Debt is the number one fear, besides residency, of graduating medical students. You have to go from a nice nurturing environment to the fast-paced world of employment and loan payments. This is a huge transition for any young doctor to make. However, there are a number of ways to properly manage your debt. Some of the best methods to help with medical school debts are actually simple and free templates to organize and budget your income and loans.
3 Simple Medical School Debt Management Templates
Personal Finance Snapshot
This will be a great tool for you to start organizing and understanding your income and expenses. This works well for your student loans, as well as the rest of your expenses in life. You can manage all of your expenditures easily because everything is color-coordinated.
Excel Monthly Budget
It’s not enough to simply understand your spending habits and trends; you also have to do something about it. This budget template will allow you to transition easily into your residency by taking the information you’ve gained from the Personal Finance template and begin budgeting yourself. This way you can allocate money to debt management and start saving for your goals in life.
Debt to Income Calculator
Managing your medical school debt is very important. Creditors take into account your income and the amount you owe over anything. This template includes a debt-to-income calculator. This template also allows you to enter your medical school debt, rent, mortgage, car payments, and various forms of income. It will give you valuable information regarding your debt management and whether it’s a good idea to make any major life decisions or reduce your debt first.
How These Templates Help with Debt Management
Debt management boils down to you. You have to take into account your income and your major expenses. After you have an overview of this information you can start to budget yourself so you have money to put towards savings and your student debt. Finally, you want to make informed decisions about major expenses in life, such as a new car, home, and maybe even a new child. These templates allow you to take stock of your finances and plan for the future.