Nowadays, the average dental school graduate could face over $300,000 worth of debt. That is a hefty amount for any student to take on, especially now when most of you are dealing with the stress of dental school. Before you start to panic take a deep breath and follow these tips to help you get on the right track if you find yourself beginning to struggle with dental school debt problems.
Start with a financial plan
The first thing you’ll want to do is create a financial plan. Jot down your debt, your likely earnings, what your estimated monthly expenses will be and so on. Use these numbers to determine how much leftover money you’ll have each month. You can use this plan to decide how much you can spend without going over budget.
Don’t pour it all into your debt
While it may be enticing to just start throwing wads of cash at your debt when you realize how much money you’ll be making, you may forget about several other important aspects. You never know what life is going to bring you. One of the things you’ll want to do is keep money set aside in an emergency fund in case something unexpected happens. We also recommend putting money into a retirement account at a young age. The earlier you start, the more significant the dividends will be.
Don’t rush into major purchases
When you’re just getting started, you may be tempted to buy a new house or make some other extravagant purchase. That can wait as well. Starting out at your new job should be a time to get established with your financials. Wait a few years before purchasing your dream home and take this time to pay off some (or even all) of your debt and start out your retirement accounts.
Take a job that you love
Perhaps most importantly of all, we recommend that you take a job that you love and find enjoyment and fulfillment in. You wouldn’t be as happy or satisfied if you forced yourself to work at a place you didn’t love getting up for every morning. Money can help, but it can never solely create happiness. If you like the way you make money, you’ll be set for life.
Join Heartland Dental-supported doctors Drew and Whitney Haidet for their webinar, “How to Conquer Student Loan Debt: The Haidets’ Story,” as they discuss how they paid off their dental student debt in a little over two years after graduation. They also will give the audience tips on what they can be doing now to save for the future.
This content is sponsored and does not necessarily reflect the views of ASDA.