6 Budget Tips for Your Practice

Creating a budget for your practice and personal finances is a must if you intend to succeed.

Money & Credit

6 Budget Tips for Your Practice

Now that it's tax season, it seems like a great time to make sure your personal and business budgets are in order. You've heard it before - maybe a thousand times - this is crucial for business and personal finances.

  • Avoid rash spending decisions and remember budgets (like business plans) are adjustable. 
  • Prioritize monthly expenses and bills - rent, utilities, student loans, etc. from most important to least important. 
  • Budget discretionary money that's available at month's end; this allows for wiggle room for unexpected expenses. 
  • Use automatic payments - many finance professionals recommend using EFT (electronic funds transfers) or automatic withdrawal for recurring monthly expenses. This type of bill-pay takes the emotions out of monthly payments. 
  • Utilize credit card benefits - but for the sake of your credit score pay off credit cards monthly and don't overspend. 
  • Ensure you are insured - health, malpractice, disability, and life insurance are very important for financial health. 

The difficult part of budgeting is sacrifice and forcing yourself to look down the road 5, 10, and 20 years. 

Start your budget today! 

The information in the NCMIC Learning Center is offered solely for general information and educational purposes. It is not offered as, nor does it represent, legal or professional advice. Neither does this information constitute a guideline, practice parameter or standard of care. You should not act or rely upon this information without seeking the advice of an attorney familiar with the specific legal requirements of the state(s) in which you practice. If there is a discrepancy between the site and an insurance policy you have with NCMIC, the policy will prevail.