing what you’re currently spending on things, then break expenses down into categories so you know what you most realistically 𝘴𝘩𝘰𝘶𝘭𝘥 be spending on each item based on your income. Then, ensure you have enough in your checking account to cover these costs each month. Remember to account for your monthly net vs. gross salary, i.e. the amount you’re actually taking home in your paycheck while accounting for taxes and other payments deducted from your paycheck. (Life hack: auto-pay for most bills is a game-changer!)

 

Many different budget plans exist. Generally, most people follow the 𝟱𝟬-𝟮𝟬-𝟯𝟬 𝗿𝘂𝗹𝗲 when setting up a household budget.
Your earnings should be siphoned accordingly:
50% for living expenses & essentials (lodging, utilities, food, debt, etc.),
20% for future savings & retirement, &
30% for lifestyle & recreation.

This ratio may differ depending on how frugal you are with your short-term goals (planning for an epic vacay, wedding, or house) or long-term goals (like early retirement). Try to strike a balance so you can enjoy life both now and later!

 

So what things should be listed on your budget?

🏠 Rent or mortgage, HOA dues, property taxes:

To stay within your means, your monthly rent or mortgage payment should ideally cost no more than 25% of your monthly household income.

About to buy a house? Congrats! It’s especially handy to know your credit score and get pre-approved before you start your search. Even after you’re approved, refrain from a new big purchase before your buy your house (no new vehicle) or opening new lines of credit, which could be a red flag on your credit score even if you can afford them. Wait until after you’ve purchased your home to make other purchases.

Tip for mortgage: Pay half-payments twice monthly rather than fully once per month for long-term interest savings. And negotiate your rate!

🚗 Car payment & maintenance, gasoline

💡 Utilities: electricity, gas, water, Internet, phone (landline, cell phone), TV cable or streaming services

🍎 Groceries

👗 Clothing: Consider the essentials first. Extras and splurges can go under your fun fund.

🧼 Toiletries & grooming

🏋️ Fitness

🐶🐱 Pet care: pet food & supplies, vet care, pet insurance

📜 Insurance: home/renter, auto (Shop around for the best price or hire an insurance broker.)

🏥 Other insurance if not provided by your employer: health insurance (medical, dental, vision), disability insurance (long-term +/- short-term – How would you earn a comparable income if you couldn’t work in vet med due to sickness or injury?), term life insurance (Are your spouse and kids financially secure without you?)

💉 Medical & pharmaceutical expenses (not covered by your health insurance)

🩺 Professional expenses (if not provided by your employer): veterinary liability insurance, AVMA dues, state association dues, state veterinary license, DEA license, USDA accreditation, Fear Free renewal, CE, VIN, uniforms

🗄️ Taxes: Federal & state income taxes; If self-employed (ex. relief vet): self-employment taxes (15.3% for Social Security & Medicare), other small business expenses (ex. website, LLC fees, etc.)

⛪Religious tithe, charity, donations

💳 Debt (credit card, student loans, mortgage, car payments, etc. with their respective interest rates): Continue to save for your emergency fund even while you’re in debt, but generally, you need to balance paying off debt (excluding your mortgage) while also starting to invest. Otherwise, investing heavily without chipping away debt is like trying to fill a bucket with water that has a hole in the bottom. Alternatively, paying off all your debt before starting to save and invest means you’ll be missing out on compound interest in the long run. Strike a balance.

When used responsibly, credit cards can be a major financial asset, but remember, your credit card does not mean free money! Track your expenses as you would balance a checkbook, and meet your payment in full each month, which also helps build your credit score. Also, consider re-financing or consolidating your debt as well as looking into forgiveness and repayment programs for veterinary student loans. Re-financing is especially helpful to replace your current loan with new terms if interest rates have dropped or your credit score has improved since your original contract.

🏖️ 🥡 🎁 🛍️ Other (the fun stuff + non-essential luxuries): home improvement, cleaning service, dining out, recreation/hobbies, shopping splurge, spa, gifts, parties, travel & vacation

Look at your year in advance, tally up all your annual expenses, and divide the sum by 12 to save toward your expenses each month. For major expenses that are only due once a year, planning ahead in this manner is a good way to make sure you stay on budget and have enough to cover a big upcoming expense instead of being whacked with a massive, unplanned bill unexpectedly.

💰 Savings: emergency fund and investing for retirement

Savings

Now that we’ve discussed the importance of a budget, let’s talk about saving for the future 🔮 – because taking care of your future self is an absolute tenant of good self-care.

Everyone should have a short-term emergency fund worth 3-6 months of your annual income. 💵 Once you have that saved, your savings can go toward other long-term savings plans with retirement in mind.

The average person should aim to save at least 15-20% of one’s income toward retirement each month. By retirement age, you will need to have saved at least 12-15X your current annual household income in order to retire comfortably. The bare minimum for retirement in the U.S. is $1 million/person. If your goal is early retirement, you can consider retiring once you have enough saved to cover your spending per year X 25. Some also apply the 4% rule for retirement planning. Generally, one can safely remove up to 4% of one’s investments annually for living expenses without compromising the investment; enough interest should build up to protect the account for subsequent years’ payouts. For instance, if your living expenses are $40,000/year, you need to build at least $1 million in your investment portfolio for retirement use.

When planning for retirement, a diversified portfolio is key. The risk vs. reward of each type of account must be assessed. ⚖️ Generally, the younger you are, the more risk you can afford to take because you have time to make up any loss. And speaking of being young, invest as early as you can to take advantage of compound interest* and long-term growth (while balancing the re-payment of any debt you may have, of course, which typically takes top priority for long-term financial goals).

(*Money 101: compound interest is literally earning interest on the interest you’ve already earned from your principal investment contribution. A quick rule of thumb for calculating how quickly you can expect your money to double is the rule of 72: Divide 72 by the interest rate of your investment to calculate the number of years it’ll take that amount to double in value. For example, if you have $10,000 in the stock market, and the average rate of return is 10%: 72 ÷ 10% interest rate = 7.2 years to reach $20,000. Time to double again? 14.4 years to reach $40,000.)

Many options exist to help secure your financial future. To help you navigate their pros & cons and determine how much you should invest in each, consult with a financial advisor. (Seriously, where was Financial Planning 101 in college?!)

Personal Savings Account

Everyone should have an easy-to-access cash emergency fund, like a personal savings account at a bank. (The days of hiding money under your mattress are over. 🛏️ FDIC’s got your back – up to $250,000 per account, that is.)

Generally, your savings account should include at least 3-6 months’ worth of your annual salary. For instance, if you’re ever suddenly without a job, you’ll need some funds to tide you over until you can find other employment.

This fund can also cover unforeseen or emergency expenses, such as an ER visit or when your toilet decides to spring a leak or your dog ruptures her cruciate.

Make sure you have at least the minimum requirement in your bank savings account to avoid monthly maintenance fees. To maximize your interest earnings, switch to a high-yield savings account (HYSA) with better APY. Most high-yield accounts are online banks without brick-and-mortar offices that would otherwise require rent, etc., so they pass the savings on to you in terms of higher interest. And they’re FDIC-insured. Do a Google search for a HYSA today, and open your account!

Retirement Planning

The wealth gap is real. Women and people of color have been left out of financial conversations for generations. No more! We’re way behind on investing, so empower yourselves by investing your savings NOW! Even in 2022, women earn less than men and are later to start investing than men, yet we also live longer than men and need to stretch out our retirement savings to fund our later years even more, so early investing is imperative to building wealth and financial freedom and security.

Many diverse options exist for investing in your future. Each has its own risk vs. reward and innate pro/con list. Discuss the following options with your financial planner, who can customize your retirement plan into a diversified portfolio. A mix of the following is key to comfortably balance risk and return.

Options include:

💰 1) Certificate of Deposit (CD): A CD is issued by your bank with a fixed interest rate when you deposit a certain amount of money for a fixed period of time. Choose a CD over a bond when interest rates are high.

💸 2) Bonds: When you purchase a bond, you are essentially lending money to a corporation or government entity to aid them in repaying their debts over a given period of time for the reward of a return on your principal invested once that time period has lapsed. Choose a bond over a CD when interest rates are low.

💲 3) Employer-Sponsored Retirement Plan

Once you open one of these accounts, remember to set up your account investments. Otherwise, your money will just be sitting there in a holding account without earning much interest. Make your money work for you by investing what you’re saving!

3a) 401(k)

• • • • • Maximum employee contribution: $20,500/year in 2022 vs. $22,500/year in 2023 vs. $23,000/year in 2024 plus additional catch-up if age 50+
        • Employer match does not count toward this maximum annual contribution.
        • Generally matched 50% up to 6% of salary or 100% up to 3% of salary by employer. Try to max out employer matching (free money!).
        • Know the vesting period, i.e. how long you must work for a company to keep the matched contribution; quitting prematurely means you lose the matched funds
        • Even if you’re self-employed, you can set up your own solo 401(k).
        • Tax-deductible
        • Tax-deferred (taxes are due upon retirement)
        • Penalty for early withdrawal
        • Switching jobs? You won’t be able to contribute to your old employer’s 401(k) program, but you can (and should!) take your 401(k) investments with you. How? You need to initiate the paperwork within 60 days of quitting your job to roll your 401(k) money over into an eligible IRA. If you need assistance, visit www.hicapitalize.com.
        • Related: 403(b)

3b) SIMPLE IRA (Savings Incentive Match Plan for Employees Individual Retirement Account)

• • • • • Maximum employee contribution: $14,000/year in 2022 vs. $15,500/year in 2023 plus additional catch-up if age 50+
        • Employer match does not count toward this maximum annual contribution.
        • Generally matched 100% up to 3% of salary by employer or 2% fixed (regardless of whether the employee invests or not). Try to max out employer matching (free money!).
        • Does not interfere w/ Roth IRA or Traditional IRA contributions
        • No vesting period (i.e. 100% vested)
        • Tax-deductible
        • Tax-deferred (taxes due upon retirement)
        • High penalty for early withdrawal
        • Can also set up if self-employed
        • Related: SEP IRA

3c) Pension Plan

• • • • • Not common in veterinary medicine in the United States

💵 4) Individual Retirement Account (IRA)

• • These IRAs are not employer-sponsored, and anyone can open an account.
  • Maximum contribution (2022): $6,000/year under age 50 ($1,000 higher if age 50+)
  • Main types:

1. 1. 1. 1. Roth IRA
         2. Traditional IRA

• Taxation: The main difference between a Roth IRA vs. Traditional IRA is that you pay taxes up front annually on your Roth IRA contribution (contribution is not tax-deductible and is based on after-tax dollars) whereas taxes are deferred until you take money out of your Traditional IRA upon retirement at age 59.5 or later, then you’re hit with a tax bill (contribution is tax-deductible and taxes are based on pre-tax money). A Roth IRA is best if you think your income will be higher at retirement age than it is now, while a traditional IRA is best if your income will be lower at retirement.
• Income limits?
  1. Roth IRA: YES* – can only contribute if earning less than $144,000 modified adjusted gross income (MAGI) for single tax filers, a household MAGI of less than $214,000 for joint tax filers, or a household MAGI of less than $10,000 for married filing separately in 2022 (*partial contributions permissible within certain income levels)
  2. Traditional IRA: NO* – but contribution is not tax-deductible if you have an employer-sponsored retirement plan and are earning $78,000+ as a single tax filer, are married filing jointly with a household MAGI of $129,000+, or are married filing separately with a household MAGI of $10,000+ in 2022 (*partial deduction permissible within certain income levels)
• Penalty to withdraw early? Typically, yes, but it depends. In specific circumstances, you can take out the principal contribution penalty-free but not the interest earned.
• You can have both types of IRA so long as you don’t contribute over the maximum annual contribution amount across both accounts (i.e. not over $6,000/year total across both IRA types in 2022 vs. $6,500 in 2023 vs. $7,000 in 2024 for those under age 50).
• Talk to your financial advisor to see if converting your Traditional IRA contributions into a back door Roth IRA is right for you.

📈 5) Stock market investing: Stocks are a riskier option compared to the previous investment types. However, when you play the long game with certain stock investments, the overall risk substantially lowers with a much higher return on average. Over the past 100 years, the United States of America Stock Market has produced an average return of 10.8%. As a general rule of thumb, follow the rule of 110: subtract your age from 110 to determine what percentage of your investment portfolio should be in stocks. (ex. If you’re 30 years old, 110-30 =80, so 80% of your investments should be in stocks while the remaining 20% can be CDs, bonds, etc.) If you’re uncomfortable selecting and trading your own stock options, I recommend consulting with a financial advisor or broker for expert assistance on navigating the diverse types of brokerage account options, such as individual stocks or group of stocks such as ETFs, index funds, and mutual funds. Remember, you can invest the money in your retirement accounts (401(k), IRA, etc.) in stocks..

🏚️ 6) Real estate investment: While not for everyone, flipping houses or investing in property or real estate management (like renting out your properties or investing via syndication) can sometimes be time-consuming, yet in the right market, real estate can be financially advantageous and can offer a steady stream of passive income.

In addition to these retirement savings options, consider a term life insurance policy to protect your loved ones. How much? Consider the following factors: your annual income X # of years you’d like to provide for your family (generally 7-10 years) + debt repayment + college savings for kids = life insurance coverage amount

Additionally, investigate a long term care insurance policy if you’re nearing retirement age (ideally, between ages 60-65). These policies can provide for chronic medical needs as you age and can save your family from the financial burden of medical bills, and live-in caregiver or nursing home services.

Another Savings Option

⚕️ Health Savings Account (HSA)

• • This type of account can be used to pay for qualified medical expenses not covered by your health insurance.
  • Some employers may offer an HSA, but if not, you can open your own if you have a high-deductible health insurance plan.
  • Maximum contribution: $3,650/year for an individual or $7,300/year for a family (under age 55) in 2022 vs. $3,875/year for an individual or $7,750/year for a family in 2023 vs. $4,150/year for an individual or $8,300/year for a family in 2024
  • 3-fold tax benefits:
    1. contributions are not subject to federal income taxes (i.e. tax-deductible) – ex. If you earn $75,000/year and invest $3,600 in your HSA, you will only be required to pay taxes on $71,400
    2. earnings from interest and investments are tax-free
    3. distributions to pay for qualified medical expenses are tax-free
  • Rolls over each year
  • Can be invested or left as cash
  • Can withdraw without penalty at age 65 (You can no longer contribute once you begin withdrawing for Social Security or Medicare.)
  • Related: Flexible Savings Account (FSA), Health Reimbursement Arrangements (HRA)

Tax-Savings Tip

You can reduce your taxable income with a 401(k), SIMPLE IRA, Traditional IRA, and HSA (but not a Roth IRA). You’ll still have to pay taxes on the interest earned by these accounts when you withdraw upon retirement age, but by then, your tax bracket will likely be lower than earlier in life, so your taxes won’t be as high as if you were to pay that tax bill now.

Need help navigating more complex taxes? Ask your financial advisor to refer you to a trusted tax accountant to max your savings.

Know Your Worth, Call in the Experts, & Ways to Save Cash

‪We’ve talked about the power of the budget and discussed different methods of saving for retirement.

‪In conclusion, I highlight why you should know your financial worth as an employee in veterinary medicine 👩🏽‍⚕‍ and why you should hire a financial planner 📈.

‪To wrap up, I’ve included a starter list of easy lifestyle swaps intended to save you money 💵.

Know Your Financial Worth as an Employee in Veterinary Medicine

Women make up the majority of vet med employees. Yet women are less likely than men to recognize their financial worth when selecting a job, less likely to negotiate, and less likely to ask for a raise. Sexist social norms can hold women back financially and penalize assertive women, but lean in and speak up, ladies! Reduce that gender wage gap! Know your worth and demand equality until society changes. Women are also less likely than men to go after a job or ask for a promotion unless they feel 100% qualified whereas men tend to have the confidence to go after a position when they’re only partially qualified. And guess what? Men will probably get the job due to their tenacity and confidence! So gals, believe in your abilities and go after the job!

Before you interview for a new job, utilize the AVMA Veterinary Salary Estimator for New Veterinarians & Current Students (myvetlife.avma.org). This can help you know what the average salary for veterinarians in your state and sub-industry are making based on experience level. Negotiate, negotiate! And keep in mind that good hours and benefits (production, bonuses, retirement plan, insurance, compensation for professional licensure/dues/CE, paid vacation & sick days, and maternity/paternity leave) are as important as salary. Annual cost of living raises are also a must.

If it’s not in writing, it never happened. Make sure all promised financial and work descriptions are written clearly in your employment contract, and consider hiring a lawyer to look over your contract before signing.

Additionally, veterinary technician salaries need a massive overhaul nationwide in order to provide a sustainable living for vet techs. The veterinary profession will implode if vet tech wages do not increase, so keep advocating for yourselves, vet techs!

Good luck with your job search! Stay true to yourself and your values!

Call in the Financial Experts

1) Financial planning: Invest in a financial planner, financial advisor, or wealth manager. Just like I wouldn’t expect a layperson to do their own veterinary care, I know that I don’t have the knowledge to buy and trade my own stocks or know the very best method to carry out my plan for my specific retirement needs, so I sought out an expert in a certified financial planner (CFP). A financial planner can help you pay off your debt, manage your budget, and build wealth for retirement. Many CFPs can also manage your stocks (and if not, refer you to a stock broker) as well as help you navigate the world of money market accounts, mutual funds, ETFs, index funds, and more. Shop around and hire a fiduciary with your best interest in mind. Be sure you know their fees or commission up front.

Feeling confident? Manage your own investments and/or use a robo-advisor platform to save yourself extra money that would otherwise be going to financial advisor fees.

2) Estate planning: Estate planning may seem overwhelming and complicated, but it’s typically a quick and easy process. It costs around $900 depending on your estate planning lawyer’s fees. Estate planning is especially recommended once you have children to protect their financial future. With estate planning, you can draw up a trust to protect your assets from entering probate, a lengthy and expensive court process which can delay funds from being given to your loved ones and which would otherwise take a big chunk of change from their inheritance. To avoid probate, your trust can be named as beneficiary for the majority of your financial accounts (excluding IRAs).

Estate planning includes:

• • • • a trust: listing your net worth (all your assets minus debts) to be divvied up for your heirs or “trustees”; you will name an executor to aid your lawyer in carrying out your wishes upon your death
      • your last will & testament
      • power of attorney
      • healthcare surrogate
      • a living will
      • You can also spell out your funeral and burial wishes.

Your trust can be modified for a fee during your lifetime but becomes irrevocable upon your death.

Discussing estate planning and writing a will can seem morbid, yet organizing your assets for your loved ones is so important.

Parenthood Considerations

We’ve laid out the basics of budgeting and savings. If you have children, a few more items need to be discussed, including:

• their general living expenses
• future education (ex. 529 college savings account vs. state prepaid college plan)
• child care (babysitter, nanny, or daycare)
• other future expenses for which you may wish to assist (saving for your child’s first car or wedding, etc.)

As mentioned previously, estate planning and the formation of a trust is a great way to oversee your child’s financial protection. Along those lines, do not list your minor children as beneficiaries on your life insurance policy. Instead, list an adult guardian or your trust as beneficiary to prevent losing a large portion of your minor children’s payout in the event of your untimely passing. (Pssst… You’re generally better off choosing a term life insurance policy rather than a whole policy.)

Ways to Save or Even Make Money

Earning a good income is the primary way to grow wealth. However, small changes to save money can add up to help support your goal. To stay on target with your budget, regularly assess your credit card and bank statements each month to see where your money is going. It’s also a great opportunity to check for duplicate or unknown charges. Sites such as Mint can also help you track your spending and alert you if you go over budget.

While these can all be helpful tips, true wealth is not built simply by adhering to them, so remember to enjoy the little luxuries, too. Prioritize what kind of spending brings you joy via a value-based spending plan and cut out the rest, but don’t fret about scrimping too much that you wind up miserable and begin to lack motivation to tackle your money. Shame has no place in personal finance. Self-empowerment is where it’s at!

• Avoid late fees by setting up auto-pay for your bills and credit card payments (but ensure you have enough in your checking account to avoid an over-draft fee). You can set up automatic transfers from your checking to savings account, too.
• Choose a credit card with cash-back rewards & travel points to redeem for trips, etc.
• Cancel memberships or subscriptions you no longer use: gym, magazines, etc.
• Save money with smart swaps: brew your own coffee instead of your daily Starbucks fix, pack your lunch, buy whole produce (and prep it yourself) rather than purchasing pre-sliced food
• Obvious, but coupons!
• Purchase items when they’re on sale or food when it’s in season
• Be strategic with your grocery shopping/ meal prep to minimize waste and impulse purchases; buy generic
• Consult with a therapist if you’re struggling with emotional spending.
• DIY for home projects
• Adjust your water temp & thermostat and swap for energy-saving appliances
• Negotiate all your utilities
• Swap your TV cable for a streaming service
• Swap your landline for a cell phone only & negotiate your plan
• Hold off on switching to the latest smart phone model
• Sell your old clothes or buy secondhand with sites such as Poshmark or ThredUp (bonus: it’s friendlier for the environment!)
• Earn cash back or rebates on groceries or online purchases with sites like Ibotta or Honey
• Host a yard sale
• Visit the library or sign up to receive a free e-book each month if you’re an Amazon Prime member
• Maximize businesses that give you freebies for your birthday: Starbucks, Sephora, etc.
• If you pay for your own health insurance, some insurance companies offer reductions on your monthly premium if you complete preventative health activities (such as tracking your food, weight, or exercise activity for a period of time)
• Use your vet school or employer’s pet food plan (ex. Purina, Hill’s, Royal Canin)

Conclusion

‪Best of luck on your financial journey in growing your net worth! Remember, 𝗺𝗼𝗻𝗲𝘆 𝗶𝘀 𝗮 𝘁𝗼𝗼𝗹.

‪The struggle between instant vs. delayed gratification is real. We’re not supposed to be Scrooge McDuck or to spend wastefully like tomorrow doesn’t exist.

‪Make smart choices for your future, but don’t lose sight that life is also to be enjoyed in the here and now, too. (So enjoy that occasional Starbucks and take that vacation.) Balance investing for your future both financially and with memories of that epic luxury trip you took.

‪Be a good steward for yourself, your family, and society. ‪Do well and do good!

– Maranda Elswick, DVM

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Resources

Need some more expert guidance? Head over to www.herfirst100k.com for Tori Dunlap’s top tips, and follow her @herfirst100k on social media. Also, check out Vivian Tu @your.richbff.

A great resource for veterinary professionals is Dr. Grace Kim, a veterinarian and financial wellness coach. Follow her at www.richerlifedvm.com and @richerlifedvm on social media.

Other resources for debt management and insight on repaying student loans include the Debt-Free Vets (Veterinarians and Veterinary Students) Facebook group and Student Loan Planner podcast & calculator.

For more financial tips, check out The White Coat Investor podcast as well as @personalfinanceclub on social media.

For an additional free resource, download “If You Can: How Millennials Can Get Rich Slowly” PDF by William J. Bernstein.

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