Managing Your Personal Finances

Personal finance management for optometry students

As you look ahead to your career in optometry, you anticipate both professional and financial rewards. Becoming the best professional you can be—and managing your practice skillfully—will inevitably result in financial rewards. But earning money does not always guarantee a comfortable life. The way in which you manage your personal finances is what makes the difference.

Some doctors of optometry haven’t established financial or professional goals and have never understood or examined their own financial condition. Your career will get off to a better start if you begin now to set your financial goals.

Setting financial goals and managing personal debt

When establishing financial goals, identify your key objectives and estimate their costs. If you can’t meet all your goals, choose those that are the most important to you. If you need more money to meet your goals, you can start by saving regularly each month. Give it the same importance as you would rent or mortgage payments. Most financial advisers suggest you bank 10 percent to 15 percent of your gross income and reserve three to six months of income in an account with quick access.

Even if you planned your finances carefully during school, your debts may have already exceeded a reasonable level—possibly because of student loans, the cost of entering optometric practice and unexpected financial crises. This is a common situation. If you find yourself financially overextended, do not ignore the issue. Solutions include monitoring your finances, reducing your spending and contacting your creditors to take the initiative. You could obtain a loan extension or consolidation loan and arrange for a loan revision.

By carefully monitoring your finances and conscientiously managing your debt, you can avoid credit problems or re-establish your credit if it has been disrupted.

Other key steps in this area include understanding investments, the stock market, real estate, and life and disability insurance. This will lead to further management of planning your estate, assessing your net worth and drawing up a will.

FINANCIAL AID

Assistance in securing financial aid for attending optometry school, budget support and more.

 

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Academic Timeline

PLANNING & BUDGETING

Find information, tips and advice for students currently planning and budgeting their allotted financial aid.


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Managing Your Classes

TOOLS & RESOURCES

A helpful list of tools, resources and opportunities to enhance both your student and optometry career as an AOA member.


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