Doctors in India follow a hectic schedule with some working for even more than 12 hours a day. Also, many physicians work in a medical establishment while also running a clinic simultaneously. A study reveals that one doctor in this country serves more than 1500 individuals. Hence, they have to attend a long queue of patients for the maximum time in a day.
This leaves them with little to no time to manage their personal life or do financial planning for their future. However, economic stability is essential to succeed professionally as well as fulfil personal necessities better.
Don’t worry as there are few simple tips for doctors which can help you manage your finances more effectively.
Tip 1. Have a mix of investments
Parking your savings in various investments policies is one of the ideal ways to start with. Spreading your assets reduces the risks on overall investments and preserves your capital as well. Both financial institutions and the Government provide with many such options.
A few schemes you can opt for include:
* Fixed deposits
Fixed deposits allow you to invest as much as you like for both short and long tenors. You can also save on income tax by opting for tax-saver FD with a lock-in period of 5 years. With FDs, you can not only grow your funds but also earn assured returns on your investment. Unlike others, fixed deposits are not influenced by market fluctuations and risks.
Public Provident Fund is another investment scheme that has a lock-in period of 15 years. PPF also provides income tax benefits.
There are various other money market instruments that you can invest in which might involve some risk.
Tip 2. Clear debts which incur high interests
Paying off debts which attract high interests is another way to manage your finances. The longer you stretch such obligations, the more interest you pay unnecessarily. Hence, clear these first and save considerable funds for the future, which you can further invest in profitable schemes.
Tip 3. Avail indemnity insurance to stay protected from legal liabilities
There may arise instances where your patients make a legal claim against you. They can do so in case of loss suffered by them owing to some errors, negligence, etc. Such claims can affect your financial position significantly.
Availing a professional indemnity insurance policy protects you against such cases. These policies keep you covered against various risks and claims that may arise due to legal claims from patients.
Several financial institutions provide indemnity insurance cover of higher amounts.
Tip 4. Consolidate all your debts with a single loan
It is always beneficial to consolidate all your piling debts easily with a single loan. It eliminates the need to pay several debtors simultaneously, saving more on multiple interests.
NBFCs like Bajaj Finserv provide Loan for Doctors which you can use to consolidate debts comfortably. Avail up to Rs. 30 Lakh with minimal documentation. These loans also come with tenors ranging from 12 to 96 months for repayment without any hassle.
Bajaj Finserv additionally provides with pre-approved offers specifically for their existing customers. Pre-approved offers simplify the entire process of seeking funds while significantly saving on time. You can avail these offers on various financial products including personal loans, home loans, business loans, etc. Provide a few essential details to check your pre-approved offer instantly.
Hence, being a doctor, follow these tips mentioned above to manage your finances proficiently.